Flex Space with Loading
For Sale
$1,950,000
Pending
231 Lexington Street, Waltham, MA 02452
Well-maintained commercial building combining office areas with manufacturing and warehouse space.
Property Size4,439 SF
Days on Market47
Property Features for 231 Lexington Street
General Information
Standard status
Pending
Size
4,439 SF
Property subtype
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.
Listed By:
Glenna Gelineau · License #449501018
(781) 710-1749
Source:
Classifiedrealtygroup
Added: Aug 21
Changed: Oct 6
Last Checked: Oct 5 at 3:50PM
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 / Yr
$140,851
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
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
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 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 7.22%
Second Best
Warehouse
$819.1K
$716.7K – $955.6K
NOI $57,335 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$2.63M
$2.30M – $3.07M
NOI $183,951 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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
- C M Catering — 73 Charles St, Waltham, MA 02453
- Kiwaz Caribbean Spice — 33 Lexington St, Waltham, MA 02452
- Fulciniti's Market — 121 Hammond St, Waltham, MA 02451
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 $1,950,000.
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
