Vacant Brick Storefront
For Sale
$699,000
141 Norfolk Street, Boston, MA 02124
Vacant brick storefront available with redevelopment flexibility and three adjacent city-owned lots.
Property Size1,380 SF
Price / SF$506.52
Days on Market528
Property Features for 141 Norfolk Street
General Information
Standard status
Active
Size
1,380 SF
Property subtype
Land
Building Details
Year Built
1910
Listing Agency:
Garvin Real Estate Group
Listed By:
Darryl Garvin
(781) 635-9022
Source:
Lindorealtygroup
Added: Mar 17, 2025
Changed: Aug 25
Last Checked: Aug 25 at 9:00AM
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 Garvin Real Estate Group
Investment Insights
Based on property information with market context.
This vacant brick storefront building is positioned as a development or redevelopment opportunity at 141 Norfolk Street in Boston, MA 02124. The property also includes three adjacent city-owned lots, offering room for expansion or reconfiguration, subject to buyer due diligence.
The offering is described as being located in a high-traffic area. The seller makes no legal representations regarding the status of the adjacent land, and the buyer is responsible for performing all due diligence.
The property is being offered for sale.
The offering is described as being located in a high-traffic area. The seller makes no legal representations regarding the status of the adjacent land, and the buyer is responsible for performing all due diligence.
The property is being offered for sale.
Key Highlights
- Vacant brick storefront building, built in 1910
- Positioned in a high‑traffic area
- Includes redevelopment flexibility with three adjacent city‑owned lots
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
$22,274
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
3.19%
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%
$445,480
$445.5K
Cap Rate 7%
$318,200
$318.2K
Cap Rate 9%
$247,489
$247.5K
Market Conditions
NOI Build-Up for 1,380 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
$34.8K $25.20/SF
− Vacancy
−$3.0K −$2.14/SF
EGI
$31.8K $23.06/SF
− OpEx
−$9.5K −$6.92/SF
NOI
$22.3K $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%
$445,480
Cap Rate 7%
$318,200
Cap Rate 9%
$247,489
Alternative Uses
Best Use
Retail
$318.2K
$278.4K – $371.2K
NOI $22,274 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$904.2K – $1.21M
NOI $72,334 @ 7.0% cap · market cap 10.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,379
Businesses Nearby
35k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 63%
Dining 34%
Shops & Services 3%
America's Food Basket
Groceries
14,708 visits/mo
0.4 miles
McDonald's
Dining
11,930 visits/mo
0.3 miles
Crown Liquors
Groceries
7,388 visits/mo
0.4 miles
Jerusalem Discount Furniture
Shops & Services
1,113 visits/mo
0.4 miles
Demographics for 02124, MA
50,972
Population
21,264
Households
2.4
Avg Household Size
36
Median Age
31%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
16,991
Density / Sq Mi
$79,168
Median Household Income
$43,483
Median Earnings
$1,783
Median Rent
$607,200
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
- Boston Blooming Plants — boston, ma 02126
- Patrycya's custom arrangements
Frequently Asked Questions
What type of property is this?
Storefront property - Vacant brick storefront available with redevelopment flexibility and three adjacent city-owned lots.
Where is this storefront property located?
The property is located at 141 Norfolk Street Boston, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Vacant brick storefront building, built in 1910; Positioned in a high‑traffic area; Includes redevelopment flexibility with three adjacent city‑owned lots
