Two-Level Corner Retail
For Sale
$1,400,000
671 Tremont St 01, Boston, MA 02118
Two-floor commercial space offers separate office areas and entrances on both Pembroke and Tremont streets.
Property Size1,846 SF
Days on Market116
Property Features for 671 Tremont St 01
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,168
Building Details
Building Size
1,846 SF
Year Built
1897
Listing Agency:
Star Residential, LLC
(317) 258-0619
Listed By:
Brett J. Star
(317) 258-0619
Source:
Elliman
Added: May 9
Changed: Aug 31
Last Checked: Aug 30 at 10:25PM
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 Star Residential, LLC
Investment Insights
Based on property information with market context.
This retail space occupies two levels at the corner of Tremont Street and Pembroke Street, with 980 square feet at street level and 870 square feet below. The current layout includes three offices upstairs and four offices downstairs, creating a divided configuration for commercial use. Separate entrances serve both streets, and an outdoor patio is shared with the upstairs neighbor.
The property is located in Boston’s South End neighborhood near shops, restaurants, parks, and a library. Several major bus lines provide service to downtown. The surrounding setting records a Walk Score of 77, a Bike Score of 78, and a Transit Score of 92. Built in 1897, the property combines a two-level layout with direct street access in an established urban commercial setting.
The property is located in Boston’s South End neighborhood near shops, restaurants, parks, and a library. Several major bus lines provide service to downtown. The surrounding setting records a Walk Score of 77, a Bike Score of 78, and a Transit Score of 92. Built in 1897, the property combines a two-level layout with direct street access in an established urban commercial setting.
Key Highlights
- Two‑level layout with 980 square feet at street level and 870 square feet below
- Corner position with entrances on both Tremont Street and Pembroke Street
- Currently divided into three offices upstairs and four offices downstairs
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
$77,488
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
5.53%
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%
$1,549,760
$1.5M
Cap Rate 7%
$1,106,971
$1.1M
Cap Rate 9%
$860,978
$861.0K
Market Conditions
NOI Build-Up for 1,846 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
$121.8K $66.00/SF
− Vacancy
−$18.5K −$10.03/SF
EGI
$103.3K $55.97/SF
− OpEx
−$25.8K −$13.99/SF
NOI
$77.5K $41.98/SF
Area
ZIP 02118
Vacancy
15.20%
Lease Rate
$66.00 /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%
$1,549,760
Cap Rate 7%
$1,106,971
Cap Rate 9%
$860,978
Alternative Uses
Best Use
Office B
$1.11M
$968.6K – $1.29M
NOI $77,488 @ 7.0% cap · market cap 5.53%
Second Best
Retail
$506.7K
$443.4K – $591.2K
NOI $35,471 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,106 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,806
Businesses Nearby
Explore this area
Business Placement
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 Office in Boston, MA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-floor commercial space offers separate office areas and entrances on both Pembroke and Tremont streets.
Where is this retail space located?
The property is located at 671 Tremont St 01 Boston, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑level layout with 980 square feet at street level and 870 square feet below; Corner position with entrances on both Tremont Street and Pembroke Street; Currently divided into three offices upstairs and four offices downstairs
