Framingham Flex/Industrial Asset For
For Sale
Contact for pricing
190 Fountain Street, Framingham, MA 06515
32,696 SF flex/industrial building in Framingham, Massachusetts.
Property Size32,696 SF
Lot Size1.07 Acres
Price / SF$137.63
Days on Market99
Property Features for 190 Fountain Street
General Information
Standard status
Active
Size
32,696 SF
Class
A
Lot size
1.07 Acres
Property subtype
Industrial
Zoning
M - General Manufacturing
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1956
Units
4
Tenancy
Multi
Listing Agency:
Atlantic Retail Boston
Listed By:
Joseph Tagliente · License #9587935
Source:
Crexi
Added: May 21
Changed: Aug 15
Last Checked: Aug 24 at 11:39AM
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 Atlantic Retail Boston
Investment Insights
Based on property information with market context.
The property at 190 Fountain Street in Framingham, Massachusetts, is a ±32,696 square foot flex/industrial asset situated on ±1.07 acres. Currently configured as a temperature-controlled food processing and manufacturing facility, the property offers a functional layout with integrated freezer, production, and warehouse components. The building features three loading docks and 16’–19’ clear heights. It also has robust power infrastructure, allowing it to accommodate a range of industrial, cold storage, and distribution users. The property is positioned just off Route 135 with access to Route 9 and Interstate 90, providing regional connectivity between Boston and Worcester. The property is divided into four units, providing flexibility for multi-tenant leasing and single-user occupancy. One unit is currently leased, with the remaining units available.
Key Highlights
- Temperature‑controlled food processing and manufacturing facility with integrated freezer, production, and warehouse components.
- Strategic location off Route 135 with convenient access to Route 9 and Interstate 90, providing strong regional connectivity between Boston and Worcester.
- Versatile industrial asset suitable for investors or owner‑users with existing infrastructure tailored to food production, cold storage, and warehouse/distribution uses.
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
$347,785
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
7.73%
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%
$6,955,700
$7.0M
Cap Rate 7%
$4,968,357
$5.0M
Cap Rate 9%
$3,864,278
$3.9M
Market Conditions
NOI Build-Up for 32,696 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
$525.8K $16.08/SF
− Vacancy
−$28.9K −$0.88/SF
EGI
$496.8K $15.20/SF
− OpEx
−$149.1K −$4.56/SF
NOI
$347.8K $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%
$6,955,700
Cap Rate 7%
$4,968,357
Cap Rate 9%
$3,864,278
Alternative Uses
Best Use
Industrial
$4.97M
$4.35M – $5.80M
NOI $347,785 @ 7.0% cap · market cap 7.73%
Second Best
Flex RnD
$2.32M
$2.03M – $2.70M
NOI $162,147 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$19.36M
$16.94M – $22.58M
NOI $1,354,914 @ 7.0% cap · market cap 30.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 - 32,696 SF flex/industrial building in Framingham, Massachusetts.
Where is this flex space located?
The property is located at 190 Fountain Street Framingham, MA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Temperature‑controlled food processing and manufacturing facility with integrated freezer, production, and warehouse components.; Strategic location off Route 135 with convenient access to Route 9 and Interstate 90, providing strong regional connectivity between Boston and Worcester.; Versatile industrial asset suitable for investors or owner‑users with existing infrastructure tailored to food production, cold storage, and warehouse/distribution uses.
