Two-Story Corner Retail
For Sale
$1,400,000
671 Tremont Street Unit 1, Boston, MA 02118
Two-floor corner space with street entrances on both Tremont and Pembroke, configured with multiple offices and a shared patio.
Property Size1,846 SF
Price / SF$758.40
Days on Market141
Property Features for 671 Tremont Street Unit 1
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Commercial
Additional Details
Office Units
7
Building Details
Year Built
1897
Stories
2
Listing Agency:
Star Residential,LLC
Listed By:
Brett J. Star
(617) 696-6100
Source:
Kelleyrege
Added: Apr 8
Changed: Aug 25
Last Checked: Aug 25 at 9:26AM
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 two-floor corner commercial space totals 1,846 square feet and combines office and retail-style layout elements. The second-level area is divided into three offices, while the lower level includes four offices. Both floors have separate entrances from the street, and there is an outdoor patio shared with the upstairs neighbor.
The property is located at the corner of Pembroke and Tremont Streets in Boston’s South End. It fronts both thoroughfares and sits along a well-established retail and neighborhood corridor, with access to several major bus lines to downtown.
Internally, the current configuration supports professional use with multiple private offices on each floor, along with outdoor patio space for tenant and customer use in shared format.
The property is located at the corner of Pembroke and Tremont Streets in Boston’s South End. It fronts both thoroughfares and sits along a well-established retail and neighborhood corridor, with access to several major bus lines to downtown.
Internally, the current configuration supports professional use with multiple private offices on each floor, along with outdoor patio space for tenant and customer use in shared format.
Key Highlights
- Two‑floor corner office/retail space totaling 1,850+ SF (980 SF street level, 870 SF lower level)
- Street entrances on both Tremont and Pembroke Streets at the corner of the two
- Currently configured with three upstairs offices and four downstairs offices
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
Lease Details
7
Office units
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?
Office units - Two-floor corner space with street entrances on both Tremont and Pembroke, configured with multiple offices and a shared patio.
Where is this office units located?
The property is located at 671 Tremont Street Unit 1 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‑floor corner office/retail space totaling 1,850+ SF (980 SF street level, 870 SF lower level); Street entrances on both Tremont and Pembroke Streets at the corner of the two; Currently configured with three upstairs offices and four downstairs offices
