Live-Work Office
For Sale
$919,000
112 Fulton Street Unit 1C, Boston, MA 02109
Duplex live-work loft with private offices, a dedicated flex room, central A/C, and elevator access.
Property Size1,279 SF
Price / SF$718.53
Days on Market81
Property Features for 112 Fulton Street Unit 1C
General Information
Standard status
Active
Size
1,279 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1900
Year Renovated
2021
Listing Agency:
Century 21 Cityside
Listed By:
Collin Bray
(413) 768-9848
Source:
Wandamooney
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 5 at 8:28AM
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 Century 21 Cityside
Investment Insights
Based on property information with market context.
Unit 1C is a live-work duplex loft built for mixed business and personal use, featuring exposed brick, soaring ceilings, and floor-to-ceiling windows. The layout provides a lower level with private offices and a dedicated flex room for focused work, along with an upper level that includes a redesigned kitchen with brand-new appliances and finishes following a 2021 renovation.
Zoned for both residential and office use, the space is set up for operational flexibility. The building includes central A/C, elevator access, professional management, and dedicated bike storage. Convenient to the MBTA, with immediate access to I-90 and I-93 and Logan Airport about twelve minutes away, the unit is also positioned near Christopher Columbus Park and within two blocks of Hanover Street’s dining and cafés.
Zoned for both residential and office use, the space is set up for operational flexibility. The building includes central A/C, elevator access, professional management, and dedicated bike storage. Convenient to the MBTA, with immediate access to I-90 and I-93 and Logan Airport about twelve minutes away, the unit is also positioned near Christopher Columbus Park and within two blocks of Hanover Street’s dining and cafés.
Key Highlights
- Live/work duplex loft (Unit 1C) with 1,279 SF and a layout designed for both business and everyday living
- Exposed brick, soaring ceilings, and floor‑to‑ceiling windows with abundant natural light
- Zoned for both residential and office use, allowing flexibility between living and work
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
$37,710
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
4.10%
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%
$754,200
$754.2K
Cap Rate 7%
$538,714
$538.7K
Cap Rate 9%
$419,000
$419.0K
Market Conditions
NOI Build-Up for 1,279 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
$64.5K $50.40/SF
− Vacancy
−$14.2K −$11.09/SF
EGI
$50.3K $39.31/SF
− OpEx
−$12.6K −$9.83/SF
NOI
$37.7K $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%
$754,200
Cap Rate 7%
$538,714
Cap Rate 9%
$419,000
Alternative Uses
Best Use
Office B
$538.7K
$471.4K – $628.5K
NOI $37,710 @ 7.0% cap · market cap 4.10%
Second Best
Mixed Use
$446.1K
$390.3K – $520.4K
NOI $31,224 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$957.7K
$838.0K – $1.12M
NOI $67,040 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
15,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 02109, MA
3,921
Population
2,719
Households
1.4
Avg Household Size
36
Median Age
88%
College-Educated
97%
High-School Grad
0.2 sq mi
ZIP Area
19,605
Density / Sq Mi
$177,500
Median Household Income
$100,889
Median Earnings
$3,501
Median Rent
$1,007,200
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?
Live-work space - Duplex live-work loft with private offices, a dedicated flex room, central A/C, and elevator access.
Where is this live-work space located?
The property is located at 112 Fulton Street Unit 1C Boston, MA.
What is the asking price?
The asking price for this property is $919,000.
What are key features of this property?
This property features: Live/work duplex loft (Unit 1C) with 1,279 SF and a layout designed for both business and everyday living; Exposed brick, soaring ceilings, and floor‑to‑ceiling windows with abundant natural light; Zoned for both residential and office use, allowing flexibility between living and work
