Brick Multi-Unit Retail
For Sale
$1,550,000
23-25 Meridian Street, Boston, MA 02128
Two retail units in a high-foot-traffic area, with one vacant space ready for a new tenant.
Property Size2,952 SF
Price / SF$525.07
Days on Market511
Property Features for 23-25 Meridian Street
General Information
Standard status
Active
Size
2,952 SF
Property subtype
Commercial
Zoning
C
Lease Type
NNN
Taxes and HOA fees
Annual Taxes
$8,855
Building Details
Building Size
2,952 SF
Year Built
1920
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Boston
(978) 578-5013
Listed By:
Chris Bernier · License #9061399
(978) 578-5013
Source:
Churchillprop
Added: Apr 10, 2025
Changed: Aug 23
Last Checked: Sep 1 at 4:48PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
This brick retail commercial building at 23-25 Meridian Street includes two separate commercial spaces. Unit 1 is currently vacant and ready for a new business. Unit 2 is leased and operating as a spa and nail supply store, providing an existing tenant in one portion of the property. The building is configured to support two distinct occupancies within the same structure.
The property is described as being in a high-foot-traffic area. The building is presently zoned NSA, which allows multiple types of businesses. This zoning flexibility supports a range of potential uses for a purchaser evaluating different operating concepts for the vacant unit.
For buyers looking for a multi-tenant retail asset, the current setup offers the option to keep Unit 2 leased while preparing Unit 1 for occupancy. With one unit already operating and the other available, the property can fit users or investors seeking control over leasing strategy. The NSA zoning and two-unit layout make it practical for tenants and owners who want to consider a variety of neighborhood-serving commercial uses within the same address.
The property is described as being in a high-foot-traffic area. The building is presently zoned NSA, which allows multiple types of businesses. This zoning flexibility supports a range of potential uses for a purchaser evaluating different operating concepts for the vacant unit.
For buyers looking for a multi-tenant retail asset, the current setup offers the option to keep Unit 2 leased while preparing Unit 1 for occupancy. With one unit already operating and the other available, the property can fit users or investors seeking control over leasing strategy. The NSA zoning and two-unit layout make it practical for tenants and owners who want to consider a variety of neighborhood-serving commercial uses within the same address.
Key Highlights
- Brick retail commercial building built in 1920 with two commercial spaces
- Unit 1 is vacant and ready for a new business
- Unit 2 is leased for a spa and nail supply store
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
$47,647
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
3.07%
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%
$952,940
$952.9K
Cap Rate 7%
$680,671
$680.7K
Cap Rate 9%
$529,411
$529.4K
Market Conditions
NOI Build-Up for 2,952 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
$74.4K $25.20/SF
− Vacancy
−$6.3K −$2.14/SF
EGI
$68.1K $23.06/SF
− OpEx
−$20.4K −$6.92/SF
NOI
$47.6K $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%
$952,940
Cap Rate 7%
$680,671
Cap Rate 9%
$529,411
Alternative Uses
Best Use
Retail
$680.7K
$595.6K – $794.1K
NOI $47,647 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,732 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,956
Businesses Nearby
254k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 28%
Groceries 15%
Apparel 10%
Shaw's Supermarket
Groceries
38,339 visits/mo
0.5 miles
Dunkin' Donuts
Dining
25,268 visits/mo
0.1 miles
Marshalls
Apparel
24,698 visits/mo
0.4 miles
McDonald's
Dining
23,404 visits/mo
0.3 miles
Burger King
Dining
18,940 visits/mo
0.1 miles
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
Median Home Value
Market
Vacancy Rate% for Retail in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Two retail units in a high-foot-traffic area, with one vacant space ready for a new tenant.
Where is this storefront property located?
The property is located at 23-25 Meridian Street Boston, MA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Brick retail commercial building built in 1920 with two commercial spaces; Unit 1 is vacant and ready for a new business; Unit 2 is leased for a spa and nail supply store
