Renovated Office Condominium with Private
New
For Sale
$1,025,000
1 Church Court Unit 1, Boston, MA 02129
Four private suites, reception area, conference room, kitchenette, half bath, and basement storage support a flexible office layout.
Property Size1,995 SF
Days on Market4
Property Features for 1 Church Court Unit 1
General Information
Standard status
Active
Size
1,995 SF
Property subtype
Commercial
Additional Details
Public Transit
Yes
Amenities
private entrance
tin ceilings
marble mantels
towering ceilings
skylight
exposed brick walls
private office suites
conference room
reception area
kitchenette
half bathroom
basement storage area
Building Details
Building Size
1,995 SF
Year Built
1995
Listing Agency:
Gibson Sotheby's International Realty
(617) 242-4222
Listed By:
Frank Celeste · License #449518275
(617) 872-3227
Source:
Iverty
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 2 at 4:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This office condominium offers almost 1,200 square feet on one level with a private entrance and a configuration suited to professional office use. The interior has been fully renovated while retaining period character, including tin ceilings and marble mantels. Exposed brick, high ceilings in select areas, and a skylight add architectural distinction. The plan includes four private office suites, a substantial conference room, reception area, kitchenette, half bathroom, and exclusive basement storage.
The property is situated in Thompson Square with access to the Community College T station and a bus stop at the property. The Financial District and major routes are minutes away. A private-way parking option is also available; details are to be confirmed with the agent. The building was constructed in 1995.
The property is situated in Thompson Square with access to the Community College T station and a bus stop at the property. The Financial District and major routes are minutes away. A private-way parking option is also available; details are to be confirmed with the agent. The building was constructed in 1995.
Key Highlights
- Almost 1200SF of office condominium space on one level
- Private entrance with four office suites and a large conference room
- Renovated interior with tin ceilings, marble mantels, exposed brick, and a skylight
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$58,821
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,176,420
$1.2M
Cap Rate 7%
$840,300
$840.3K
Cap Rate 9%
$653,567
$653.6K
Market Conditions
NOI Build-Up for 1,995 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$100.5K $50.40/SF
− Vacancy
−$22.1K −$11.09/SF
EGI
$78.4K $39.31/SF
− OpEx
−$19.6K −$9.83/SF
NOI
$58.8K $29.48/SF
Area
Boston, MA
Vacancy
22.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,176,420
Cap Rate 7%
$840,300
Cap Rate 9%
$653,567
Alternative Uses
Best Use
Office B
$840.3K
$735.3K – $980.4K
NOI $58,821 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,570 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 02129, MA
19,120
Population
9,987
Households
1.9
Avg Household Size
36
Median Age
71%
College-Educated
94%
High-School Grad
1.4 sq mi
ZIP Area
13,657
Density / Sq Mi
$157,192
Median Household Income
$101,310
Median Earnings
$2,258
Median Rent
$926,000
Median Home Value
Market
Vacancy Rate% for Office in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Four private suites, reception area, conference room, kitchenette, half bath, and basement storage support a flexible office layout.
Where is this office units located?
The property is located at 1 Church Court Unit 1 Boston, MA.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Almost 1200SF of office condominium space on one level; Private entrance with four office suites and a large conference room; Renovated interior with tin ceilings, marble mantels, exposed brick, and a skylight
