Multi-Building Flex
New
For Sale
$1,249,000
193 W Boylston Street, West Boylston, MA 01583
Two commercial buildings combine warehouse, office, loading, and unfinished attic space.
Property Size7,340 SF
Lot Size2.10 Acres
Price / SF$170.16
Days on Market6
Property Features for 193 W Boylston Street
General Information
Standard status
Active
Size
7,340 SF
Lot size
2.10 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1966
Buildings
2
Listing Agency:
A & E Realty Company,Inc.
Listed By:
Maria Troka
(603) 352-5533
Source:
Hgjohnsonrealestate
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 10:36AM
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 A & E Realty Company,Inc.
Investment Insights
Based on property information with market context.
This flex property includes two commercial buildings totaling approximately 7,340 square feet on approximately 2.1 acres. The front building contains approximately 932 square feet, separate utilities, a half bathroom, rear garage loading access, and unfinished attic area. The rear building provides approximately 6,400 square feet with a warehouse, overhead garage door and loading area, private offices, three bathrooms, a kitchenette, and adaptable workspace. Three additional office suites are located on the second floor.
The site has roughly 150 feet of frontage along the Rt. 12 corridor and an average daily traffic count of approximately 22,000 vehicles. The property is less than one mile from the I-190 on-ramp, with access to 290, the Mass Pike, 140, Worcester, and surrounding communities. Its layout supports separate office occupancy, warehouse use, or combined business operations, subject to applicable approvals.
The site has roughly 150 feet of frontage along the Rt. 12 corridor and an average daily traffic count of approximately 22,000 vehicles. The property is less than one mile from the I-190 on-ramp, with access to 290, the Mass Pike, 140, Worcester, and surrounding communities. Its layout supports separate office occupancy, warehouse use, or combined business operations, subject to applicable approvals.
Key Highlights
- Two commercial buildings totaling approximately 7,340 square feet on approximately 2.1 acres
- Front building offers approximately 932 square feet, separate utilities, half bathroom, and rear loading access
- Rear building contains approximately 6,400 square feet with warehouse, offices, loading area, and three bathrooms
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
$108,539
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
8.69%
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%
$2,170,780
$2.2M
Cap Rate 7%
$1,550,557
$1.6M
Cap Rate 9%
$1,205,989
$1.2M
Market Conditions
NOI Build-Up for 7,340 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
$158.5K $21.60/SF
− Vacancy
−$3.5K −$0.48/SF
EGI
$155.1K $21.12/SF
− OpEx
−$46.5K −$6.34/SF
NOI
$108.5K $14.79/SF
Area
Worcester County, MA
Vacancy
2.20%
Lease Rate
$21.60 /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%
$2,170,780
Cap Rate 7%
$1,550,557
Cap Rate 9%
$1,205,989
Alternative Uses
Best Use
Office B
$1.91M
$1.67M – $2.23M
NOI $133,772 @ 7.0% cap · market cap 10.71%
Second Best
Retail
$1.55M
$1.36M – $1.81M
NOI $108,539 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$2.51M
$2.19M – $2.92M
NOI $175,455 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 01583, MA
7,652
Population
2,946
Households
2.6
Avg Household Size
45
Median Age
42%
College-Educated
92%
High-School Grad
12.6 sq mi
ZIP Area
607
Density / Sq Mi
$100,427
Median Household Income
$58,724
Median Earnings
$1,248
Median Rent
$399,700
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?
Flex space - Two commercial buildings combine warehouse, office, loading, and unfinished attic space.
Where is this flex space located?
The property is located at 193 W Boylston Street West Boylston, MA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two commercial buildings totaling approximately 7,340 square feet on approximately 2.1 acres; Front building offers approximately 932 square feet, separate utilities, half bathroom, and rear loading access; Rear building contains approximately 6,400 square feet with warehouse, offices, loading area, and three bathrooms
