Flex Building For
For Sale
$3,200,000
15 Erie Drive, Natick, MA 01760
8,607 Sq. Ft. flex building available for sale.
Property Size8,607 SF
Price / SF$371.79
Days on Market306
Property Features for 15 Erie Drive
General Information
Standard status
Active
Size
8,607 SF
Property subtype
Commercial
Building Details
Year Built
1959
Listing Agency:
Greater Boston Commercial Properties,Inc.
(508) 925-7477
Listed By:
Bret O'Brien · License #8994
(617) 396-3100
Source:
Longwoodresidential
Added: Oct 23, 2025
Changed: Aug 23
Last Checked: Aug 23 at 11:46AM
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 Greater Boston Commercial Properties,Inc.
Investment Insights
Based on property information with market context.
An 8,607 sq. ft. flex building is available for sale.
Key Highlights
- 8,607 sq. ft. flex building
- Building for sale
- Year built: 1959
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
$91,552
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
2.86%
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%
$1,831,040
$1.8M
Cap Rate 7%
$1,307,886
$1.3M
Cap Rate 9%
$1,017,244
$1.0M
Market Conditions
NOI Build-Up for 8,607 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
$138.4K $16.08/SF
− Vacancy
−$7.6K −$0.88/SF
EGI
$130.8K $15.20/SF
− OpEx
−$39.2K −$4.56/SF
NOI
$91.6K $10.64/SF
Area
Middlesex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /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%
$1,831,040
Cap Rate 7%
$1,307,886
Cap Rate 9%
$1,017,244
Alternative Uses
Best Use
Industrial
$1.31M
$1.14M – $1.53M
NOI $91,552 @ 7.0% cap · market cap 2.86%
Second Best
Flex RnD
$609.8K
$533.6K – $711.4K
NOI $42,684 @ 7.0% cap · market cap 1.33%
Theoretical Best
Office A
$5.10M
$4.46M – $5.94M
NOI $356,672 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01760, MA
36,659
Population
15,838
Households
2.3
Avg Household Size
42
Median Age
69%
College-Educated
98%
High-School Grad
14.8 sq mi
ZIP Area
2,477
Density / Sq Mi
$134,644
Median Household Income
$77,632
Median Earnings
$2,061
Median Rent
$740,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 8,607 Sq. Ft. flex building available for sale.
Where is this flex space located?
The property is located at 15 Erie Drive Natick, MA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 8,607 sq. ft. flex building; Building for sale; Year built: 1959
