Duplex Live-Work
New
For Sale
$919,000
112 Fulton Street 1c, Boston, MA 02109
Zoned for both residential and office use, with a renovated upper level and flexible workspace across two floors.
Property Size1,279 SF
Price / SF$718.53
Days on Market2
Property Features for 112 Fulton Street 1c
General Information
Standard status
Active
Size
1,279 SF
Elevators
Yes
Site & Location
Highway Access
Yes
Public Transit
Yes
Amenities
central AC
professional management
dedicated bike storage
Building Details
Year Built
1900
Year Renovated
2021
Listing Agency:
Century 21 Cityside
Listed By:
Collin Bray · License #9066337
(617) 512-1095
Source:
Alpernandmesenbourg
Added: Sep 7
Last Checked: Sep 7 at 3:11PM
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 1,279 SF duplex live-work space with a two-level layout suited to combined residential and office use. The lower floor includes private offices, a flex room, and additional workspace, while the upper level received a 2021 renovation with an updated kitchen, new appliances, exposed brick, high ceilings, and floor-to-ceiling windows. Central AC, elevator access, professional management, and dedicated bike storage serve the building.
The property is located at 112 Fulton Street in Boston’s Waterfront area, near the MBTA and with direct access to I-90 and I-93. Logan Airport is 12 minutes away, Christopher Columbus Park is nearby, and Hanover Street dining and cafés are two blocks from the building. The property was built in 1900.
The property is located at 112 Fulton Street in Boston’s Waterfront area, near the MBTA and with direct access to I-90 and I-93. Logan Airport is 12 minutes away, Christopher Columbus Park is nearby, and Hanover Street dining and cafés are two blocks from the building. The property was built in 1900.
Key Highlights
- 1,279 SF duplex live‑work space
- Zoned for both residential and office use
- 2021 renovation included an updated kitchen and new appliances
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Zoned for both residential and office use, with a renovated upper level and flexible workspace across two floors.
Where is this live-work space located?
The property is located at 112 Fulton Street 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: 1,279 SF duplex live‑work space; Zoned for both residential and office use; 2021 renovation included an updated kitchen and new appliances
