Street-Level Storefront
For Sale
$1,700,000
100-185 Devonshire St, Boston, MA 02110
Flexible commercial condominium with direct street access, signage, basement storage, and substantial existing building infrastructure.
Property Size3,529 SF
Price / SF$481.72
Days on Market32
Property Features for 100-185 Devonshire St
General Information
Standard status
Active
Size
3,529 SF
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Floor
Ground
Office Units
1
Amenities
two direct street entrances
prominent signage
basement storage
three HVAC units (10 tons total)
significant electrical upgrades
existing plumbing
grease trap
Listing Agency:
Conviser Property Group, Inc.
(617) 953-9892
Listed By:
Dmitriy Shnitman
(617) 953-9892
Source:
Exprealty
Added: Jul 21
Changed: Aug 21
Last Checked: Aug 21 at 1:25PM
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 Conviser Property Group, Inc.
Investment Insights
Based on property information with market context.
This 3,529-square-foot street-level commercial condominium occupies Unit 100 at 185 Devonshire Street. The space is recently vacated and configured for immediate occupancy, with a flexible layout, two separate street entrances, prominent signage, and basement storage. Existing improvements include three HVAC units totaling 10 tons, electrical upgrades, plumbing, and a grease trap.
The property is situated in Boston’s Financial District, within walking distance of Downtown Crossing, Post Office Square, and multiple MBTA lines. Its storefront configuration and existing infrastructure support a range of commercial end uses, including medical, restaurant, retail, and fitness operations.
The property is situated in Boston’s Financial District, within walking distance of Downtown Crossing, Post Office Square, and multiple MBTA lines. Its storefront configuration and existing infrastructure support a range of commercial end uses, including medical, restaurant, retail, and fitness operations.
Key Highlights
- 3,529 SF street‑level commercial condominium at 185 Devonshire Street, Unit 100
- Two direct street entrances and prominent signage
- Three HVAC units with 10 tons of total capacity
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
$56,960
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
3.35%
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%
$1,139,200
$1.1M
Cap Rate 7%
$813,714
$813.7K
Cap Rate 9%
$632,889
$632.9K
Market Conditions
NOI Build-Up for 3,529 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
$88.9K $25.20/SF
− Vacancy
−$7.6K −$2.14/SF
EGI
$81.4K $23.06/SF
− OpEx
−$24.4K −$6.92/SF
NOI
$57.0K $16.14/SF
Area
Boston, MA
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,139,200
Cap Rate 7%
$813,714
Cap Rate 9%
$632,889
Alternative Uses
Best Use
Retail
$813.7K
$712.0K – $949.3K
NOI $56,960 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,976 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
28,783
Businesses Nearby
122k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 55%
Dining 27%
Beauty & Spa 11%
Groceries 5%
McDonald's
Dining
31,271 visits/mo
0.3 miles
Moxy Boston Downtown
Hotels & Casinos
26,386 visits/mo
0.5 miles
Boston Marriott Long Wharf
Hotels & Casinos
25,424 visits/mo
0.5 miles
Marriott Vacation Club Pulse at Custom House, Boston
Hotels & Casinos
15,363 visits/mo
0.3 miles
Sephora
Beauty & Spa
13,861 visits/mo
0.3 miles
Demographics for 02110, MA
2,921
Population
1,563
Households
1.9
Avg Household Size
49
Median Age
85%
College-Educated
99%
High-School Grad
0.2 sq mi
ZIP Area
14,605
Density / Sq Mi
$132,239
Median Household Income
$111,227
Median Earnings
$3,142
Median Rent
$1,104,700
Median Home Value
Market
Vacancy Rate% for Retail in Boston, MA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Floral Lab — 21 Wormwood St, Boston, MA 02210
- Passion Bouquet Inc — 252 Harrison Ave, Boston, MA 02111
- Irving Glick Florist Shop — 31 clarendon st, boston, ma 02116
- Ilex Designs — Boston, MA 02116
- Bella Florist — 125 Charles St S, Boston, MA 02116
Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial condominium with direct street access, signage, basement storage, and substantial existing building infrastructure.
Where is this storefront property located?
The property is located at 100-185 Devonshire St Boston, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 3,529 SF street‑level commercial condominium at 185 Devonshire Street, Unit 100; Two direct street entrances and prominent signage; Three HVAC units with 10 tons of total capacity
