Commercial Office Condo with Three
For Sale
$250,000
200 Lincoln Street Unit 401, Boston, MA 02111
Fourth-floor commercial condo with a reception area, three windowed offices, and elevator access.
Property Size459 SF
Price / SF$544.66
Days on Market12
Property Features for 200 Lincoln Street Unit 401
General Information
Standard status
Active
Size
459 SF
Elevators
Yes
Property subtype
Commercial
Additional Details
Floor
4
Public Transit
Yes
Office Units
1
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
V & E Realty
Listed By:
Ray Liang
(617) 331-8705
Source:
Campionre
Added: Sep 15
Changed: Sep 24
Last Checked: Sep 24 at 10:05AM
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 V & E Realty
Investment Insights
Based on property information with market context.
This 459-square-foot commercial office condo occupies the fourth floor of an elevator-equipped building constructed in 1920. The layout includes a reception area and three separate offices, each with a window that provides natural light. The space is positioned for office use within a multi-tenant commercial property.
The property is located at 200 Lincoln St Unit 401 in Boston’s Downtown/Chinatown area, within walking distance of the MBTA and near the South Station transit hub. Existing tenants in the building include health care, service, and professional offices, providing an established commercial office setting.
The property is located at 200 Lincoln St Unit 401 in Boston’s Downtown/Chinatown area, within walking distance of the MBTA and near the South Station transit hub. Existing tenants in the building include health care, service, and professional offices, providing an established commercial office setting.
Key Highlights
- 459 sq ft commercial office condo
- Reception area plus 3 separate offices
- Each office includes a window for natural light
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
$13,533
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
5.41%
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%
$270,660
$270.7K
Cap Rate 7%
$193,329
$193.3K
Cap Rate 9%
$150,367
$150.4K
Market Conditions
NOI Build-Up for 459 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
$23.1K $50.40/SF
− Vacancy
−$5.1K −$11.09/SF
EGI
$18.0K $39.31/SF
− OpEx
−$4.5K −$9.83/SF
NOI
$13.5K $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%
$270,660
Cap Rate 7%
$193,329
Cap Rate 9%
$150,367
Alternative Uses
Best Use
Office B
$193.3K
$169.2K – $225.6K
NOI $13,533 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$343.7K
$300.7K – $401.0K
NOI $24,059 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
20,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 02111, MA
9,716
Population
4,535
Households
2.1
Avg Household Size
34
Median Age
57%
College-Educated
83%
High-School Grad
0.2 sq mi
ZIP Area
48,580
Density / Sq Mi
$70,865
Median Household Income
$42,225
Median Earnings
$1,994
Median Rent
$953,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Boston, MA
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Frequently Asked Questions
What type of property is this?
Office units - Fourth-floor commercial condo with a reception area, three windowed offices, and elevator access.
Where is this office units located?
The property is located at 200 Lincoln Street Unit 401 Boston, MA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 459 sq ft commercial office condo; Reception area plus 3 separate offices; Each office includes a window for natural light
