# Revere, MA Multi-Family Investment Analysis: Cash Flow, Zoning, and Value-Add Spread
Market data current as of October 2026. MLS figures reflect August 2026 MLSPIN closings unless noted.
Does a Multi-Family Property Cash Flow in Revere, MA in 2026?
At conventional leverage and today's rates, a stabilized multi-family in Revere roughly breaks even. This is a yield-compression market. Positive cash flow comes from rent-to-market gaps, bigger down payments, or value-add work. Buying at the median and holding won't get you there.
The math is tight. Here's what's behind it.
What Do Multi-Family Properties Cost in Revere, MA Right Now?
MLSPIN data for August 2026:
•Median multi-family sold price: $877,500
•Median days on market: 30 days
•Months of supply: 2.5 months
•Active listings: 12
•Closed sales: 2
Investor Snapshot: Revere Market by Property Segment
Headline August 2026 MLS metrics show a split market: multi-family has the highest median sold price and tightest supply, while condos carry elevated inventory despite fast median market time.
Single Family
Median Sold Price$644,500
Median DOM28 days
Months of Supply3.8 months
Active Listings74
Closed Sales12
Condo/Townhouse
Median Sold Price$400,000
Median DOM25 days
Months of Supply10.9 months
Active Listings107
Closed Sales7
Multi-family
Median Sold Price$877,500
Median DOM30 days
Months of Supply2.5 months
Active Listings12
Closed Sales2
Source:Repliers / MLSPIN
At 2.5 months of supply, this is a seller's market, and multi-family is the tightest segment in the city. Single family sits at 3.8 months. Condos are at 10.9 months. With just 12 active multi-family listings, your negotiating leverage is thin, so underwrite accordingly. Well-priced deals don't last, and many trade off-market or through agent networks before they ever get broad exposure.
Implied cost per unit at the median price:
Data Table
| Configuration | Price per Door |
|---|---|
| Two-family | ~$438,750 |
| Three-family | ~$292,500 |
| Four-family | ~$219,375 |
Market commentary places well-maintained two-families in a $750K–$950K band. The per-door gap between two-family and three-family stock is the single most important variable in your underwriting. A three-decker at the median price generates materially more gross income per acquisition dollar.
Median Sold Price by Property Segment
Multi-family assets command the highest median sold price in Revere, reinforcing the segment’s appeal for income-property investors despite limited transaction volume.
| Series | Label | Value |
|---|---|---|
| Median Price | Single Family | $644,500 |
| Median Price | Condo/Townhouse | $400,000 |
| Median Price | Multi-family | $877,500 |
| Median Price | All Types | $515,000 |
Source:Repliers / MLSPIN
What Rents Can Investors Expect in Revere, MA?
Average apartment rents (October 2026):
•Studio: $2,250–$2,260
•1-Bedroom: $2,567–$2,576
•2-Bedroom: $3,133–$3,135
•3-Bedroom: $4,115–$4,120
•Citywide average: $2,567/month, up 1.8%–2.2% year-over-year
Underwriting caution: These averages skew toward newer, amenitized, professionally managed buildings, particularly along the beachfront and the Wonderland corridor. Unrenovated units in older two- and three-family stock rent well below them. A more conservative benchmark for that stock is the 2026 market figure of $2,500/month for a 2-bedroom and $1,950/month for a 1-bedroom, up from $2,000 and $1,600 respectively in 2021. Annual rent growth is typically cited at 4–5%, but current year-over-year listing data shows a slower ~2%.
Rental Income Growth: 2021 vs 2026
Rents have moved meaningfully higher across unit sizes, with the modeled 3-unit building rising from $6,000/month to $7,500/month in total monthly income.
2021
2026
| Series | Label | Value |
|---|---|---|
| 2021 | 1-Bedroom | $1,600/month |
| 2026 | 1-Bedroom | $1,950/month |
| 2021 | 2-Bedroom | $2,000/month |
| 2026 | 2-Bedroom | $2,500/month |
| 2021 | 3-Unit Building | $6,000/month |
| 2026 | 3-Unit Building | $7,500/month |
Rule of thumb: Underwrite older stock at the conservative figures. The apartments.com averages are a post-renovation ceiling, not a day-one assumption.
Is There a Transit Premium Near Blue Line Stations in Revere, MA?
Yes, and you can measure it. Neighborhoods served by Revere's three Blue Line stations (Wonderland, Revere Beach, and Beachmont) rent higher than inland Downtown Revere. Wonderland to Government Center takes about 20 minutes.
Data Table
| Neighborhood | Avg. Rent |
|---|---|
| Crescent Beach | $2,948 |
| Beachmont | $2,846 |
| West Revere | $2,844 |
| Oak Island | $2,803 |
| Point of Pines | $2,774 |
| Revere Beach | $2,741 |
| Downtown Revere | $2,586 |
Beachmont runs about $260/month above Downtown Revere. On a three-family, that's roughly $9,400/year in gross income, or $150K+ in value at a 6% cap. But West Revere posts nearly identical rents without direct station access, which suggests unit size and quality are co-drivers. Transit isn't the whole story.
How Does Revere, MA Compare to Neighboring Rental Markets?
Regional Rent Comparison: Nearby Cities
Revere sits in the upper tier of nearby rent markets, below East Boston and Everett but ahead of Chelsea, Winthrop, Malden, and Lynn—useful context for yield and tenant-demand underwriting.
| Series | Label | Value |
|---|---|---|
| Nearby City Rent | Chelsea | $2,532/month |
| Nearby City Rent | Winthrop | $2,384/month |
| Nearby City Rent | Everett | $2,713/month |
| Nearby City Rent | Malden | $2,365/month |
| Nearby City Rent | East Boston | $2,900/month |
| Nearby City Rent | Saugus | $2,633/month |
| Nearby City Rent | Melrose | $2,632/month |
| Nearby City Rent | Lynn | $1,888/month |
Source:Average Rent in Revere, MA
Revere's $2,567 average sits:
•Below East Boston ($2,900), Everett ($2,713), Saugus ($2,633), and Melrose ($2,632)
•Above Chelsea ($2,532), Winthrop ($2,384), Malden ($2,365), and Lynn ($1,888)
East Boston sets the rent ceiling on the same Blue Line, and Revere plays the value alternative one to three stops north. Winthrop, our home market, has more owner-occupant character and lower rents, which makes Revere's renter base deeper by comparison. Renters account for 58% of Revere households. That depth cuts vacancy risk.
What Cap Rate, GRM, and NOI Should You Model in Revere, MA?
Market-cited cap rates run 5–6%. Even the ~6.4% going-in cap in the illustrative model below barely covers debt service at a 7.438% 30-year fixed rate. Buy at the 5–6% market range and leveraged cash flow goes negative.
Illustrative stabilized three-family at the $877,500 median:
Data Table
| Line Item | Annual |
|---|---|
| Gross scheduled rent ($7,500/mo, older-stock benchmark) | $90,000 |
| Vacancy and credit loss (5%) | –$4,500 |
| Effective gross income | $85,500 |
| Property tax (0.91% effective rate) | –$7,985 |
| Insurance, utilities, repairs, reserves, and management (assumed ~25% of EGI) | –$21,375 |
| NOI | ~$56,140 |
| Cap rate | ~6.4% |
| GRM | ~9.75 |
Leverage check:
•25% down payment: $219,375
•Loan of $658,125 at 7.438% over 30 years: about $4,574/month, or $54,890/year
•Pre-tax cash flow: roughly $1,250/year
•Cash-on-cash return: about 0.6%
Takeaways:
•Taxes help. Revere's 0.91% effective rate is below both Suffolk County (1.16%) and the state (1.15%).
•Insurance hurts. Premiums are up 20–30% over the past 18 months. Get actual quotes before signing a P&S. Coastal and flood-zone parcels can cost far more.
•Returns come from elsewhere. With day-one cash flow near zero, the return case rests on three legs: rent-to-market upside on below-market leases, principal paydown, and appreciation tied to the development pipeline.
•House-hackers run different math. Owner-occupants using low-down-payment financing will usually carry a monthly cost, partly offset by rent from the other units.
What Are the Zoning and ADU Opportunities for Investors in Revere, MA?
For small investors, the most actionable density play is the by-right ADU, paired with MBTA Communities Act zoning near transit. Large-scale density is concentrated in master-planned redevelopment sites. At the lot level, gains come from adding a unit to existing stock.
How Does the MBTA Communities Act Affect Revere, MA Zoning?
With three Blue Line stations, Revere is classified as a rapid-transit community under the MBTA Communities Act. That status requires at least one zoning district near transit where multi-family housing is allowed by right, with no special permit.
What this means for investors:
•Lower entitlement risk. Parcels inside a compliant district skip the discretionary special-permit process, stripping time, cost, and abutter-appeal risk out of development pro formas.
•Potential land-value step-up. Lots in a by-right overlay can reprice to reflect new development potential. The edge goes to buyers who get in before the market fully prices it.
•Diligence step: Confirm district boundaries, dimensional rules, and parking requirements with the City's Planning and Inspectional Services departments before you assign any density value in an offer.
What Large-Scale Development Is Reshaping Rental Demand in Revere, MA?
$53 millionParking Garage/Bridge Construction Cost
Major Development Projects & Investments
Large-scale redevelopment and infrastructure activity—including Suffolk Downs, Wonderland Station, and Waterfront Square—could reshape Revere’s long-term tax base, housing supply, and tenant demand.
Total Site Area151-acre
Beachfront land freed for development9 acres
Envisioned Residential Units900
Envisioned Hotel Rooms100-room
Total Hotel Rooms152
Potential Jobs Created600
MassWorks Infrastructure Program Grant$2 million
•Suffolk Downs: a 151-acre site with projected annual tax revenue of $40M
•Wonderland Station: a $53M garage and bridge project freeing 9 acres of beachfront for development
•Waterfront Square: an envisioned 900 residential units and a 100-room hotel
•Amazon distribution center: up to 600 jobs
Net read: Thousands of new Class-A units will add competing supply at the top of the rent range. They'll also lift the area's profile, amenity base, and rent ceiling. Older nearby multi-families capture that second effect without going head-to-head with luxury product.
Can You Build an ADU in Revere, MA?
Yes. Since February 2, 2025, the state's Affordable Homes Act has allowed one ADU of up to 900 sq ft (or half the main home's floor area, whichever is smaller) by right on single-family lots across Massachusetts. Municipalities can't require owner occupancy, though local rules can still impose reasonable dimensional, site-plan, and design standards.
Feasibility checklist for Revere:
•Setbacks and lot coverage: Dense, small-lot neighborhoods constrain detached ADU footprints. North Revere's larger lots are the exception.
•Basement conversions: You'll need egress windows, compliant ceiling heights, and moisture control. Many beach-adjacent basements fail on flood exposure, so check FEMA flood maps before designing anything.
•Utilities: Find out early whether you need separate meters or a water and sewer upgrade. Either can swing a budget significantly.
•Parking: State law limits ADU parking mandates near transit. Verify how local rules apply.
•Scope of the by-right rule: It covers single-family lots only. ADUs on existing two- and three-families fall under local zoning and may need relief.
What Is the ROI of Adding an ADU in Revere, MA?
Construction costs vary widely by type, so work backward from rent. The budgets below use the same 5% vacancy and ~25% of EGI expense load as the three-family model.
Data Table
| ADU Type | Est. Rent | Annual Gross | Est. NOI (after 5% vacancy, 25% expenses) | Max Budget at 10% Yield on Cost | Max Budget at 8% Yield on Cost |
|---|---|---|---|---|---|
| Studio/1BR (conservative) | $1,950 | $23,400 | ~$16,670 | ~$166,700 | ~$208,400 |
| 1BR (market average) | $2,567 | $30,804 | ~$21,950 | ~$219,500 | ~$274,400 |
Decision rule: Compare the ADU's marginal return to the property's cap rate. If it beats the roughly 5–6% market cap, it creates value. Adding about $30K in gross rent, or roughly $21–22K in NOI after vacancy and expenses, can add around $350K in appraised value at a 6% cap on income-approach valuations. One caveat: appraisers often value 1–4 unit properties on sales comps instead. Basement conversions within existing footprints typically clear the hurdle. Detached new construction on tight lots often doesn't.
What Is the Fixer-Upper Spread in Revere, MA?
Revere's value-add spread is real, but narrow. Light cosmetic work on well-located multi-families delivers the strongest returns. At current rates, a full BRRRR cash-out usually leaves substantial capital stuck in the deal.
How Much Cheaper Are Distressed Multi-Families Than Turnkey Properties in Revere, MA?
Distressed and unrenovated multi-families trade at a discount to turnkey stock. How big a discount depends on deferred mechanicals, below-market leases, and tenant situations, not just cosmetics.
Case study: Shirley Avenue 4-unit (2026)
•Estimated as-is value: $810,000
•Pre-sale improvements: $18,000
•Achieved sale price: $885,000
•Gross value lift: $75,000 (~4.2x the $18K spent; ~$57K net)
That ratio came from targeted, presentation-driven cosmetic work, not a gut renovation. That's the signal here. Buyers pay up for move-in-ready income, and the cheapest premium to capture is presentation and lease-up.
Price per square foot also varies across the city. Listing data puts West Revere at about $396/sq ft and Oak Island at about $506/sq ft. That gap rewards neighborhood-level underwriting over citywide averages.
What CapEx Should Investors Budget for Multi-Family Rehabs in Revere, MA?
Revere's older two- and three-family stock concentrates costs in predictable categories.
Cosmetic (highest ROI):
•Paint, flooring, lighting, and fixtures
•Kitchen and bath refreshes without layout changes
•Common-area cleanup and curb appeal
Mechanical (protects value and insurability):
•Heating systems, converting to separate unit systems where feasible
•Electrical upgrades, especially knob-and-tube or undersized service
•Roof, gutters, and envelope work; salt air accelerates wear near the beach
•Deleading compliance, mandatory in Massachusetts when children under six occupy a pre-1978 unit
Underwriting rules:
•Carry a 10–20% contingency. Older stock almost always hides something.
•Price insurance against post-rehab replacement cost.
•Get trade quotes during the inspection contingency, not after closing.
Does the BRRRR Strategy Work in Revere, MA?
Partially. Running the Shirley Avenue numbers:
Data Table
| Step | Figure |
|---|---|
| Purchase (as-is) | $810,000 |
| Rehab | $18,000 |
| All-in cost | $828,000 |
| After-repair value (ARV) | $885,000 |
| Cash-out refinance at 75% LTV | $663,750 |
| Capital left in deal | ~$164,250 |
| Equity captured | $57,000 (6.4% of ARV) |
A true "infinite return" BRRRR requires an all-in basis at or below roughly 75% of ARV. With 2.5 months of multi-family supply, that kind of discount rarely appears on the MLS.
Where the spread actually comes from:
•Rent-to-market gaps. Long-tenured tenants paying at or below the 2021 benchmark of $2,000/month for a 2BR, against a current market of $2,500+, represent a 25%+ income lift at turnover. On a three-family, that can mean $18K+ in annual NOI, worth about $300K at a 6% cap.
•Off-market and estate sales. Long-held properties with deferred maintenance are the most reliable source of discounts.
•Refinance timing. If rates drop from 7.438%, the same NOI supports bigger proceeds. That option has value. Just don't underwrite to it.
Target metrics for a viable Revere value-add deal:
•All-in cost at or below 80% of ARV
•Post-stabilization yield on cost at least 100–150 bps above the market cap rate
•Positive cash flow after refinance at current rates, not projected ones
Bottom Line: Is Revere, MA a Good Market for Multi-Family Investors in 2026?
Revere builds equity. It doesn't throw off cash. A buy-and-hold at the median price yields roughly a 6.4% cap on conservative rents with near-zero leveraged cash flow at current rates. Buy at the 5–6% market cap range and cash flow turns negative. Returns come from:
1. Transit-adjacent rent premiums in Beachmont and the beach corridor
2. By-right ADU and MBTA Communities density that raises income per lot
3. Rent-to-market and light value-add spreads on long-held older stock
4. A development pipeline (Suffolk Downs, Wonderland, Waterfront Square) supporting long-term rent growth and appreciation
Underwrite at conservative rents. Get real insurance quotes. Buy the spread, not the median.
