Federal-Style Office
For Sale
$999,000
1646c Centre Street, Boston, MA 02132
Flexible professional property with multiple offices, meeting space, basement workspace, parking, and access to bus and commuter rail service.
Property Size1,913 SF
Price / SF$522.22
Days on Market535
Property Features for 1646c Centre Street
General Information
Standard status
Active
Size
1,913 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Public Transit
Yes
Amenities
conference room
kitchenette
storage area
Building Details
Year Built
1939
Buildings
1
Construction
Federal-style colonial
Listing Agency:
Gilmore Murphy Realty LLC
Listed By:
Condon-Droney Team
(617) 699-9896
Source:
Stonewallre
Added: Mar 18, 2025
Changed: Aug 30
Last Checked: Sep 2 at 8:27PM
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 Gilmore Murphy Realty LLC
Investment Insights
Based on property information with market context.
This Federal-style colonial office property includes a first-floor open area, conference room, private office, two half baths, and a kitchenette. The second floor adds two large offices and a full bath, while the finished basement provides additional workspace, storage, and room for expansion. A walk-up attic, underground garage, and separate storage area further support the building’s configuration. The property was built in 1939 and has operated as a law firm.
Located at 1646c Centre Street in Boston’s West Roxbury area, the property sits just outside the business district with bus service nearby and the commuter rail a 3-minute walk away. Faulkner Hospital and downtown Boston are within a short drive. On-site parking accommodates 6+ vehicles, with potential for expansion. With City approval, the property may be converted back to residential use or adapted for another professional use.
Located at 1646c Centre Street in Boston’s West Roxbury area, the property sits just outside the business district with bus service nearby and the commuter rail a 3-minute walk away. Faulkner Hospital and downtown Boston are within a short drive. On-site parking accommodates 6+ vehicles, with potential for expansion. With City approval, the property may be converted back to residential use or adapted for another professional use.
Key Highlights
- Office property built in 1939 with Federal‑style colonial architecture
- First floor includes an open area, conference room, office, two 1/2 baths, and kitchenette
- Second floor features 2 large offices and a 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
$56,403
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
5.65%
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%
$1,128,060
$1.1M
Cap Rate 7%
$805,757
$805.8K
Cap Rate 9%
$626,700
$626.7K
Market Conditions
NOI Build-Up for 1,913 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
$96.4K $50.40/SF
− Vacancy
−$21.2K −$11.09/SF
EGI
$75.2K $39.31/SF
− OpEx
−$18.8K −$9.83/SF
NOI
$56.4K $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%
$1,128,060
Cap Rate 7%
$805,757
Cap Rate 9%
$626,700
Alternative Uses
Best Use
Office B
$805.8K
$705.0K – $940.1K
NOI $56,403 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,272 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,768
Businesses Nearby
Explore this area
Business Placement
Demographics for 02132, MA
27,111
Population
11,967
Households
2.3
Avg Household Size
44
Median Age
64%
College-Educated
95%
High-School Grad
4.9 sq mi
ZIP Area
5,533
Density / Sq Mi
$139,545
Median Household Income
$75,760
Median Earnings
$2,140
Median Rent
$714,000
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 building - Flexible professional property with multiple offices, meeting space, basement workspace, parking, and access to bus and commuter rail service.
Where is this office building located?
The property is located at 1646c Centre Street Boston, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Office property built in 1939 with Federal‑style colonial architecture; First floor includes an open area, conference room, office, two 1/2 baths, and kitchenette; Second floor features 2 large offices and a full bath
