139-145 Richmond St - Apartments FOR SALE


Boston, MA 02109
$18,400,000 USD
617-777-3303
139-145 Richmond St, Boston, MA for Sale
$18,400,000 USD
Apartments - FOR SALE
1/35
null | 5.01% Cap Rate

139-145 Richmond St
Boston, MA 02109


HIGHLIGHTS

  • High barrier to entry market in Boston's North End
  • Located on the Freedom Trail, steps from Paul Revere's House
  • Oversized units offering the opportunity to increase bedroom count
  • Elevator building with expansive views of the city and harbor
  • Strong retail tenants with long rental history
  • Residential units are consistently 100% occupied

OVERVIEW

139-145 Richmond Street is a well-established mixed-use building in the North End of Boston, Massachusetts. This rare generational asset features a 21-unit mix with a restaurant, pasta shop, office space, take-out premises, and 17 residences in one of the neighborhood's largest elevator buildings. This six-story building fronts Richmond Street and North Street, allowing for a separate residential entrance at 188 North Street. Built in 1900, the property has undergone numerous renovations and capital improvements. Most of the residential apartments have been renovated in the past five years, and all have separately metered utilities paid for by the tenants. The net operating income for the property exceeds $920,000, with a long-standing history of strong rents and stable tenants. One residential unit is fully furnished and consistently rented for 30+ day tenancies. The building includes a laundry room, a keyless entry system, and security cameras. There is upside potential through increasing the bedroom count in several of the oversized residential units, and the retail and commercial spaces have built in rent increases in the leases. Occupying the northeastern corner of Boston, the North End is the city’s oldest residential neighborhood and boasts a rich history. Benefit from an outstanding location only steps away from the recently renovated North Square, the Paul Revere House, Rose Fitzgerald Kennedy Greenway, and the Christopher Columbus Waterfront Park. Capitalize on this unrivaled opportunity to own in a high barrier-to-entry neighborhood. The broker has an ownership interest in the property.

FOR SALE DETAILS

PRICE

$18,400,000 USD

PRICE/SF

$763 USD /SF

# OF UNITS

18

PRICE/UNIT

$1,022,222

CAP RATE

5.01%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,400 SF

ZONING

CC, Boston

APN/PARCEL ID

CBOS-000000-000003-003272

ASK ABOUT THIS PROPERTY

David VeoFreedom Development Corp.More Info
617-777-3303

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David VeoFreedom Development Corp.More Info
617-777-3303

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.