Building Details

Tenancy Multi

Listing Agency: Commonwealth Commercial Advisors, Inc. Show Phone

Listed By: Stefan Frey · License #9510730 Show Phone

Source: Exprealty

Added: Apr 15 Changed: Aug 20 Last Checked: Aug 19 at 11:13AM

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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 Commonwealth Commercial Advisors, Inc.

Investment Insights

Based on property information with market context.

This 1,738 SF office condominium is configured for immediate occupancy, with a glass-front reception area, conference room, kitchenette, and a combination of private and open offices. Oversized windows, southern exposure, high ceilings, and hardwood flooring bring natural light and a finished professional setting to the suite. Elevator service is available within the boutique, professionally managed building, which also provides on-site parking accessed by a private drive.

The property is located at 204-450 Lexington St in Auburndale, with access to Interstate 90 and Interstate 95 just minutes away. Boston is approximately 16 minutes from the property. Village dining, Starbucks, commuter rail, and Green Line service are all described as walkable from the building. The property information also notes a mix of established firms in the building and ongoing upgrades.

Key Highlights

• 1,738 SF office condominium
• Private and open office configuration with conference room and kitchenette
• Glass‑enclosed reception area, oversized windows, southern exposure, and hardwood floors

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

$55,147

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

7.56%

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%

$1,102,940 $1.1M

Cap Rate 7%

$787,814 $787.8K

Cap Rate 9%

$612,744 $612.7K

Market Conditions

NOI Build-Up for 1,738 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

$94.3K $54.24/SF

− Vacancy

−$20.7K −$11.93/SF

EGI

$73.5K $42.31/SF

− OpEx

−$18.4K −$10.58/SF

NOI

$55.1K $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%

$1,102,940

Cap Rate 7%

$787,814

Cap Rate 9%

$612,744

Alternative Uses

Best Use

Office B

$787.8K

$689.3K – $919.1K (±1% cap)

NOI $55,147 @ 7.0% cap · market cap 7.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.03M

$900.3K – $1.20M (±1% cap)

NOI $72,022 @ 7.0% cap · market cap 9.88%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Hair Salon Dental Office Barber Shop (Bike/Boat/Book/etc) Store Pharmacy Nail Salon

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

762

Businesses Nearby

Explore this area Business Placement

Demographics for 02466, MA

8,434

Population

3,284

Households

2.6

Avg Household Size

37

Median Age

78%

College-Educated

95%

High-School Grad

1.6 sq mi

ZIP Area

5,271

Density / Sq Mi

$170,852

Median Household Income

$82,244

Median Earnings

$2,082

Median Rent

$1,164,900

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 units - Flexible suite layout combines private offices, open work areas, and client-facing meeting space.

Where is this office units located?

The property is located at 204-450 Lexington St Auburndale, MA.

What is the asking price?

The asking price for this property is $729,000.

What are key features of this property?

This property features: 1,738 SF office condominium; Private and open office configuration with conference room and kitchenette; Glass‑enclosed reception area, oversized windows, southern exposure, and hardwood floors