Garden Level Office in
For Sale
$1,830,000
160 Commonwealth #L7, Boston, MA 02116
Unique office space in a desirable Boston submarket.
Property Size2,698 SF
Price / SF$678.28
Days on Market736
Property Features for 160 Commonwealth #L7
General Information
Standard status
Active
Size
2,698 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,079
Building Details
Year Built
1871
Listing Agency:
Boston Realty Advisors
(617) 375-7900
Listed By:
William Catlin
Source:
Corcoran
Added: Aug 28, 2024
Changed: Sep 2
Last Checked: Jul 6 at 12:12AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
Located on the garden level of The Vendome building, this commercial real estate offers attributes appealing to office and medical users. The property is centrally located in a desirable Boston submarket and features Boston’s trademark historic charm with French-inspired architecture. The property contains 2,698 square feet.
Key Highlights
- Premier commercial/medical office space in a highly desirable Boston submarket.
- Centrally located on Commonwealth Avenue.
- Situated in the historic "The Vendome building".
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
$91,909
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
5.02%
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%
$1,838,180
$1.8M
Cap Rate 7%
$1,312,986
$1.3M
Cap Rate 9%
$1,021,211
$1.0M
Market Conditions
NOI Build-Up for 2,698 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
$145.4K $53.88/SF
− Vacancy
−$22.8K −$8.46/SF
EGI
$122.5K $45.42/SF
− OpEx
−$30.6K −$11.36/SF
NOI
$91.9K $34.07/SF
Area
ZIP 02116
Vacancy
15.70%
Lease Rate
$53.88 /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%
$1,838,180
Cap Rate 7%
$1,312,986
Cap Rate 9%
$1,021,211
Alternative Uses
Best Use
Office B
$1.31M
$1.15M – $1.53M
NOI $91,909 @ 7.0% cap · market cap 5.02%
Second Best
Healthcare Medical
$708.4K
$619.8K – $826.5K
NOI $49,587 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,804 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,350
Businesses Nearby
Explore this area
Business Placement
Demographics for 02116, MA
23,408
Population
14,110
Households
1.7
Avg Household Size
36
Median Age
77%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
39,013
Density / Sq Mi
$127,309
Median Household Income
$85,296
Median Earnings
$2,341
Median Rent
$1,583,500
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 - Unique office space in a desirable Boston submarket.
Where is this office units located?
The property is located at 160 Commonwealth #L7 Boston, MA.
What is the asking price?
The asking price for this property is $1,830,000.
What are key features of this property?
This property features: Premier commercial/medical office space in a highly desirable Boston submarket.; Centrally located on Commonwealth Avenue.; Situated in the historic "The Vendome building".
