Building Details

Year Built 1890

Construction restored mill

Tenancy Multi

Listing Agency: The Lexvest Group

Listed By: Charles Detwiller Show Phone

Source: Lockandkeyre

Added: Jul 10 Changed: Nov 1 Last Checked: Nov 1 at 6:04AM

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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 The Lexvest Group

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Investment Insights

Based on property information with market context.

This office unit (Unit B101) is available within Phoenix Park, a state-of-the-art business center in Central Massachusetts. The suite size is listed at 200 SF, and it can also be combined with Unit B001 for a larger configuration totaling 6,980 RSF.

Phoenix Park is set on a 56-acre campus and includes a 300,000 SF restored mill complex. The property supports a range of commercial lease options, from office space to light industrial manufacturing, and the business center is home to more than 70 companies serving the local area and beyond.

For businesses seeking a smaller footprint with room to expand, this unit offers a straightforward way to scale within the same complex while maintaining access to the campus’ existing office and manufacturing-oriented space mix.

Key Highlights

• Asking rate: $14/RSF (includes base rent and CAM; plus utilities)
• Available office unit can be combined with B001 for total 6,980 RSF
• Located within Phoenix Park, a restored 300,000 SF mill complex with historic character

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$6,346

Suggested Prices Based on Cap Rates

Cap Rate 5%

$126,920 $126.9K

Cap Rate 7%

$90,657 $90.7K

Cap Rate 9%

$70,511 $70.5K

What to ask about pricing

Market Conditions

NOI Build-Up for 200 SF

Gross rent

$10.8K $54.24/SF

− Vacancy

−$2.4K −$11.93/SF

EGI

$8.5K $42.31/SF

− OpEx

−$2.1K −$10.58/SF

NOI

$6.3K $31.73/SF

Area

Middlesex County, MA

Vacancy

22.00%

Lease Rate

$54.24 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$126,920

Cap Rate 7%

$90,657

Cap Rate 9%

$70,511

Alternative Uses

Best Use

Office B

$90.7K

$79.3K – $105.8K (±1% cap)

NOI $6,346 @ 7.0% cap · market cap 45,328.57%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$118.4K

$103.6K – $138.1K (±1% cap)

NOI $8,288 @ 7.0% cap · market cap 59,200.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Solid State Construction Roofing Company Closets by Design ... Construction Company AlphaGraphics Shirley (Bike/Boat/Book/etc) Store Hot Tubes Painting Service Stryker Corporation Industrial Manufacturer

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Real Estate Agency Hair Salon Plumbing Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

239

Businesses Nearby

Explore this area Business Placement

Demographics for 01464, MA

7,427

Population

2,512

Households

3

Avg Household Size

43

Median Age

36%

College-Educated

90%

High-School Grad

15.1 sq mi

ZIP Area

492

Density / Sq Mi

$121,875

Median Household Income

$73,721

Median Earnings

$1,189

Median Rent

$412,700

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Office unit within a restored mill business center, offering small-suite flexibility and the ability to combine with adjacent space.

Where is this office unit located?

The property is located at 2 Shaker Rd #B101 Shirley, MA.

What are key features of this property?

This property features: Asking rate: $14/RSF (includes base rent and CAM; plus utilities); Available office unit can be combined with B001 for total 6,980 RSF; Located within Phoenix Park, a restored 300,000 SF mill complex with historic character