Office Condo Unit with
For Sale
$299,000
983-989 Chestnut St #7FRONT, Newton, MA 02464
Two-room office condo includes central air, a private bathroom, and three off-street parking spaces.
Property Size504 SF
Price / SF$593.25
Days on Market58
Property Features for 983-989 Chestnut St #7FRONT
General Information
Standard status
Active
Size
504 SF
Total Parking Spaces
3
Zoning
BU1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,802
Amenities
central air conditioning
private bathroom
Building Details
Year Built
1825
Listing Agency:
Commonwealth Standard Realty Advisors
(617) 286-6855
Listed By:
Andrew Goldberg
Source:
Dohertyproperties
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 12 at 3:48AM
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 Standard Realty Advisors
Investment Insights
Based on property information with market context.
Well-suited for office use, this commercial condo offers an efficient two-room layout. The unit includes central air conditioning and a private bathroom, with the remaining space configured for everyday professional workflow.
The property is located on Chestnut Street in Newton Upper Falls, with easy access to Needham Street, Route 9, and I-95/Route 128. Public transportation and nearby retail and dining amenities support convenient client and staff access.
A total of three off-street parking spaces are included, adding practical convenience for an owner-user or tenant with regular visits.
The property is located on Chestnut Street in Newton Upper Falls, with easy access to Needham Street, Route 9, and I-95/Route 128. Public transportation and nearby retail and dining amenities support convenient client and staff access.
A total of three off-street parking spaces are included, adding practical convenience for an owner-user or tenant with regular visits.
Key Highlights
- 504 SF office condo with a practical two‑room layout for a private office or professional services
- Central air conditioning and a private bathroom
- Three off‑street parking spaces for owner and client convenience
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
$15,992
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
5.35%
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%
$319,840
$319.8K
Cap Rate 7%
$228,457
$228.5K
Cap Rate 9%
$177,689
$177.7K
Market Conditions
NOI Build-Up for 504 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
$27.3K $54.24/SF
− Vacancy
−$6.0K −$11.93/SF
EGI
$21.3K $42.31/SF
− OpEx
−$5.3K −$10.58/SF
NOI
$16.0K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /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%
$319,840
Cap Rate 7%
$228,457
Cap Rate 9%
$177,689
Alternative Uses
Best Use
Office B
$228.5K
$199.9K – $266.5K
NOI $15,992 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$298.4K
$261.1K – $348.1K
NOI $20,886 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 02464, MA
3,193
Population
1,503
Households
2.1
Avg Household Size
42
Median Age
72%
College-Educated
97%
High-School Grad
0.6 sq mi
ZIP Area
5,322
Density / Sq Mi
$125,846
Median Household Income
$65,693
Median Earnings
$2,407
Median Rent
$899,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-room office condo includes central air, a private bathroom, and three off-street parking spaces.
Where is this office units located?
The property is located at 983-989 Chestnut St #7FRONT Newton, MA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 504 SF office condo with a practical two‑room layout for a private office or professional services; Central air conditioning and a private bathroom; Three off‑street parking spaces for owner and client convenience
