Furnished Office and Functional
For Sale
$1,290,000
28 Appleton Rd, Auburn, MA 01501
Operational office and warehouse with three-phase power in Auburn.
Property Size5,613 SF
Lot Size0.46 Acres
Price / SF$454.55
Days on Market153
Property Features for 28 Appleton Rd
General Information
Standard status
Active
Size
5,613 SF
Lot size
0.46 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,838
Building Details
Building Size
5,613 SF
Year Built
2008
Listing Agency:
Keller Williams Realty
(774) 242-9752
Listed By:
Jammie Geddis · License #009533709
(774) 242-9752
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Located in Auburn, this property features an operational furnished office and a fully functional warehouse. The warehouse is equipped with three-phase electric power, one commercial automatic door, and one manual door. The furnished office building, featuring an architectural shingled roof, provides 2,838 square feet of space with a full basement. The first floor includes a full kitchen, a large drafting area, one full bathroom, one entertainment room, and four separate offices. The second floor offers two separate private offices, dual working spaces, two drafting areas, and over 400 square feet of storage. The office space includes 10 workstations. The warehouse measures 45.5 x 48 feet with a clear span, plus a 45.5 x 13-foot exterior overhang, totaling 2,775 square feet of warehouse space including the storage area. This property is suitable for sale or lease.
Key Highlights
- Prime location in Auburn
- Operational furnished office and fully functional warehouse
- Three‑phase electric power
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
$51,723
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
4.01%
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%
$1,034,460
$1.0M
Cap Rate 7%
$738,900
$738.9K
Cap Rate 9%
$574,700
$574.7K
Market Conditions
NOI Build-Up for 2,838 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
$85.1K $30.00/SF
− Vacancy
−$16.2K −$5.70/SF
EGI
$69.0K $24.30/SF
− OpEx
−$17.2K −$6.08/SF
NOI
$51.7K $18.23/SF
Area
Worcester County, MA
Vacancy
19.00%
Lease Rate
$30.00 /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%
$1,034,460
Cap Rate 7%
$738,900
Cap Rate 9%
$574,700
Alternative Uses
Best Use
Office B
$738.9K
$646.5K – $862.1K
NOI $51,723 @ 7.0% cap · market cap 4.01%
Second Best
Warehouse
$472.4K
$413.4K – $551.2K
NOI $33,070 @ 7.0% cap · market cap 2.56%
Theoretical Best
Office A
$969.1K
$848.0K – $1.13M
NOI $67,840 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01501, MA
16,731
Population
7,040
Households
2.4
Avg Household Size
44
Median Age
42%
College-Educated
93%
High-School Grad
15.3 sq mi
ZIP Area
1,094
Density / Sq Mi
$101,929
Median Household Income
$62,296
Median Earnings
$1,241
Median Rent
$363,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Operational office and warehouse with three-phase power in Auburn.
Where is this flex space located?
The property is located at 28 Appleton Rd Auburn, MA.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Prime location in Auburn; Operational furnished office and fully functional warehouse; Three‑phase electric power
