Downtown Retail and Office
For Sale
Contact for pricing
15 Hollis Street, Framingham, MA 01702
Multi-use building for sale with off-street parking behind the property, located at the intersection of Routes 135 and 126.
Property Size12,572 SF
Price / SF$190.90
Days on Market58
Property Features for 15 Hollis Street
General Information
Standard status
Active
Size
12,572 SF
Class
B
Total Parking Spaces
34
Property subtype
Retail, Office, Mixed Use
Zoning
Central Business
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1960
Year Renovated
1990
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
Metrowest Commercial Real Estate
Listed By:
Marlene Aron · License #MA 93728-RE-B
(508) 740-0000
Source:
Crexi
Added: Jul 9
Changed: Aug 25
Last Checked: Sep 3 at 6:27AM
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 Metrowest Commercial Real Estate
Investment Insights
Based on property information with market context.
This downtown commercial building offers a versatile mix of retail and office use, positioned at the intersection of Route 135 and Route 126. The property includes off-street parking behind the building, described as approximately 34 spaces, pending verification. The building’s proximity to transit is highlighted in the listing, with the MBTA noted as steps away.
The offering also references nearby momentum in the area, including an additional new upscale restaurant, luxury apartments, and a supermarket. The remarks further discuss potential for residential conversion on the second floor, subject to redevelopment requirements such as a possible parking waiver and any applicable Transit Oriented Development considerations.
For buyers seeking a visible, transit-adjacent asset with practical parking on site, this property presents a structured option to evaluate existing configurations and redevelopment possibilities based on the cited conditions.
The offering also references nearby momentum in the area, including an additional new upscale restaurant, luxury apartments, and a supermarket. The remarks further discuss potential for residential conversion on the second floor, subject to redevelopment requirements such as a possible parking waiver and any applicable Transit Oriented Development considerations.
For buyers seeking a visible, transit-adjacent asset with practical parking on site, this property presents a structured option to evaluate existing configurations and redevelopment possibilities based on the cited conditions.
Key Highlights
- Multi‑use building built in 1960, located at the intersection of Routes 135 and 126 in downtown Framingham
- Off‑street parking behind the building, adjacent to a city parking lot
- Approx. 34 parking spaces behind the building (to be verified)
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
$180,695
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
7.53%
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%
$3,613,900
$3.6M
Cap Rate 7%
$2,581,357
$2.6M
Cap Rate 9%
$2,007,722
$2.0M
Market Conditions
NOI Build-Up for 12,572 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
$276.1K $21.96/SF
− Vacancy
−$17.9K −$1.43/SF
EGI
$258.1K $20.53/SF
− OpEx
−$77.4K −$6.16/SF
NOI
$180.7K $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%
$3,613,900
Cap Rate 7%
$2,581,357
Cap Rate 9%
$2,007,722
Alternative Uses
Best Use
Office B
$5.70M
$4.99M – $6.65M
NOI $398,915 @ 7.0% cap · market cap 16.62%
Second Best
Retail
$2.58M
$2.26M – $3.01M
NOI $180,695 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$7.44M
$6.51M – $8.68M
NOI $520,980 @ 7.0% cap · market cap 21.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,069
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Forever Flower & Events — 35 Tripp St Studio 16, Framingham, MA 01702
- Party Flowers — 83 Concord St, Framingham, MA 01702
Frequently Asked Questions
What type of property is this?
Storefront property - Multi-use building for sale with off-street parking behind the property, located at the intersection of Routes 135 and 126.
Where is this storefront property located?
The property is located at 15 Hollis Street Framingham, 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: Multi‑use building built in 1960, located at the intersection of Routes 135 and 126 in downtown Framingham; Off‑street parking behind the building, adjacent to a city parking lot; Approx. 34 parking spaces behind the building (to be verified)
