Ground-Level Retail
For Sale
$299,000
983-989 Chestnut St 7front, Newton, MA 02464
Two-room commercial layout with central air, a private bathroom, and off-street parking.
Property Size504 SF
Price / SF$593.25
Days on Market22
Property Features for 983-989 Chestnut St 7front
General Information
Standard status
Active
Size
504 SF
Total Parking Spaces
3
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground
Office Units
1
Amenities
central air conditioning
private bathroom
Building Details
Year Built
1825
Listing Agency:
Commonwealth Standard Realty Advisors
(617) 286-6855
Listed By:
Andrew Goldberg · License #9564860
Source:
Amyliptonrealestate
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 29 at 12:04PM
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.
This ground-level retail condominium contains 504 square feet arranged across two rooms. The space includes central air conditioning, a private bathroom, and three off-street parking spaces. Its compact commercial layout is suited to professional services, consulting, therapy, accounting, or legal use as described in the property information.
The property is located at 983-989 Chestnut St 7front in Newton Upper Falls, with access to Needham Street, Route 9, and I-95/Route 128. Public transportation, restaurants, shops, and nearby business amenities are also identified in the surrounding area. The building dates to 1825.
The property is located at 983-989 Chestnut St 7front in Newton Upper Falls, with access to Needham Street, Route 9, and I-95/Route 128. Public transportation, restaurants, shops, and nearby business amenities are also identified in the surrounding area. The building dates to 1825.
Key Highlights
- 504‑square‑foot ground‑level retail condominium
- Two‑room commercial layout with central air conditioning
- Private bathroom included
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
Retail
$103.5K
$90.6K – $120.7K
NOI $7,244 @ 7.0% cap · market cap 2.42%
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
1
Office units
Yes
Highway access
Yes
Paved road 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?
Retail space - Two-room commercial layout with central air, a private bathroom, and off-street parking.
Where is this retail space 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‑square‑foot ground‑level retail condominium; Two‑room commercial layout with central air conditioning; Private bathroom included
