Waltham Medical Commercial Condo
For Sale
$414,500
208-20 Hope Ave, Waltham, MA 02453
Medical/commercial condo unit in Waltham, renovated and updated.
Property Size1,156 SF
Price / SF$358.56
Days on Market166
Property Features for 208-20 Hope Ave
General Information
Standard status
Active
Size
1,156 SF
Taxes and HOA fees
Annual Taxes
$3,928
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 20 at 10:57AM
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, this medical commercial condominium 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 provides handicap and elevator access and has demonstrated an excellent rental history. The location is convenient, situated just off major highways and routes. This property presents an opportunity to own or lease medical office space in the desirable city of Waltham. The unit is suitable for medical or medical-related uses.
Key Highlights
- Recently totally renovated and updated medical commercial condo unit.
- Prime, convenient location just off major highways and routes in Waltham.
- Suitable 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
8.85%
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 8.85%
Second Best
Healthcare Medical
$479.4K
$419.4K – $559.3K
NOI $33,555 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$684.3K
$598.8K – $798.4K
NOI $47,904 @ 7.0% cap · market cap 11.56%
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical/commercial condo unit in Waltham, renovated and updated.
Where is this medical office space located?
The property is located at 208-20 Hope Ave Waltham, MA.
What is the asking price?
The asking price for this property is $414,500.
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.; Suitable for medical or medical‑like use with check‑in area, waiting room, private office, two treatment rooms, two exam rooms, and large restroom.
