Fourth-Floor Office
For Sale
$268,000
404-200 Lincoln St, Boston, MA 02134
Large windows, an open work area, and two private offices create a practical professional setting.
Property Size449 SF
Price / SF$596.88
Days on Market231
Property Features for 404-200 Lincoln St
General Information
Standard status
Active
Size
449 SF
Additional Details
Floor
4
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,495
Listing Agency:
Cabot & Company
(617) 894-2138
Listed By:
Eric Shabshelowitz
(617) 894-2138
Source:
Exprealty
Added: Jan 12
Changed: Aug 31
Last Checked: Aug 31 at 3:43AM
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 Cabot & Company
Investment Insights
Based on property information with market context.
This fourth-floor office condominium combines a broad open work area with two enclosed offices, each featuring a window. Large windows provide prominent exterior exposure from the unit, while the layout accommodates both shared workspace and private offices. The property is professionally managed and positioned steps from South Station at 404-200 Lincoln St in Boston, Massachusetts.
Key Highlights
- Fourth‑floor office condominium at 404‑200 Lincoln St, Boston, MA
- Large open work area with two private windowed offices
- Large windows provide a front‑facing unit position
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
$13,238
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
4.94%
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%
$264,760
$264.8K
Cap Rate 7%
$189,114
$189.1K
Cap Rate 9%
$147,089
$147.1K
Market Conditions
NOI Build-Up for 449 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
$22.6K $50.40/SF
− Vacancy
−$5.0K −$11.09/SF
EGI
$17.7K $39.31/SF
− OpEx
−$4.4K −$9.83/SF
NOI
$13.2K $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%
$264,760
Cap Rate 7%
$189,114
Cap Rate 9%
$147,089
Alternative Uses
Best Use
Office B
$189.1K
$165.5K – $220.6K
NOI $13,238 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$336.2K
$294.2K – $392.3K
NOI $23,535 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,355
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 - Large windows, an open work area, and two private offices create a practical professional setting.
Where is this office units located?
The property is located at 404-200 Lincoln St Boston, MA.
What is the asking price?
The asking price for this property is $268,000.
What are key features of this property?
This property features: Fourth‑floor office condominium at 404‑200 Lincoln St, Boston, MA; Large open work area with two private windowed offices; Large windows provide a front‑facing unit position
