Two-Level Restaurant Condominium
For Sale
Contact for pricing
149 P Street, Boston, MA 02127
Two-level restaurant condo in the Farragut House, including one deeded parking space and access to common operations facilities.
Property Size4,781 SF
Price / SF$292.83
Days on Market49
Property Features for 149 P Street
General Information
Standard status
Active
Size
4,781 SF
Total Parking Spaces
1
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Net Operating Income
$112,952
Building Details
Year Built
2011
Year Renovated
2020
Units
1
Tenancy
Single
Listing Agency:
Newmark - Boston
(617) 863-8090
Listed By:
Joseph Alvarado · License #MA 9028884
Source:
Crexi
Added: Jun 22
Changed: Aug 7
Last Checked: Aug 8 at 1:56PM
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 Newmark - Boston
Investment Insights
Based on property information with market context.
Condominium Unit #4 within the Farragut House Condominium, a 4,781-square-foot mixed-use restaurant condominium. The unit spans two levels, with approximately 2,400 SF on the first floor and approximately 2,381 SF in the basement. Ownership includes one deeded parking space (#4), with an option to purchase an exclusive easement for the space for $35,000. The premises also benefits from access to common facilities necessary for restaurant operations.
The property is located within the Farragut House Condominium in South Boston. The unit is subject to the Farragut Condominium Master Deed and Declaration of Trust, including a pro-rata share of insurance costs currently set at 66.67% of the Trust’s common insurance expense.
The property is located within the Farragut House Condominium in South Boston. The unit is subject to the Farragut Condominium Master Deed and Declaration of Trust, including a pro-rata share of insurance costs currently set at 66.67% of the Trust’s common insurance expense.
Key Highlights
- Two‑level restaurant condominium unit (#4) in the Farragut House Condominium at 149 P Street, South Boston.
- Total unit size is 4,781 SF, including approx. 2,400 SF on the first floor and approx. 2,381 SF in the basement.
- Includes one deeded parking space (#4) with an option to purchase an exclusive easement for the space for $35,000.
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
$92,039
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
6.57%
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%
$1,840,780
$1.8M
Cap Rate 7%
$1,314,843
$1.3M
Cap Rate 9%
$1,022,656
$1.0M
Market Conditions
NOI Build-Up for 4,781 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
$132.0K $27.60/SF
− Vacancy
−$9.2K −$1.93/SF
EGI
$122.7K $25.67/SF
− OpEx
−$30.7K −$6.42/SF
NOI
$92.0K $19.25/SF
Area
Boston, MA
Vacancy
7.00%
Lease Rate
$27.60 /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%
$1,840,780
Cap Rate 7%
$1,314,843
Cap Rate 9%
$1,022,656
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.15M – $1.53M
NOI $92,039 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.58M
$3.13M – $4.18M
NOI $250,601 @ 7.0% cap · market cap 17.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
685
Businesses Nearby
30k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 59%
Dining 41%
Stop & Shop
Groceries
17,962 visits/mo
0.4 miles
Starbucks
Dining
7,544 visits/mo
0.4 miles
Dunkin' Donuts
Dining
3,380 visits/mo
0.4 miles
Deja Brew
Dining
1,498 visits/mo
0.4 miles
Demographics for 02127, MA
37,939
Population
19,495
Households
1.9
Avg Household Size
31
Median Age
69%
College-Educated
95%
High-School Grad
2.1 sq mi
ZIP Area
18,066
Density / Sq Mi
$156,373
Median Household Income
$85,444
Median Earnings
$2,435
Median Rent
$858,600
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?
Conventional restaurant - Two-level restaurant condo in the Farragut House, including one deeded parking space and access to common operations facilities.
Where is this conventional restaurant located?
The property is located at 149 P Street Boston, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑level restaurant condominium unit (#4) in the Farragut House Condominium at 149 P Street, South Boston.; Total unit size is 4,781 SF, including approx. 2,400 SF on the first floor and approx. 2,381 SF in the basement.; Includes one deeded parking space (#4) with an option to purchase an exclusive easement for the space for $35,000.
