Medical Office Shell with Two
For Sale
$599,000
7 Whittier # 112S-114S, Boston, MA 02114
Two adjacent street-level office condo units are offered as a shell, with renovations to the parking lot and garage nearly complete.
Property Size1,890 SF
Price / SF$316.93
Days on Market519
Property Features for 7 Whittier # 112S-114S
General Information
Standard status
Active
Size
1,890 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
CC
Taxes and HOA fees
Annual Taxes
$18,128
Amenities
concierge
Building Details
Building Size
1,890 SF
Year Built
1964
Listing Agency:
Coldwell Banker Realty - Marblehead
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 20, 2025
Changed: Aug 19
Last Checked: Aug 19 at 5:43AM
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 Coldwell Banker Realty - Marblehead
Investment Insights
Based on property information with market context.
Two adjacent, contiguous street-level office condo units are being offered in shell condition, ready for a tenant to customize. The space is situated in a mixed-use residential and commercial building and includes access routes from the concierge area at 6 Whittier as well as business access through 7 Whittier on the right side of the building.
Parking lot and garage renovations are almost complete. The seller has paid for recent special assessments. The monthly condo fees for unit 114S include heat, a/c, water, concierge, common area maintenance, and trash (excluding electricity for the fan and general use), while unit 112S’s monthly condo fees include similar items. Parking is available via one underground garage space plus four lot spaces, with additional monthly condo fees per parking space.
Parking lot and garage renovations are almost complete. The seller has paid for recent special assessments. The monthly condo fees for unit 114S include heat, a/c, water, concierge, common area maintenance, and trash (excluding electricity for the fan and general use), while unit 112S’s monthly condo fees include similar items. Parking is available via one underground garage space plus four lot spaces, with additional monthly condo fees per parking space.
Key Highlights
- Two adjacent street‑level office condo units (112S and 114S) are offered as a shell for custom designs
- Parking lot and underground garage renovations are nearly complete
- Mixed‑use building with access options: via concierge area at 6 Whittier or business access through 7 Whittier on the right side
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
$38,375
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
6.41%
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%
$767,500
$767.5K
Cap Rate 7%
$548,214
$548.2K
Cap Rate 9%
$426,389
$426.4K
Market Conditions
NOI Build-Up for 1,890 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
$68.0K $36.00/SF
− Vacancy
−$4.1K −$2.16/SF
EGI
$64.0K $33.84/SF
− OpEx
−$25.6K −$13.54/SF
NOI
$38.4K $20.30/SF
Area
ZIP 02114
Vacancy
6.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
40.00%
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%
$767,500
Cap Rate 7%
$548,214
Cap Rate 9%
$426,389
Alternative Uses
Best Use
Office B
$865.5K
$757.3K – $1.01M
NOI $60,583 @ 7.0% cap · market cap 10.11%
Second Best
Healthcare Medical
$548.2K
$479.7K – $639.6K
NOI $38,375 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$983.3K
$860.4K – $1.15M
NOI $68,829 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 02114, MA
14,469
Population
9,525
Households
1.5
Avg Household Size
33
Median Age
84%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
36,173
Density / Sq Mi
$135,057
Median Household Income
$94,465
Median Earnings
$2,933
Median Rent
$927,900
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 adjacent street-level office condo units are offered as a shell, with renovations to the parking lot and garage nearly complete.
Where is this office units located?
The property is located at 7 Whittier # 112S-114S Boston, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two adjacent street‑level office condo units (112S and 114S) are offered as a shell for custom designs; Parking lot and underground garage renovations are nearly complete; Mixed‑use building with access options: via concierge area at 6 Whittier or business access through 7 Whittier on the right side
