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    Office Flex and R&D Space Title is generated by Realmo AI

    187 Lexington St, Waltham, MA 02452

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    Sublease offering warehouse space with high ceilings, drive-in access, and second-floor offices with dedicated kitchen amenities.

    Type:Office
    Property size:
    18,154 SF
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 2:17 am

    Property Features for 187 Lexington St

    General Information

    Standard status
    Active
    Size
    18,154 SF
    Property subtype
    Office

    Spaces For Lease

    at 187 Lexington St Contact us

    We can help!

    Listing Contact
    Tim Latham
    Tim Latham

    Listing agent Tim Latham

    Listing office Lincoln Property Company | Boston

    Listing date Jun 1, 2026

    Source Lpc

    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 Lincoln Property Company | Boston

    HighLights

    • Sublease includes 12,433 SF warehouse plus 5,721 SF 2nd‑floor office space
    • Warehouse features up to 22' 11" ceiling heights
    • Three 15' x 15' drive‑in doors provide warehouse access
    • Radiant heating in the floor of the warehouse
    • Warehouse power includes 277/480V 3‑phase, 4‑wire system
    • Second‑floor office includes a dedicated kitchen and break room

    Overview

    Available for sublease, this office/flex/R&D space combines a warehouse component with a finished second-floor office setup. The offering includes 12,433 square feet of warehouse area plus 5,721 square feet of office space, with ceiling heights up to 22 feet 11 inches. The warehouse is supported by three 15-by-15 drive-in doors and includes generous outdoor storage for operational flexibility. Power is available via a 277/480V, 3-phase, 4-wire system, and the warehouse features radiant heating in the floor.

    Located at 187 Lexington St in Waltham, MA, the space is described as close to local amenities and regional transportation, supporting both workforce accessibility and day-to-day logistics needs.

    This configuration suits tenants looking for a true work-and-office layout, particularly those operating light industrial activities alongside R&D or technical functions. The high-end second-floor office includes a dedicated kitchen and break room, making the space practical for teams that need on-site collaboration without giving up functional warehouse access.
    Location Intelligence

    Current Use by Public Records

    Interior Stone & Tile Kitchen & Bath Showroom Brookes + Hill Custom ... Construction Company Back Bay Tile General Contractor FYZICAL Therapy & Balance ... Physician Autentico Mosaic & Bath ... General Contractor

    Suggested Use

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

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

    Similar Places Nearby

    • Cruz Market — 139 Felton St, Waltham, MA 02453
    • C M Catering — 73 Charles St, Waltham, MA 02453
    • Salgueros Market || — 139 Felton St, Waltham, MA 02453
    • Kiwaz Caribbean Spice — 33 Lexington St, Waltham, MA 02452
    • Raw Silk Catering — 116 Bright St, Waltham, MA 02453

    Location Insight

    • Map
    • Local Demand
    City
    Waltham
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.2357406
    Latitude
    42.3828075

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    FAQs

    What type of property is this?
    Flex space - Sublease offering warehouse space with high ceilings, drive-in access, and second-floor offices with dedicated kitchen amenities.
    Where is this flex space located?
    The property is located at 187 Lexington St Waltham, MA.
    What are key features of this property?
    This property features: Sublease includes 12,433 SF warehouse plus 5,721 SF 2nd‑floor office space; Warehouse features up to 22' 11" ceiling heights; Three 15' x 15' drive‑in doors provide warehouse access
    (617) 951-4124
    We can help!
    Listing Contact
    Tim Latham
    Tim Latham
    Learn More
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    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.

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