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EXECUTIVE SUMMARY
Berkadia is pleased to present The Eliot on Ocean (The Eliot), a premier mid-rise apartment community located along the iconic Revere Beach. Built in 2016, this 194-unit property offers a mix of one-, two- and three-bedroom apartment homes, all 100% market rate, providing a modern and luxurious living experience. Each unit features contemporary finishes such as stainless-steel appliances, quartz countertops, heated bathroom floors, and walk-in closets.
Residents of The Eliot on Ocean enjoy a wealth of amenities, including a state-of-the-art fitness center, an outdoor lounge patio with stunning ocean views, and a club-suite perfect for entertaining. The property is also pet-friendly, featuring a dedicated pet spa.
Strategically positioned just minutes from the Wonderland T station, The Eliot on Ocean provides quick access to Downtown Boston, Logan Airport, and the region’s vibrant employment centers and lifestyle amenities, making it an ideal choice for professionals seeking a balance of beachfront tranquility and urban connectivity. This transit-oriented development represents a compelling light value-add opportunity for investors looking to capitalize on its prime location and modern appeal.
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660 Ocean Ave | Revere, MA 02151
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125 High Street, Suite 1712 | Boston, MA 02110
Chris Phaneuf
617.648.4191
chris.phaneuf@berkadia.com
MA Principal Broker Lic #9032841
Jackie Meagher
781.990.0159
jackie.meagher@berkadia.com
Sean Daly
781.990.1748
sean.daly@berkadia.com
Adam Dunn
617.648.4192
adam.dunn@berkadia.com
MA RE Broker Lic #9553106
Adam Marzilli
617.648.4181 adam.marzilli@berkadia.com MA Salesperson Lic #9586683
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
660 Ocean Ave | Revere, MA 02151
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UNITS: 194 | YEAR COMPLETED: 2016
Revere Beach Apartments Offering Value-Add Potential in a Desirable Submarket
AT A GLANCE
The Eliot
Year Built
2016
UNITS
194
AVERAGE UNIT SIZE
738 SF
MARKET RATE
100%
Leased
93.8%
Average In- Place Rent
$2,741
Compelling Value-Add Potential Built five years earlier on average than its beachfront competitors, this property currently offers a rental discount of 9% to 17% compared to its peers, depending on the unit type. This positions it perfectly for enhancements that could significantly increase its value. We estimate that new ownership could invest approximately $15,000 per unit for upgrades in the 102 ocean-view units, along with an additional $500,000 for improvements to common areas. This investment is projected to yield a 20% return and result in a 10% increase in current rental rates.
Outer Urban Advantage The Eliot on Ocean’s residents save an average of $1,469 per month in exchange for an 18-minute commute to Downtown Boston, and get to live on the beach.
Transit Oriented Location With just a short 5-minute walk to the MBTA station, The Eliot offers seamless access to Downtown Boston (18 min), Logan Airport (10 min) and key areas like Back Bay, the Seaport District and Kendall Square, placing over 100 million square feet of commercial space within easy reach.
Strong Tenant Base The Eliot’s appeal has drawn a robust tenant base. Currently, 41% of The Eliot’s units are occupied by tenants in the key renter age group (18-35), with an average household income of approximately $137K per year, resulting in a favorable 24% rent-to-income ratio, which is below the 30% industry standard.
100% Market Rate The Eliot stands out by offering 100% market-rate units, which is a rarity in Greater Boston. It is unlikely that another fully market-rate multifamily development will occur in Revere soon, as there is legislation that seeks to establish a minimum 20% affordability threshold for new developments in designated zones under the Housing Development Incentive Program.
Revere Beach Premium Situated on Revere Beach, The Eliot benefits from a significant rent premium, averaging 13% higher than surrounding municipalities, due to its desirable beachfront location.
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$3.71/SF