Medical Office Condo For
For Sale
$489,900
207-20 Hope Ave, Waltham, MA 02453
Medical office condo with treatment and exam rooms for sale.
Property Size1,492 SF
Price / SF$328.35
Days on Market177
Property Features for 207-20 Hope Ave
General Information
Standard status
Active
Size
1,492 SF
Taxes and HOA fees
Annual Taxes
$5,929
Listing Agency:
Gelineau & Associates, R.E.
(781) 710-1749
Listed By:
Glenna Gelineau · License #449501018
(781) 710-1749
Source:
Exprealty
Added: Mar 9
Changed: Aug 20
Last Checked: Aug 31 at 12:19AM
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 first-class medical office condominium, located at 20 Hope Avenue in Waltham, Massachusetts, is available for sale. The condo features elevator and handicap access. The layout includes one treatment room, four exam rooms, two restrooms, a waiting room, a conference room, a private office, and a generous waiting/reception area. The property offers an opportunity to own a medical office condo in a sought-after building with a rental history. The location is convenient, situated just off major highways in Waltham. The property size is 1,492 square feet.
Key Highlights
- First‑class medical office condominium suitable for sale or lease.
- Prime, convenient location just off major highways in Waltham.
- Fully equipped with treatment room, four exam rooms, two restrooms, waiting room, conference room, private office, and reception area.
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
8.84%
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 9.66%
Second Best
Healthcare Medical
$618.7K
$541.4K – $721.8K
NOI $43,308 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$883.3K
$772.9K – $1.03M
NOI $61,828 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,138
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- A HOUSE CALL VET — 776 main st, waltham, ma 02454
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo with treatment and exam rooms for sale.
Where is this medical office space located?
The property is located at 207-20 Hope Ave Waltham, MA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: First‑class medical office condominium suitable for sale or lease.; Prime, convenient location just off major highways in Waltham.; Fully equipped with treatment room, four exam rooms, two restrooms, waiting room, conference room, private office, and reception area.
