Flex Space with Loading
For Sale
$2,195,000
231 Lexington Street, Waltham, MA 02452
Well-maintained commercial building combining office areas with manufacturing and warehouse space.
Property Size4,439 SF
Price / SF$494.48
Days on Market169
Property Features for 231 Lexington Street
General Information
Standard status
Active
Size
4,439 SF
Zoning
Commercial
Warehouse & Industrial
Warehouse Space
2,500 SF
Dock-High Doors
1
Additional Details
Office Units
7
Taxes and HOA fees
Annual Taxes
$15,618
Building Details
Building Size
4,439 SF
Year Built
1946
Listing Agency:
Gelineau & Associates, R.E.
(781) 710-1749
Listed By:
Glenna Gelineau · License #449501018
Source:
Insightrealtygroup
Added: Mar 6
Changed: Aug 22
Last Checked: Aug 22 at 4:36AM
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 4,439-square-foot flex property at 231 Lexington Street includes 6–7 offices, 5 bathrooms, and approximately 2,500 square feet of manufacturing and warehouse area. The building also provides a loading dock and ample parking, supporting a range of office and operational functions within one commercial facility.
Constructed in 1946, the property has a newer roof and updated forced hot air gas heat. Commercial zoning is in place, and the Lexington Street setting offers visibility and accessibility for business use in Waltham.
Constructed in 1946, the property has a newer roof and updated forced hot air gas heat. Commercial zoning is in place, and the Lexington Street setting offers visibility and accessibility for business use in Waltham.
Key Highlights
- 4,439‑square‑foot flex property at 231 Lexington Street
- Approximately 2,500 square feet of manufacturing/warehouse space
- 6‑7 offices and 5 bathrooms
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
$140,851
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
6.42%
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%
$2,817,020
$2.8M
Cap Rate 7%
$2,012,157
$2.0M
Cap Rate 9%
$1,565,011
$1.6M
Market Conditions
NOI Build-Up for 4,439 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
$240.8K $54.24/SF
− Vacancy
−$53.0K −$11.93/SF
EGI
$187.8K $42.31/SF
− OpEx
−$47.0K −$10.58/SF
NOI
$140.9K $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%
$2,817,020
Cap Rate 7%
$2,012,157
Cap Rate 9%
$1,565,011
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.35M
NOI $140,851 @ 7.0% cap · market cap 6.42%
Second Best
Warehouse
$819.1K
$716.7K – $955.6K
NOI $57,335 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $183,951 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
7
Office units
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02452, MA
15,340
Population
5,838
Households
2.6
Avg Household Size
33
Median Age
54%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
4,037
Density / Sq Mi
$112,902
Median Household Income
$41,351
Median Earnings
$2,325
Median Rent
$779,900
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
- Fulciniti's Market — 121 Hammond St, Waltham, MA 02451
- C M Catering — 73 Charles St, Waltham, MA 02453
- Kiwaz Caribbean Spice — 33 Lexington St, Waltham, MA 02452
Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained commercial building combining office areas with manufacturing and warehouse space.
Where is this flex space located?
The property is located at 231 Lexington Street Waltham, MA.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 4,439‑square‑foot flex property at 231 Lexington Street; Approximately 2,500 square feet of manufacturing/warehouse space; 6‑7 offices and 5 bathrooms
