Renovated Mill Office
For Sale
$4,700,000
60 Clayton Street, Boston, MA 02122
Historic commercial property with exposed brick, timber elements, and flexible office functionality.
Property Size14,178 SF
Price / SF$331.50
Days on Market893
Property Features for 60 Clayton Street
General Information
Standard status
Active
Size
14,178 SF
Property subtype
Commercial
Building Details
Year Built
1900
Building Size
14,178 SF
Construction
exposed brick and wood beams
Listing Agency:
Greater Boston Commercial Properties,Inc.
Listed By:
Bret O'Brien · License #8994
(508) 925-7477
Source:
Perrydinatalerealty
Added: Mar 25, 2024
Changed: Sep 2
Last Checked: Sep 1 at 9:01PM
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 Greater Boston Commercial Properties,Inc.
Investment Insights
Based on property information with market context.
This 14,178-square-foot office building occupies a renovated mill structure dating to 1900. Interior character includes exposed brick and wood beams, providing distinctive architectural detail within a commercial office setting. The property is identified as an office building and carries C zoning.
Located at 60 Clayton St in Boston, Massachusetts, the building combines historic construction with updated interior conditions. Its substantial floor area and office-oriented layout support a range of professional workspace configurations, while the existing mill character remains an integral part of the asset.
Located at 60 Clayton St in Boston, Massachusetts, the building combines historic construction with updated interior conditions. Its substantial floor area and office-oriented layout support a range of professional workspace configurations, while the existing mill character remains an integral part of the asset.
Key Highlights
- 14,178‑square‑foot office building
- Renovated mill structure originally built in 1900
- Exposed brick and wood beams throughout
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
$418,024
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
8.89%
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%
$8,360,480
$8.4M
Cap Rate 7%
$5,971,771
$6.0M
Cap Rate 9%
$4,644,711
$4.6M
Market Conditions
NOI Build-Up for 14,178 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
$714.6K $50.40/SF
− Vacancy
−$157.2K −$11.09/SF
EGI
$557.4K $39.31/SF
− OpEx
−$139.3K −$9.83/SF
NOI
$418.0K $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%
$8,360,480
Cap Rate 7%
$5,971,771
Cap Rate 9%
$4,644,711
Alternative Uses
Best Use
Office B
$5.97M
$5.23M – $6.97M
NOI $418,024 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.62M
$9.29M – $12.39M
NOI $743,154 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,522
Businesses Nearby
Explore this area
Business Placement
Demographics for 02122, MA
24,385
Population
10,039
Households
2.4
Avg Household Size
35
Median Age
38%
College-Educated
81%
High-School Grad
1.7 sq mi
ZIP Area
14,344
Density / Sq Mi
$82,945
Median Household Income
$53,897
Median Earnings
$2,052
Median Rent
$656,400
Median Home Value
Market
Vacancy Rate% for Office in Boston, MA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Historic commercial property with exposed brick, timber elements, and flexible office functionality.
Where is this office building located?
The property is located at 60 Clayton Street Boston, MA.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: 14,178‑square‑foot office building; Renovated mill structure originally built in 1900; Exposed brick and wood beams throughout
