Federal-Style Office
For Sale
$999,000
1646C Centre Street, Boston, MA 02132
Historic Federal-style office building with multi-level office layout, kitchenette, and underground garage plus parking for 6+ vehicles.
Property Size1,913 SF
Days on Market519
Property Features for 1646C Centre Street
General Information
Standard status
Active
Size
1,913 SF
Total Parking Spaces
6
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$9,112
Amenities
conference room
kitchenette
finished basement
walk-up attic
underground garage
storage
Building Details
Building Size
1,913 SF
Year Built
1939
Construction
Federal-style colonial
Listing Agency:
Gilmore Murphy Realty LLC
(617) 699-9896
Listed By:
Condon-Droney Team
Source:
Bostonluxurysuburbs
Added: Mar 28, 2025
Changed: Aug 25
Last Checked: Aug 26 at 1:34PM
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 historic Federal-style colonial offers an office-focused layout across multiple levels. The first floor features an open area, a conference room, an office, two half baths, and a kitchenette. The second floor includes two large offices and a full bath. Finished basement office space provides room for expansion, storage, and access to a walk-up attic. The property also includes an underground garage and additional storage, along with on-site parking for 6+ vehicles with expansion potential.
The building is described as an iconic West Roxbury landmark just outside its business district, with convenient access to public transit via bus line service and a short walk to the commuter rail. Public remarks also note proximity to Faulkner Hospital and downtown Boston.
While the property has been used as a law firm and was originally a single-family residence before 1991, public remarks indicate that with City approval, conversion back to residential use or adaptation for another professional use may be explored.
The building is described as an iconic West Roxbury landmark just outside its business district, with convenient access to public transit via bus line service and a short walk to the commuter rail. Public remarks also note proximity to Faulkner Hospital and downtown Boston.
While the property has been used as a law firm and was originally a single-family residence before 1991, public remarks indicate that with City approval, conversion back to residential use or adaptation for another professional use may be explored.
Key Highlights
- Federal‑style building built in 1939 with multi‑level office layout
- 1st floor includes open area, conference room, office space, two 1/2 baths, and a kitchenette
- 2nd floor offers 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
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Historic Federal-style office building with multi-level office layout, kitchenette, and underground garage plus parking for 6+ vehicles.
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: Federal‑style building built in 1939 with multi‑level office layout; 1st floor includes open area, conference room, office space, two 1/2 baths, and a kitchenette; 2nd floor offers 2 large offices and a full bath
