Retail and Office Investment
For Sale
$830,000
Pending
159 Washington Street, Norwell, MA 02061
Fully leased retail and office property on Route 53.
Property Size2,546 SF
Days on Market219
Property Features for 159 Washington Street
General Information
Standard status
Pending
Size
2,546 SF
Property subtype
Commercial
Building Details
Year Built
1800
Listing Agency:
Unicorn Realty
(781) 659-2255
Listed By:
Matthew Curran
Source:
Corcoran
Added: Jan 5
Changed: Jul 6
Last Checked: Jul 23 at 7:32AM
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 Unicorn Realty
Investment Insights
Based on property information with market context.
This is a fully leased investment property located on Route 53 in Norwell. The property is a professional retail and office building. The historic building has undergone several recent improvements, including a new roof, full exterior paint, landscaping, a new boiler, and a new 14 KW Generac generator. Previously, the property was used as a Tile and Kitchen design center. There is additional exterior space on the lot that allows for possible expansion. The property features excellent visibility and access, along with a private parking lot. Tenants are responsible for all utilities. The building includes storage space and individual offices upstairs, as well as a 950 square foot unfinished basement. The property size is 2546 square feet.
Key Highlights
- Fully leased investment property.
- Recent improvements including new roof, exterior paint, landscaping, boiler, and 14 KW Generac generator.
- Excellent visibility and access on Route 53.**
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
$53,252
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
6.42%
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%
$1,065,040
$1.1M
Cap Rate 7%
$760,743
$760.7K
Cap Rate 9%
$591,689
$591.7K
Market Conditions
NOI Build-Up for 2,546 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
$85.5K $33.60/SF
− Vacancy
−$14.5K −$5.71/SF
EGI
$71.0K $27.89/SF
− OpEx
−$17.8K −$6.97/SF
NOI
$53.3K $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%
$1,065,040
Cap Rate 7%
$760,743
Cap Rate 9%
$591,689
Alternative Uses
Best Use
Office B
$760.7K
$665.7K – $887.5K
NOI $53,252 @ 7.0% cap · market cap 6.42%
Second Best
Retail
$597.6K
$522.9K – $697.2K
NOI $41,832 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,506 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 02061, MA
11,351
Population
3,739
Households
3
Avg Household Size
42
Median Age
65%
College-Educated
98%
High-School Grad
20.9 sq mi
ZIP Area
543
Density / Sq Mi
$182,637
Median Household Income
$82,358
Median Earnings
$2,181
Median Rent
$799,600
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?
Retail property - Fully leased retail and office property on Route 53.
Where is this retail property located?
The property is located at 159 Washington Street Norwell, MA.
What is the asking price?
The asking price for this property is $830,000.
What are key features of this property?
This property features: Fully leased investment property.; Recent improvements including **new roof, exterior paint, landscaping, boiler, and 14 KW Generac generator.**; Excellent visibility and access on Route 53.**
