Waterfront Office
For Sale
$438,000
232-28 Atlantic Ave, Boston, MA 02110
Commercial condominium office with skyline views, abundant daylight, shared restrooms, and staffed building entry.
Property Size825 SF
Price / SF$530.91
Days on Market13
Property Features for 232-28 Atlantic Ave
General Information
Standard status
Active
Size
825 SF
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,489
Amenities
shared bathrooms
24-hour front desk attendant
pay parking
water taxis
Building Details
Tenancy
Multi
Listing Agency:
Richard Earthrowl Real Estate
(617) 212-9848
Listed By:
Richard Earthrowl
Source:
Exprealty
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 10 at 10:22AM
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 Richard Earthrowl Real Estate
Investment Insights
Based on property information with market context.
This 825-square-foot commercial condominium is configured for office use within the Lewis Wharf condominium association and is not designated for residential use. The space receives substantial natural light and includes views toward the Boston skyline. Shared bathrooms serve occupants alongside other tenants, while a 24-hour front desk attendant provides staffed entry. An original safe dating to the 1830s remains in the premises, reflecting the building’s earlier role as a waterfront warehouse.
The property is at 232-28 Atlantic Ave in Boston, close to the water and within walking distance of restaurants, shops, public transportation, pay parking, water taxis, and Faneuil Hall Marketplace. The interior is positioned for a custom office transformation within a historic waterfront setting.
The property is at 232-28 Atlantic Ave in Boston, close to the water and within walking distance of restaurants, shops, public transportation, pay parking, water taxis, and Faneuil Hall Marketplace. The interior is positioned for a custom office transformation within a historic waterfront setting.
Key Highlights
- 825‑square‑foot commercial condominium office
- Located within the Lewis Wharf condominium association
- Boston skyline views with abundant 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
$24,324
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
5.55%
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%
$486,480
$486.5K
Cap Rate 7%
$347,486
$347.5K
Cap Rate 9%
$270,267
$270.3K
Market Conditions
NOI Build-Up for 825 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
$41.6K $50.40/SF
− Vacancy
−$9.1K −$11.09/SF
EGI
$32.4K $39.31/SF
− OpEx
−$8.1K −$9.83/SF
NOI
$24.3K $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%
$486,480
Cap Rate 7%
$347,486
Cap Rate 9%
$270,267
Alternative Uses
Best Use
Office B
$347.5K
$304.1K – $405.4K
NOI $24,324 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$617.8K
$540.5K – $720.7K
NOI $43,243 @ 7.0% cap · market cap 9.87%
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
20,870
Businesses Nearby
Explore this area
Business Placement
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 Office in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Commercial condominium office with skyline views, abundant daylight, shared restrooms, and staffed building entry.
Where is this office units located?
The property is located at 232-28 Atlantic Ave Boston, MA.
What is the asking price?
The asking price for this property is $438,000.
What are key features of this property?
This property features: 825‑square‑foot commercial condominium office; Located within the Lewis Wharf condominium association; Boston skyline views with abundant natural light
