Two-Space Storefront
For Sale
$1,450,000
23-25 Meridian Street, Boston, MA 02128
Brick commercial property with a spa and leased nail salon space.
Property Size2,952 SF
Price / SF$491.19
Days on Market488
Property Features for 23-25 Meridian Street
General Information
Standard status
Active
Size
2,952 SF
Property subtype
Commercial
Zoning
NSA
Building Details
Year Built
1920
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Perlera Real Estate
Listed By:
Arquimides Chinchilla
(401) 521-9490
Source:
Cthomeseekers
Added: Apr 6, 2025
Changed: Aug 4
Last Checked: Aug 6 at 3:47AM
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 Perlera Real Estate
Investment Insights
Based on property information with market context.
This 2,952-square-foot brick storefront building, constructed in 1920, contains two commercial spaces. Unit 1 operates as a spa, while Unit 2 is leased for use as a nail salon. The property is zoned NSA, allowing multiple types of businesses, and is located at 23-25 Meridian Street in Boston, Massachusetts.
Key Highlights
- 2,952 SF brick commercial building
- Two commercial spaces within the property
- Unit 1 configured as a spa
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
$47,647
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
3.29%
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%
$952,940
$952.9K
Cap Rate 7%
$680,671
$680.7K
Cap Rate 9%
$529,411
$529.4K
Market Conditions
NOI Build-Up for 2,952 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
$74.4K $25.20/SF
− Vacancy
−$6.3K −$2.14/SF
EGI
$68.1K $23.06/SF
− OpEx
−$20.4K −$6.92/SF
NOI
$47.6K $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%
$952,940
Cap Rate 7%
$680,671
Cap Rate 9%
$529,411
Alternative Uses
Best Use
Retail
$680.7K
$595.6K – $794.1K
NOI $47,647 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,732 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
76k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 50%
Shops & Services 42%
Dining 8%
Shaw's Supermarket
Groceries
38,339 visits/mo
0.4 miles
Family Dollar
Shops & Services
9,246 visits/mo
0.5 miles
Mobil
Shops & Services
6,337 visits/mo
0.1 miles
7-Eleven
Shops & Services
4,983 visits/mo
0.5 miles
Citizens Bank
Shops & Services
4,286 visits/mo
0.5 miles
Demographics for 02128, MA
43,066
Population
19,124
Households
2.3
Avg Household Size
33
Median Age
38%
College-Educated
77%
High-School Grad
5.0 sq mi
ZIP Area
8,613
Density / Sq Mi
$92,079
Median Household Income
$48,549
Median Earnings
$2,009
Median Rent
$680,000
Median Home Value
Market
Vacancy Rate% for Retail in Boston, MA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Love Made Me Do It — 357 Commercial Street APT 820, Boston, MA 02109
Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial property with a spa and leased nail salon space.
Where is this storefront property located?
The property is located at 23-25 Meridian Street Boston, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 2,952 SF brick commercial building; Two commercial spaces within the property; Unit 1 configured as a spa
