Medical Commercial Condo For
For Sale
$424,500
20 Hope Avenue Unit 208, Waltham, MA 02453
Recently renovated medical condo with excellent rental history.
Property Size1,156 SF
Price / SF$367.21
Days on Market197
Property Features for 20 Hope Avenue Unit 208
General Information
Standard status
Active
Size
1,156 SF
Property subtype
Commercial
Building Details
Year Built
1970
Listing Agency:
Gelineau & Associates,R.E.
(781) 710-1749
Listed By:
Glenna Gelineau · License #449501018
Source:
Stevebremis
Added: Jan 24
Changed: Aug 8
Last Checked: Aug 8 at 6:43AM
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.
Located at 20 Hope Avenue in Waltham, Massachusetts, Unit 208 is a medical commercial condominium unit available for sale. The 1,156 square foot unit features a check-in area, a waiting room of good size, a private office, two treatment rooms, two exam rooms, and a large restroom. The unit has been recently renovated and updated. The building offers handicap and elevator access and has an excellent rental history. The location is convenient, situated just off major highways and routes. This property presents an opportunity to own first-class medical office space in the strategically geographic City of Waltham, suitable for medical or medical-related use.
Key Highlights
- Recently totally renovated and updated medical commercial condo unit.
- Prime, convenient location just off major highways and routes in Waltham.
- Ideal for medical or medical‑like use with check‑in area, waiting room, private office, two treatment rooms, two exam rooms, and large restroom.
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
$36,680
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
8.64%
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%
$733,600
$733.6K
Cap Rate 7%
$524,000
$524.0K
Cap Rate 9%
$407,556
$407.6K
Market Conditions
NOI Build-Up for 1,156 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
$62.7K $54.24/SF
− Vacancy
−$13.8K −$11.93/SF
EGI
$48.9K $42.31/SF
− OpEx
−$12.2K −$10.58/SF
NOI
$36.7K $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 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%
$733,600
Cap Rate 7%
$524,000
Cap Rate 9%
$407,556
Alternative Uses
Best Use
Office B
$524.0K
$458.5K – $611.3K
NOI $36,680 @ 7.0% cap · market cap 8.64%
Second Best
Healthcare Medical
$479.4K
$419.4K – $559.3K
NOI $33,555 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$684.3K
$598.8K – $798.4K
NOI $47,904 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Recently renovated medical condo with excellent rental history.
Where is this medical office space located?
The property is located at 20 Hope Avenue Unit 208 Waltham, MA.
What is the asking price?
The asking price for this property is $424,500.
What are key features of this property?
This property features: Recently totally renovated and updated medical commercial condo unit.; Prime, convenient location just off major highways and routes in Waltham.; Ideal for medical or medical‑like use with check‑in area, waiting room, private office, two treatment rooms, two exam rooms, and large restroom.
