Allston/Brighton Stand-Alone Office
For Sale
$3,600,000
46-48 Leo M Birmingham Pkwy, Boston, MA 02135
7422 SF office building in Allston/Brighton for sale.
Property Size7,422 SF
Price / SF$485.04
Days on Market298
Property Features for 46-48 Leo M Birmingham Pkwy
General Information
Standard status
Active
Size
7,422 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$33,917
Building Details
Year Built
1975
Listing Agency:
Commonwealth Commercial Advisors, Inc.
(617) 596-7833
Listed By:
Stefan Frey · License #9510730
Source:
Corcoran
Added: Oct 19, 2025
Changed: Aug 9
Last Checked: Jul 16 at 12:49PM
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 Commonwealth Commercial Advisors, Inc.
Investment Insights
Based on property information with market context.
This 7422 SF stand-alone office building is located in the Allston/Brighton area. The property is positioned at the intersection of Soldiers Field Road and Western Avenue, providing access to Cambridge, downtown Boston, and the Mass Turnpike (I-90). This property presents an opportunity for an owner-user to acquire an asset in the Boston area.
Key Highlights
- 7422 SF stand‑alone office building.
- Located in the highly desirable Allston/Brighton area of Boston.
- Ideal for an owner‑user.
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
$218,830
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
6.08%
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%
$4,376,600
$4.4M
Cap Rate 7%
$3,126,143
$3.1M
Cap Rate 9%
$2,431,444
$2.4M
Market Conditions
NOI Build-Up for 7,422 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
$374.1K $50.40/SF
− Vacancy
−$82.3K −$11.09/SF
EGI
$291.8K $39.31/SF
− OpEx
−$72.9K −$9.83/SF
NOI
$218.8K $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%
$4,376,600
Cap Rate 7%
$3,126,143
Cap Rate 9%
$2,431,444
Alternative Uses
Best Use
Office B
$3.13M
$2.74M – $3.65M
NOI $218,830 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.56M
$4.86M – $6.48M
NOI $389,032 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 02135, MA
47,232
Population
22,519
Households
2.1
Avg Household Size
29
Median Age
71%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
18,166
Density / Sq Mi
$88,208
Median Household Income
$57,124
Median Earnings
$2,179
Median Rent
$684,000
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 building - 7422 SF office building in Allston/Brighton for sale.
Where is this office building located?
The property is located at 46-48 Leo M Birmingham Pkwy Boston, MA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 7422 SF stand‑alone office building.; Located in the highly desirable Allston/Brighton area of Boston.; Ideal for an owner‑user.
