South End Commercial
For Sale
Contact for pricing
39 Worcester Sq, Boston, MA 02118
Commercial condominium in Boston's South End, near Boston Medical Center.
Property Size1,200 SF
Price / SF$750
Days on Market104
Property Features for 39 Worcester Sq
General Information
Standard status
Active
Size
1,200 SF
Property subtype
RETAIL
Listing Agency:
Conviser Property Group
(617) 839-0456
Listed By:
Jim Conviser
(617) 839-0456
Source:
Moodyscre
Added: May 15
Changed: Jul 10
Last Checked: Aug 25 at 9:34AM
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
Investment Insights
Based on property information with market context.
This commercial condominium, currently used as a restaurant, is available for sale. It is situated in Worcester Square in Boston’s historic South End, directly across from Boston Medical Center. The surrounding area features restaurants, cafes, and brownstone homes. The unit offers 1,200 square feet of space, with an additional 700 square feet in the basement. The property is in close proximity to MBTA and commuter rail lines. The condominium has a condo fee of $1,857.04 per month and annual taxes of $13,375.
Key Highlights
- Directly across the street from Boston Medical Center
- Located in Boston's Historic South End, Worcester Square
- 1,200 SF plus 700 SF Basement
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
$27,972
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
3.11%
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%
$559,440
$559.4K
Cap Rate 7%
$399,600
$399.6K
Cap Rate 9%
$310,800
$310.8K
Market Conditions
NOI Build-Up for 1,200 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
$40.3K $33.60/SF
− Vacancy
−$3.0K −$2.52/SF
EGI
$37.3K $31.08/SF
− OpEx
−$9.3K −$7.77/SF
NOI
$28.0K $23.31/SF
Area
ZIP 02118
Vacancy
7.50%
Lease Rate
$33.60 /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%
$559,440
Cap Rate 7%
$399,600
Cap Rate 9%
$310,800
Alternative Uses
Best Use
Specialty Retail
$399.6K
$349.7K – $466.2K
NOI $27,972 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$901.8K
$789.1K – $1.05M
NOI $63,124 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,215
Businesses Nearby
88k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 34%
Apparel 12%
Hotels & Casinos 4%
McDonald's
Dining
29,944 visits/mo
0.4 miles
Goodwill
Apparel
10,694 visits/mo
0.5 miles
Mobil
Shops & Services
9,414 visits/mo
0.4 miles
Shell
Shops & Services
8,707 visits/mo
0.5 miles
Sunoco
Shops & Services
7,675 visits/mo
0.4 miles
Demographics for 02118, MA
29,073
Population
15,554
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
87%
High-School Grad
1.1 sq mi
ZIP Area
26,430
Density / Sq Mi
$90,142
Median Household Income
$73,110
Median Earnings
$1,748
Median Rent
$1,029,100
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.
Similar Off Market Nearby
- Symphony Cafe — 301 Massachusetts Ave, Boston, MA 02115
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercial condominium in Boston's South End, near Boston Medical Center.
Where is this conventional restaurant located?
The property is located at 39 Worcester Sq Boston, MA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Directly across the street from Boston Medical Center; Located in Boston's Historic South End, Worcester Square; 1,200 SF plus 700 SF Basement
