Versatile Medical/Office Building in
For Sale
Contact for pricing
278 Centre St, Quincy, MA 02169
Multi-level medical/office building with potential for multi-family conversion.
Property Size4,844 SF
Price / SF$309.66
Days on Market302
Property Features for 278 Centre St
General Information
Standard status
Active
Size
4,844 SF
Property subtype
Mixed Use, Office, Special Purpose
Zoning
IND A
Building Details
Year Built
1970
Buildings
1
Stories
2
Units
3
Listing Agency:
LAER Realty Partners Leominster
(978) 534-3100
Listed By:
Jane Fortier · License #MA 9053980-RE-S
Source:
Crexi
Added: Oct 23, 2025
Changed: Aug 8
Last Checked: Aug 17 at 12:33PM
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 LAER Realty Partners Leominster
Investment Insights
Based on property information with market context.
This versatile free-standing medical/office building is located in an MBTA zone and offers multiple levels. The property presents a possible multi-family conversion opportunity, featuring a 2-4 bedroom/2 bath unit and a 1-3 bedroom/1 bath unit. The property is ideally suited for medical professions, attorneys, accountants, doctors, dentists, insurance companies, and real estate companies. Personal trainers and health-related professionals, as well as spa businesses, could also find this location advantageous. Veterinarians and dog-related professions may benefit from the planned dog park across the street in a new apartment complex. Situated in the Quincy Redevelopment Area, the property is located across the street from a multi-complex apartment building with over 300 units, benefiting from high foot and vehicle traffic and great visibility. The location offers incredible highway access to routes 3, 93, and 95, and is conveniently located 0.4 miles from Quincy Adams Station and 1.2 miles from Quincy Center. The building features open-concept reception areas and private restrooms on each floor. The top unit also has an additional bath with a stand-up shower. Several rooms per floor offer many options. Additional street parking is available, along with parking on the left side alley and the potential to extend the parking lot with some landscape configuration. The property size is 4844 square feet.
Key Highlights
- Located in MBTA zone (.4 mi to Quincy Adams Station) with incredible highway access (3, 93 & 95).
- Versatile free standing building suitable for medical/office use or possible multi‑family conversion (2‑4bdrm/2bath & 1‑3bdrm/1bath).
- Located in Quincy Redevelopment Area with high foot and vehicle traffic and great visibility.
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
$131,224
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
8.75%
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%
$2,624,480
$2.6M
Cap Rate 7%
$1,874,629
$1.9M
Cap Rate 9%
$1,458,044
$1.5M
Market Conditions
NOI Build-Up for 4,844 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
$203.4K $42.00/SF
− Vacancy
−$28.5K −$5.88/SF
EGI
$175.0K $36.12/SF
− OpEx
−$43.7K −$9.03/SF
NOI
$131.2K $27.09/SF
Area
Quincy, MA
Vacancy
14.00%
Lease Rate
$42.00 /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%
$2,624,480
Cap Rate 7%
$1,874,629
Cap Rate 9%
$1,458,044
Alternative Uses
Best Use
Office B
$1.87M
$1.64M – $2.19M
NOI $131,224 @ 7.0% cap · market cap 8.75%
Second Best
Healthcare Medical
$1.39M
$1.22M – $1.62M
NOI $97,306 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$2.86M
$2.51M – $3.34M
NOI $200,425 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,350
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02169, MA
62,140
Population
30,198
Households
2.1
Avg Household Size
39
Median Age
48%
College-Educated
92%
High-School Grad
12.1 sq mi
ZIP Area
5,136
Density / Sq Mi
$92,080
Median Household Income
$60,166
Median Earnings
$1,975
Median Rent
$552,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Petco Vaccination Clinic — 169 Parkingway, Quincy, MA 02169
Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-level medical/office building with potential for multi-family conversion.
Where is this medical office space located?
The property is located at 278 Centre St Quincy, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Located in MBTA zone (.4 mi to Quincy Adams Station) with incredible highway access (3, 93 & 95).; Versatile free standing building suitable for medical/office use or possible multi‑family conversion (2‑4bdrm/2bath & 1‑3bdrm/1bath).; Located in Quincy Redevelopment Area with high foot and vehicle traffic and great visibility.
