Rehabilitated First-Floor Office
For Sale
$649,000
129 N Washington St Unit 1, Boston, MA 02114
Open commercial condo with a full bath, stainless-steel kitchenette, and exclusive basement access.
Property Size1,614 SF
Price / SF$402.11
Days on Market56
Property Features for 129 N Washington St Unit 1
General Information
Standard status
Active
Size
1,614 SF
Additional Details
Floor
1
Amenities
recessed lighting
kitchenette
stainless steel appliances
basement space
Building Details
Year Built
1899
Listing Agency:
MIG
Listed By:
Nichols Realty Team
Source:
Alpernandmesenbourg
Added: Jul 6
Changed: Aug 29
Last Checked: Aug 25 at 3:56AM
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 MIG
Investment Insights
Based on property information with market context.
This 1,614-square-foot commercial condominium occupies the first floor of a building constructed in 1899. The recently renovated interior offers an open arrangement with office space, one full bathroom, recessed lighting, and a kitchenette equipped with stainless-steel appliances. Designated access to basement space provides additional exclusive-use area, subject to an easement for utilities.
Located at 129 N Washington Street, Unit 1, in Boston’s historic North End, the property is positioned within a high-foot-traffic neighborhood. Its commercial condominium format and flexible interior support office, boutique retail, or personal studio use as described for the property.
Located at 129 N Washington Street, Unit 1, in Boston’s historic North End, the property is positioned within a high-foot-traffic neighborhood. Its commercial condominium format and flexible interior support office, boutique retail, or personal studio use as described for the property.
Key Highlights
- 1,614 SF first‑floor commercial condominium
- Recently renovated interior with recessed lighting
- Open office layout with 1 full bath
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
$51,736
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
7.97%
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%
$1,034,720
$1.0M
Cap Rate 7%
$739,086
$739.1K
Cap Rate 9%
$574,844
$574.8K
Market Conditions
NOI Build-Up for 1,614 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
$81.3K $50.40/SF
− Vacancy
−$12.4K −$7.66/SF
EGI
$69.0K $42.74/SF
− OpEx
−$17.2K −$10.68/SF
NOI
$51.7K $32.05/SF
Area
ZIP 02114
Vacancy
15.20%
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%
$1,034,720
Cap Rate 7%
$739,086
Cap Rate 9%
$574,844
Alternative Uses
Best Use
Office B
$739.1K
$646.7K – $862.3K
NOI $51,736 @ 7.0% cap · market cap 7.97%
Second Best
Retail
$496.2K
$434.2K – $578.9K
NOI $34,735 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$839.7K
$734.7K – $979.6K
NOI $58,778 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 02114, MA
14,469
Population
9,525
Households
1.5
Avg Household Size
33
Median Age
84%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
36,173
Density / Sq Mi
$135,057
Median Household Income
$94,465
Median Earnings
$2,933
Median Rent
$927,900
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 - Open commercial condo with a full bath, stainless-steel kitchenette, and exclusive basement access.
Where is this office units located?
The property is located at 129 N Washington St Unit 1 Boston, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 1,614 SF first‑floor commercial condominium; Recently renovated interior with recessed lighting; Open office layout with 1 full bath
