Historic Office
For Sale
$438,000
28 Atlantic Ave Unit 232, Boston, MA 02110
Commercial condominium space with skyline views, abundant natural light, shared bathrooms, and 24-hour front desk service.
Property Size825 SF
Price / SF$530.91
Days on Market33
Property Features for 28 Atlantic Ave Unit 232
General Information
Standard status
Active
Size
825 SF
Additional Details
Public Transit
Yes
Amenities
shared bathrooms
24-hour front desk attendant
original safe
natural light
skyline views
Building Details
Year Built
1831
Tenancy
Multi
Listing Agency:
Richard Earthrowl Real Estate
Listed By:
Richard Earthrowl
Source:
Billskerry
Added: Aug 2
Changed: Aug 29
Last Checked: Sep 1 at 9:51PM
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 office condominium occupies space within the Lewis Wharf condominium association and is designated for commercial use rather than residential occupancy. The suite receives substantial natural light, overlooks the Boston skyline, and includes an original safe dating to the 1830s, reflecting the building’s history as a waterfront warehouse. Bathrooms are shared with other tenants, and a 24-hour front desk attendant is available within the property.
The property is located near the water and within walking distance of restaurants, shops, public transportation, pay parking, water taxis, and Faneuil Hall Marketplace. The address is 28 Atlantic Avenue, Unit 232, Boston, Massachusetts 02110. Constructed in 1831, the building offers a historic setting for a commercial office user seeking a distinctive Boston location.
The property is located near the water and within walking distance of restaurants, shops, public transportation, pay parking, water taxis, and Faneuil Hall Marketplace. The address is 28 Atlantic Avenue, Unit 232, Boston, Massachusetts 02110. Constructed in 1831, the building offers a historic setting for a commercial office user seeking a distinctive Boston location.
Key Highlights
- 825 SF office condominium within the Lewis Wharf condominium association
- Commercial use only; not designated for residential occupancy
- Built in 1831 as a Boston waterfront warehouse
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
15,936
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 space with skyline views, abundant natural light, shared bathrooms, and 24-hour front desk service.
Where is this office units located?
The property is located at 28 Atlantic Ave Unit 232 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 SF office condominium within the Lewis Wharf condominium association; Commercial use only; not designated for residential occupancy; Built in 1831 as a Boston waterfront warehouse
