Three-Unit Industrial
For Sale
Contact for pricing
124 Turnpike Street, West Bridgewater, MA 02379
Contiguous condominium units provide an established industrial configuration for manufacturing, warehousing, or distribution operations.
Property Size12,160 SF
Price / SF$197.37
Days on Market64
Property Features for 124 Turnpike Street
General Information
Standard status
Active
Size
12,160 SF
Property subtype
Office, Industrial
Zoning
Industrial
Building Details
Year Built
1989
Year Renovated
2000
Listing Agency:
Ellis Realty Advisors
(781) 919-0800
Listed By:
David Ellis · License #MA 9524572
Source:
Crexi
Added: Jun 29
Changed: Aug 29
Last Checked: Aug 29 at 6:46PM
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 Ellis Realty Advisors
Investment Insights
Based on property information with market context.
This offering includes three adjoining condominium units within a larger industrial building, with a combined 12,160 square feet of space. The units are fully occupied and support potential manufacturing, warehousing, and distribution uses identified for the property. The building was constructed in 1989, and the condominium units were renovated in 2000.
The property is located in an Industrial-zoned area, providing a setting aligned with its warehouse and industrial configuration. As a consolidated group of occupied units, the asset combines separate condominium ownership interests with a unified physical arrangement within the larger building.
The property is located in an Industrial-zoned area, providing a setting aligned with its warehouse and industrial configuration. As a consolidated group of occupied units, the asset combines separate condominium ownership interests with a unified physical arrangement within the larger building.
Key Highlights
- Three contiguous condominium units totaling 12,160 SF
- Fully occupied industrial units
- Industrial zoning
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
$151,271
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
6.30%
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%
$3,025,420
$3.0M
Cap Rate 7%
$2,161,014
$2.2M
Cap Rate 9%
$1,680,789
$1.7M
Market Conditions
NOI Build-Up for 12,160 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
$194.1K $15.96/SF
− Vacancy
−$16.1K −$1.32/SF
EGI
$178.0K $14.64/SF
− OpEx
−$26.7K −$2.20/SF
NOI
$151.3K $12.44/SF
Area
Plymouth County, MA
Vacancy
8.30%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
15.00%
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%
$3,025,420
Cap Rate 7%
$2,161,014
Cap Rate 9%
$1,680,789
Alternative Uses
Best Use
Warehouse
$2.16M
$1.89M – $2.52M
NOI $151,271 @ 7.0% cap · market cap 6.30%
Second Best
Industrial
$1.85M
$1.62M – $2.16M
NOI $129,345 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$7.20M
$6.30M – $8.40M
NOI $503,907 @ 7.0% cap · market cap 21.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02379, MA
7,697
Population
2,955
Households
2.6
Avg Household Size
43
Median Age
43%
College-Educated
96%
High-School Grad
15.3 sq mi
ZIP Area
503
Density / Sq Mi
$124,483
Median Household Income
$56,818
Median Earnings
$2,011
Median Rent
$501,000
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?
Warehouse - Contiguous condominium units provide an established industrial configuration for manufacturing, warehousing, or distribution operations.
Where is this warehouse located?
The property is located at 124 Turnpike Street West Bridgewater, MA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Three contiguous condominium units totaling 12,160 SF; Fully occupied industrial units; Industrial zoning
