Street-Level Retail
New
For Sale
$1,650,000
185 Devonshire St Unit 100, Boston, MA 02110
Flexible commercial condominium with dual street access, signage, basement storage, and established mechanical and utility infrastructure.
Property Size3,529 SF
Price / SF$467.55
Days on Market2
Property Features for 185 Devonshire St Unit 100
General Information
Standard status
Active
Size
3,529 SF
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Floor
Ground
Amenities
two direct street entrances
prominent signage
basement storage
three HVAC units (10 tons total)
significant electrical upgrades
existing plumbing
grease trap
Building Details
Year Built
2007
Listing Agency:
Conviser Property Group, Inc.
Listed By:
Dmitriy Shnitman
(305) 751-6400
Source:
Lyvrealty
Added: Sep 6
Last Checked: Sep 6 at 2:29PM
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 Conviser Property Group, Inc.
Investment Insights
Based on property information with market context.
Unit 100 is a 3,529-square-foot, street-level commercial condominium at 185 Devonshire Street in Boston’s Financial District. The recently vacated space is available for immediate occupancy and includes two direct entrances from the street, prominent signage, basement storage, and a flexible interior layout. Existing improvements include three HVAC units providing 10 tons of capacity, upgraded electrical service, plumbing, and a grease trap.
The property is within walking distance of Downtown Crossing, Post Office Square, and multiple MBTA lines. Built in 2007, the condominium offers a substantial existing infrastructure package for medical, restaurant, retail, fitness, or other commercial use, as supported by the current configuration and improvements.
The property is within walking distance of Downtown Crossing, Post Office Square, and multiple MBTA lines. Built in 2007, the condominium offers a substantial existing infrastructure package for medical, restaurant, retail, fitness, or other commercial use, as supported by the current configuration and improvements.
Key Highlights
- 3,529 SF street‑level commercial condominium
- Two direct street entrances with prominent signage
- Three HVAC units providing 10 tons of capacity
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
$56,960
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
3.45%
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%
$1,139,200
$1.1M
Cap Rate 7%
$813,714
$813.7K
Cap Rate 9%
$632,889
$632.9K
Market Conditions
NOI Build-Up for 3,529 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
$88.9K $25.20/SF
− Vacancy
−$7.6K −$2.14/SF
EGI
$81.4K $23.06/SF
− OpEx
−$24.4K −$6.92/SF
NOI
$57.0K $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%
$1,139,200
Cap Rate 7%
$813,714
Cap Rate 9%
$632,889
Alternative Uses
Best Use
Retail
$813.7K
$712.0K – $949.3K
NOI $56,960 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,976 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
28,783
Businesses Nearby
122k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 55%
Dining 27%
Beauty & Spa 11%
Groceries 5%
McDonald's
Dining
31,271 visits/mo
0.3 miles
Moxy Boston Downtown
Hotels & Casinos
26,386 visits/mo
0.5 miles
Boston Marriott Long Wharf
Hotels & Casinos
25,424 visits/mo
0.5 miles
Marriott Vacation Club Pulse at Custom House, Boston
Hotels & Casinos
15,363 visits/mo
0.3 miles
Sephora
Beauty & Spa
13,861 visits/mo
0.3 miles
Demographics for 02110, MA
2,921
Population
1,563
Households
1.9
Avg Household Size
49
Median Age
85%
College-Educated
99%
High-School Grad
0.2 sq mi
ZIP Area
14,605
Density / Sq Mi
$132,239
Median Household Income
$111,227
Median Earnings
$3,142
Median Rent
$1,104,700
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?
Storefront property - Flexible commercial condominium with dual street access, signage, basement storage, and established mechanical and utility infrastructure.
Where is this storefront property located?
The property is located at 185 Devonshire St Unit 100 Boston, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 3,529 SF street‑level commercial condominium; Two direct street entrances with prominent signage; Three HVAC units providing 10 tons of capacity
