Two-Story Shell Office
For Sale
$12,300,000
144 Industrial Park, Plymouth, MA 02360
Two-story shell office with utilities installed and extensive shared parking at a Plymouth Industrial Park entrance.
Property Size24,000 SF
Price / SF$512.50
Days on Market625
Property Features for 144 Industrial Park
General Information
Standard status
Active
Size
24,000 SF
Total Parking Spaces
400
Property subtype
Commercial
Zoning
Commercial
Site & Location
Traffic Count
40,000 vehicles/day
Highway Access
Yes
Utilities to Site
Yes
Building Details
Building Size
24,000 SF
Year Built
2024
Stories
2
Listing Agency:
JMJ Commercial Realty, Inc.
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Dec 5, 2024
Changed: Aug 22
Last Checked: Aug 22 at 3:52AM
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 JMJ Commercial Realty, Inc.
Investment Insights
Based on property information with market context.
The package includes the construction and delivery of a two-story shell office building at 144 Industrial Park Road. Building plans are available, and essential utilities are already in place, including water, sewer, drainage, and electric transformers. The property is designed to allow flexibility for an incoming tenant or owner, with the option to occupy all or part of the space.
The site is located at the entrance of Plymouth Industrial Park and directly across from Colony Place on Commerce Way. It is minutes away from Routes 3 and 44 and is described as having high visibility with a daily traffic count of at least 40,000 cars.
For tenants and occupiers, the shell configuration supports a range of office build-out approaches after plans are reviewed. For buyers and operators, the existing infrastructure can help streamline development since utilities are already installed. The common area provides 360 shared parking spaces with two other office buildings, and an additional second lot is available for 40 more spaces, supporting both employee and visitor needs.
The site is located at the entrance of Plymouth Industrial Park and directly across from Colony Place on Commerce Way. It is minutes away from Routes 3 and 44 and is described as having high visibility with a daily traffic count of at least 40,000 cars.
For tenants and occupiers, the shell configuration supports a range of office build-out approaches after plans are reviewed. For buyers and operators, the existing infrastructure can help streamline development since utilities are already installed. The common area provides 360 shared parking spaces with two other office buildings, and an additional second lot is available for 40 more spaces, supporting both employee and visitor needs.
Key Highlights
- 2024 construction package for a two‑story shell office building at 144 Industrial Park Road
- Utilities already in place: water, sewer, drainage, and electric transformers
- Plans available—option to occupy all or part, or rent some or all of the space
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
$501,984
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
4.08%
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%
$10,039,680
$10.0M
Cap Rate 7%
$7,171,200
$7.2M
Cap Rate 9%
$5,577,600
$5.6M
Market Conditions
NOI Build-Up for 24,000 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
$806.4K $33.60/SF
− Vacancy
−$137.1K −$5.71/SF
EGI
$669.3K $27.89/SF
− OpEx
−$167.3K −$6.97/SF
NOI
$502.0K $20.92/SF
Area
Plymouth County, MA
Vacancy
17.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
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%
$10,039,680
Cap Rate 7%
$7,171,200
Cap Rate 9%
$5,577,600
Alternative Uses
Best Use
Office B
$7.17M
$6.27M – $8.37M
NOI $501,984 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.21M
$12.43M – $16.58M
NOI $994,554 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40,000 VPD
Traffic count
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
Explore this area
Business Placement
Demographics for 02360, MA
61,134
Population
28,598
Households
2.1
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
96.4 sq mi
ZIP Area
634
Density / Sq Mi
$111,975
Median Household Income
$55,595
Median Earnings
$1,831
Median Rent
$494,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story shell office with utilities installed and extensive shared parking at a Plymouth Industrial Park entrance.
Where is this office building located?
The property is located at 144 Industrial Park Plymouth, MA.
What is the asking price?
The asking price for this property is $12,300,000.
What are key features of this property?
This property features: 2024 construction package for a two‑story shell office building at 144 Industrial Park Road; Utilities already in place: water, sewer, drainage, and electric transformers; Plans available—option to occupy all or part, or rent some or all of the space
