Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Cost-Efficient Office Space Available Title is generated by Realmo AI

    109-123 Highland Ave, Needham, MA 02494

    View on Map
    Claim this Listing
    For Lease
    $26 SF/Yr

    Office space for lease in Needham, MA.

    Type:Commercial
    Added:
    Apr 9, 2026
    Days on Market:
    58
    Last Refresh:
    Apr 9 at 6:53 am

    Property Features for 109-123 Highland Ave

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    Jeremy Freid
    Jeremy Freid

    Listing agent Jeremy Freid License #9089542-RE-B

    Listing office 128 CRE

    Listing date Apr 9, 2026

    Source Elliman

    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 128 CRE

    HighLights

    • Cost‑efficient office space
    • Year Built: 1974
    • Walk Score: 65 (Somewhat Walkable)
    • Bike Score: 42 (Somewhat Bikeable)
    • Transit Score: 46 (Some Transit)

    Overview

    Office space is available for lease. The location has a walk score of 65, indicating it is somewhat walkable, a bike score of 42, indicating it is somewhat bikeable, and a transit score of 46, indicating some transit options are available.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Needham
    County
    Norfolk
    State
    Massachusetts
    Longitude
    -71.2189594
    Latitude
    42.3053761

    Nearby Similar for Lease

    • $1,800/Mo
      300 SF

      High-End Office Suite in Needham

      Professional office space in a prime location with parking.
      1040 Great Plain Ave #206, Needham, MA 02492
      View Details
    • $10,000/Mo
      3,635 SF

      Versatile Commercial Space with Garage

      Adaptable commercial space with office, retail, and industrial potential.
      29 Franklin St, Needham, MA 02494
      View Details
    • $2,350/Mo

      Bright Office Unit in Needham

      Second-floor office unit with parking and convenient location.
      85 Franklin St 3, Needham, MA 02492
      View Details
    • $29 SF/Yr
      1,950 SF

      First Floor Office Space Available

      Well-maintained 1950 sq ft office space near commuter rail.
      100 Crescent Rd 1B, Needham, MA 02494
      View Details
    • $60 SF/Yr
      1,200 SF

      Downtown Needham Commercial Space

      Street-level retail space in Downtown Needham with exclusive parking.
      315-317 Chestnut St, Needham, MA 02492
      View Details
    • $26 SF/Yr
      3,597 SF

      Needham Office Space For Lease

      Cost-efficient office space available for lease in Needham, MA.
      109-123 Highland Avenue, Needham, MA 02494
      View Details
    • $19 SF/Yr
      10,255 SF

      Needham Retail Space Available

      Retail space available for lease in Needham, Massachusetts.
      220 Reservoir Street, Needham, MA 02494
      View Details
    • $42 SF/Yr
      5,433 SF

      Class A Office Building Available

      Class A office building with renovated common areas and parking.
      300 1st Ave, Needham, MA 02494
      View Details
    • $1,800/Mo
      300 SF

      High-End Office Suite in Needham

      Professional office suite for sublease in a prime location.
      1040 Great Plain Ave #206, Needham, MA 02492
      View Details
    • $4,950/Mo

      Renovated Office Space with Natural Light

      Recently renovated office space ideal for medical or wellness practices.
      18 Crawford St 2L, Needham, MA 02494
      View Details
    • $1,175/Mo

      Well-Maintained Office Building Near Center

      Office suite available now, close to amenities and transportation.
      10 Oak St, Needham, MA 02492
      View Details
    • $3,000/Mo

      Bright Office Space For Rent

      Office space with abundant natural light and convenient location.
      368 Hillside #1, Needham, MA 02494
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for lease in Needham, MA.
    Where is this office units located?
    The property is located at 109-123 Highland Ave Needham, MA.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: Cost‑efficient office space; Year Built: 1974; Walk Score: 65 (Somewhat Walkable)
    (617) 916-1028
    We can help!
    Listing Contact
    Jeremy Freid
    Jeremy Freid
    Real Estate License ID: 9089542-RE-B
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    109-123 Highland Ave, Needham, MA 02494
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!