Office Condo with Private
For Sale
$250,000
401-200 Lincoln St, Boston, MA 02134
A fourth-floor suite offers a reception area and three windowed offices in an elevator-served building.
Property Size459 SF
Price / SF$544.66
Days on Market16
Property Features for 401-200 Lincoln St
General Information
Standard status
Active
Size
459 SF
Elevators
Yes
Additional Details
Floor
4
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,877
Listing Agency:
V & E Realty
(617) 786-9399
Listed By:
Ray Liang
(617) 331-8705
Source:
Exprealty
Added: Sep 18
Changed: Oct 2
Last Checked: Oct 1 at 4:44PM
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 office condo occupies the fourth floor of an elevator building. Its layout includes a reception area and three offices, each with a window. The property is located in Boston’s Downtown/Chinatown area, within walking distance of MBTA service and near the South Station transit hub. Existing occupants in the building include health care, service, and professional offices.
Key Highlights
- 459‑square‑foot office condo on the fourth floor
- Reception area plus 3 offices, each with a window
- Elevator building
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
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 02134, MA
21,707
Population
9,027
Households
2.4
Avg Household Size
27
Median Age
76%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
18,089
Density / Sq Mi
$75,317
Median Household Income
$49,275
Median Earnings
$2,269
Median Rent
$586,700
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 - A fourth-floor suite offers a reception area and three windowed offices in an elevator-served building.
Where is this office units located?
The property is located at 401-200 Lincoln St 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‑square‑foot office condo on the fourth floor; Reception area plus 3 offices, each with a window; Elevator building
