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Property profile & analytics
OFF-MARKET
Estimated value
$62,000,000
Investment properties
131 State St, Boston, MA 02109-2813
Entity Owned
2-yr Hold
Property ID
US38-0875471
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1910
Construction
STEEL FRAME
Total area
125,124 SF
Lot
0.31 ac (13,631 SF)
Zoning code
RC
APN
CBOS W:03 P:03823 S:000
UPID
US38-0875471
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Bostonia Public House Restaurant
-
DS Interactive Design Marketing & Advertising Advertising Agency
-
wheelsforretail Department Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$62.00M
CAP Approach
CAP
$47.00M
Comparable Approach
Comparable
$76.54M
Blend (final)
Blend
$62.00M
Owner & transaction history
Ns Boston India Owner LLC · 2 yrs held
Ns Boston India Owner LLC
since 2024
Last sale
$62.0M
7 recorded transactions
Zoning & alternative use
RC · Boston, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$84.2M
+39.7%
Office building
$76.9M
+27.6%
Auto repair, garage
$73.6M
+22.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Boston submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Boston submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$62,000,000
ML approach
$62,000,000
CAP Approach
CAP Return
Estimation
6%
$50,910,000
6.5%
$46,995,000
7%
$43,635,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$60,265,000
Current use
RESTAURANT
$84,190,000
Change: +40% · Conversion: Difficult
OFFICE BUILDING
$76,895,000
Change: +28% · Conversion: Easy
AUTO REPAIR, GARAGE
$73,625,000
Change: +22% · Conversion: Difficult
RETAIL STORES
$67,240,000
Change: +12% · Conversion: Easy
Blend value · Realmo final
$62.00M
Range $55.80M – $68.20M · ±10% · vs last sale $62.00M (Jan 18 2024)
Last sale anchor
$62.00M
Jan 18 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$496 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Assessed value
$48,397,100
Assessed 2024
Previous assessed
$52,363,100
-7.6% YoY
Assessed land
$16,707,600
Assessed improvement
$31,689,500
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1910
Construction
STEEL FRAME
Heating
NONE
Buildings
1
Stories
11
Units
75
Total area
125,124 SF
Lot
0.31 ac (13,631 SF)
Zoning code
RC
APN
CBOS W:03 P:03823 S:000
UPID
US38-0875471
Jurisdiction
BOSTON
Metro division
BOSTON-QUINCY, MA METROPOLITAN DIVISION
Zoning & alternative use
RC · Boston, MA
Zoning RC · permitted uses
RC · Boston, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Boston. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$60.3M
RESTAURANT
Est. value
$84.2M
OFFICE BUILDING
Est. value
$76.9M
AUTO REPAIR, GARAGE
Est. value
$73.6M
RETAIL STORES
Est. value
$67.2M
COMMERCIAL (GENERAL) Current
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1910
Construction
STEEL FRAME
Heating
NONE
Stories
11
Buildings
1
Units
75
Lot
0.31 ac
Current owner
From public records · entity-resolved
Ns Boston India Owner LLC
Entity
Mailing address
131 STATE ST, BOSTON, MA 02109-2813
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 18, 2024
$62,000,000
Ns Boston India Owner LLC
Archstone Oakwood Boston
Quit Claim Arm's Length For Ne States
—
Oct 12, 2007
$1
Tishman Speyer Archstone
Archstone-smith Operating
Grant Deed
—
Oct 12, 2007
—
Tishman Speyer Archstone
—
Grant Deed
related
$945,336,832 · Lehman Brothers Holdings INC
Aug 12, 2005
$36,000,000
Archstone Smith Operating
Mission Bay Boston Hldg
Grant Deed
—
Mar 8, 1999
$16,244,792
Bay Boston Mission
State 131 LP
Grant Deed
—
Apr 6, 1998
—
James Joyce INC
—
Deed Of Trust
related
$650,000 · Citizens Bank Of Ma
Apr 3, 1997
—
State 131 LP
—
Deed Of Trust
related
$16,500,000 · Worth Funding INC
Oct 20, 1995
—
State 131 LP
—
Deed Of Trust
related
$11,000,000 · Baybank
Jun 29, 1995
$5,504,500
State 131 LP
Mbk Adc INC
Grant Deed
—
Jan 10, 1989
$25,000,000
State St RT 131
N R Miller Prop Ltd
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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