Two-Story Flex
New
For Sale
$8,325,000
114 Lancaster Road, Shirley, MA 01464
Newly constructed commercial property combining industrial, flex, and retail-oriented space.
Property Size45,000 SF
Lot Size4.85 Acres
Price / SF$185
Days on Market3
Property Features for 114 Lancaster Road
General Information
Standard status
Active
Size
45,000 SF
Lot size
4.85 Acres
Property subtype
Industrial
Building Details
Building Size
45,000 SF
Year Built
2022
Buildings
1
Stories
2
Listing Agency:
Listed By:
Drew Higgins
Source:
Kelleher-sadowsky
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 5:11AM
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 Drew Higgins
Investment Insights
Based on property information with market context.
Built in 2022, this two-story flex facility at 114 Lancaster Road combines industrial, flex, and retail-oriented space within a substantial commercial improvement. The building contains approximately 45,000 square feet and occupies approximately 4.85 acres in Shirley, Massachusetts.
The property is positioned within Shirley’s commercial corridor, providing a versatile configuration for businesses seeking a combination of operational, showroom, or customer-facing space. Its scale, two-story layout, and mixed commercial functionality distinguish it from a conventional single-purpose building.
The property is positioned within Shirley’s commercial corridor, providing a versatile configuration for businesses seeking a combination of operational, showroom, or customer-facing space. Its scale, two-story layout, and mixed commercial functionality distinguish it from a conventional single-purpose building.
Key Highlights
- Approximately 45,000 square feet of building area
- Approximately 4.85 acres
- Two‑story facility
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
$646,777
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
7.77%
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%
$12,935,540
$12.9M
Cap Rate 7%
$9,239,671
$9.2M
Cap Rate 9%
$7,186,411
$7.2M
Market Conditions
NOI Build-Up for 45,000 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
$988.2K $21.96/SF
− Vacancy
−$64.2K −$1.43/SF
EGI
$924.0K $20.53/SF
− OpEx
−$277.2K −$6.16/SF
NOI
$646.8K $14.37/SF
Area
Middlesex County, MA
Vacancy
6.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$12,935,540
Cap Rate 7%
$9,239,671
Cap Rate 9%
$7,186,411
Alternative Uses
Best Use
Retail
$9.24M
$8.08M – $10.78M
NOI $646,777 @ 7.0% cap · market cap 7.77%
Second Best
Industrial
$6.84M
$5.98M – $7.98M
NOI $478,661 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$26.64M
$23.31M – $31.08M
NOI $1,864,788 @ 7.0% cap · market cap 22.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01464, MA
7,427
Population
2,512
Households
3
Avg Household Size
43
Median Age
36%
College-Educated
90%
High-School Grad
15.1 sq mi
ZIP Area
492
Density / Sq Mi
$121,875
Median Household Income
$73,721
Median Earnings
$1,189
Median Rent
$412,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newly constructed commercial property combining industrial, flex, and retail-oriented space.
Where is this flex space located?
The property is located at 114 Lancaster Road Shirley, MA.
What is the asking price?
The asking price for this property is $8,325,000.
What are key features of this property?
This property features: Approximately 45,000 square feet of building area; Approximately 4.85 acres; Two‑story facility
