In addition to three bedrooms, two bathrooms and a powder room, Unit 5 is a south-facing 1,488-square-foot residence with a spectacular (and private) terrace overlooking the famed Boston thoroughfare and its score of celebrated eateries (formal or not) and well-known boutiques and shops.

In real estate, there’s the axiom: location, location, location. Now and then, however, there’s “location” in caps, bold lettering and underlined. This penthouse home at 157 Newbury St. between Exeter and Dartmouth streets in the Back Bay has that distinction.

In addition to three bedrooms, two bathrooms and a powder room, Unit 5 is a south-facing 1,488-square-foot residence with a spectacular (and private) terrace overlooking the famed Boston thoroughfare and its score of celebrated eateries (formal or not) and well-known boutiques and shops.

All this and more (parking is also included) is listed by Keith Shirley and Valerie Post of Engel & Volkers - Boston for $2,700,000.

The terrace – all 500-plus square feet of it – is amazing, period. Rooftop views of the Hancock Tower, the Old South Church and the rest of the Boston skyline are mesmerizing. Use the two rounded alcoves for seating and/or dining and the rest of the space for city gazing and/or sunbathing.

The current owner, working with an architect, recently customized this home. The results are beautiful, showing the tremendous thought and consideration that went into every aspect of this redesign.

The interior has its own bragging rights starting with direct elevator access from the street. An open concept design speaks to contemporary lifestyles and preferences while style and basic décor choices reflect elegance, albeit with a modern twist. The flooring, for example, which is dark stained oak boards installed throughout the unit, is a unifying yet neutral element that works with numerous color palettes.

Many other individual and cohesive details are outstanding as well.

Several sets of full glass pane doors that open to the deck and matching stationary windows create a glass “wall” in the living/dining room. A wall of built-ins (with open shelves and closed cabinets) on the opposite side work as both decorative display space and a mini-library while providing hidden storage space.

A gas fireplace with a decorative tile façade (matching the kitchen tile backdrop for the range) makes the living room even more appealing. This floor-to-ceiling stunner has built-in benches on each side and is a striking focal point for this end of the room. The vaulted ceiling, which is at least 14-feet high at the peak, adds additional visual and architectural interest in this large space.

The kitchen, of course, at the other end of the room is equally, if not more, impressive.

In the modified U-shaped kitchen that is fully open to the main living area, Caesarstone countertops end with a waterfall effect on the L-shaped peninsula that seats four people comfortably.

A unique raised design gives an old-fashioned drainboard (it’s part of the rectangular stainless-steel sink) a decidedly contemporary look that blends well not only with the countertops, but with the stainless-steel GE monogram gas four-burner (with a griddle) range and stainless-steel range hood.

Sporting integrated panels that match the cabinetry, the dishwasher and Sub-Zero refrigerator (with two freezer drawers) on the one hand, maintain the clean lines in this sophisticated space. A tray ceiling with uplighting, under-cabinet and pin-spot lighting are additional chic (and ever-practical) elements.

The tile wall with 12-by-12-inch squares behind the stove, on the other hand, is a statement-maker in a kitchen that already has a distinct personality.

The den/office or guest room when needed (think Murphy bed and have it all) just off the living room area has a full-glass pane door to the deck. A double closet with custom inserts that include open shelving and specialized hanging spaces is a plus.

A thoughtful layout insures personal privacy in this single-level residence. Both the master suite and the second bedroom have their own “side” with mini-private entryways. The master suite, for example, begins several feet beyond the door with the king bed size sleeping chamber off to one side.

Size is only one highlight of this well-proportioned room. Style is another. Here, a built-in headboard (with attached bedside lighting) that spans the width of the room accommodates your choice of bed size - from queen to king - comfortably. Up lighting on the headboard that draws attention to the vaulted ceiling adds a dash of drama, but the built-in 10-drawer bureau in a custom niche topped with an inset mirror is pure sophistication. It also provides an abundance of storage.

A seven-shelf built-in bookcase is on an adjacent wall along with an alcove with two oversized windows - perfect for a sitting area or reading nook.

Varying ceiling heights in this room are subtle, but interesting architectural features.

In keeping with the premise that in an urban dwelling every square inch of space is valuable - the walk-in closet has a pocket door. Inside, custom inserts expand storage options exponentially.

In the en suite bathroom, an extra-large, fully tiled shower has a frameless glass door and a built-in four-shelf product niche.

For added continuity, the soaking tub has a Caesarstone deck. The single-sink vanity has an identical countertop and the base on both perfectly match the cabinetry throughout the unit. A Grohe faucet is a crisp accent that glitters in the full glass backsplash behind the sink.

The commode “room” (with a Dual-Max Toto commode) in the master bath allows both for privacy and the continued flow of natural light through the textured glass door. That it looks good is another plus.

A longer “hallway” leads to the second bedroom suite, which does well as an alternate master. A half bathroom (along) the way features a Toto Dual Max commode and Duravit sink with an Axor faucet. A colorful mini-mosaic tile floor adds pizzazz.

The same flooring is used in the nearby laundry room with full size stackable GE Profile machines. Interior lighting is a plus.

In the sleeping chamber, architectural details such as the vaulted ceiling that is approximately 12 feet high at the peak add visual interest as well as unit cohesiveness and two oversized windows allow in ample natural light. A pocket door opens to the customized walk-in closet.

In this en suite bathroom, the step-in shower has French door-style, frameless glass enclosures. A large four-shelf niche keeps numerous bathing products at one’s fingertips. A Caesarstone countertop embraces the Kohler under-mount sink and Grohe faucet.

This home includes one direct access parking space.

There will be open houses from noon to 1 p.m. on Saturday, Aug. 4 and Sunday, Aug. 5.