Medical Office
For Sale
$499,900
20 Hope Ave Unit 207, Waltham, MA 02453
Medical office condominium with treatment and exam rooms, elevator service, accessible entry, and administrative areas.
Property Size1,492 SF
Price / SF$335.05
Days on Market29
Property Features for 20 Hope Ave Unit 207
General Information
Standard status
Active
Size
1,492 SF
Elevators
Yes
Additional Details
Highway Access
Yes
Office Units
1
Amenities
handicap access
Building Details
Year Built
1970
Listing Agency:
Gelineau & Associates, R.E.
(781) 710-1749
Listed By:
Glenna Gelineau · License #449501018
Source:
Livianhomesct
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 29 at 4:37PM
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 Gelineau & Associates, R.E.
Investment Insights
Based on property information with market context.
This 1,492-square-foot medical office condominium at 20 Hope Ave, Unit 207, in Waltham includes a treatment room, four exam rooms, two restrooms, a conference room, and a private office. The interior also provides a waiting area with reception space for patient and visitor circulation.
The condominium is located in a building with elevator service and handicap access. Its position just off major highways provides access within Waltham, Massachusetts. Built in 1970, the property is offered for sale or lease.
The condominium is located in a building with elevator service and handicap access. Its position just off major highways provides access within Waltham, Massachusetts. Built in 1970, the property is offered for sale or lease.
Key Highlights
- 1,492 SF medical office condominium
- One treatment room and four exam rooms
- Two restrooms, conference room, and private office
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
$43,308
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
8.66%
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%
$866,160
$866.2K
Cap Rate 7%
$618,686
$618.7K
Cap Rate 9%
$481,200
$481.2K
Market Conditions
NOI Build-Up for 1,492 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
$81.3K $54.48/SF
− Vacancy
−$9.1K −$6.10/SF
EGI
$72.2K $48.38/SF
− OpEx
−$28.9K −$19.35/SF
NOI
$43.3K $29.03/SF
Area
Middlesex County, MA
Vacancy
11.20%
Lease Rate
$54.48 /SF/Yr
Expense Ratio
40.00%
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%
$866,160
Cap Rate 7%
$618,686
Cap Rate 9%
$481,200
Alternative Uses
Best Use
Office B
$676.3K
$591.8K – $789.0K
NOI $47,342 @ 7.0% cap · market cap 9.47%
Second Best
Healthcare Medical
$618.7K
$541.4K – $721.8K
NOI $43,308 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$883.3K
$772.9K – $1.03M
NOI $61,828 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,597
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02453, MA
31,854
Population
13,163
Households
2.4
Avg Household Size
34
Median Age
59%
College-Educated
92%
High-School Grad
3.6 sq mi
ZIP Area
8,848
Density / Sq Mi
$114,029
Median Household Income
$58,036
Median Earnings
$2,063
Median Rent
$666,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condominium with treatment and exam rooms, elevator service, accessible entry, and administrative areas.
Where is this medical office space located?
The property is located at 20 Hope Ave Unit 207 Waltham, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 1,492 SF medical office condominium; One treatment room and four exam rooms; Two restrooms, conference room, and private office
