Furnished Office and Warehouse Flex
For Sale
$1,290,000
28 Appleton Rd, Auburn, MA 01501
Commercial Sale, Auburn, MA
Property Size5,613 SF
Lot Size0.46 Acres
Price / SF$229.82
Days on Market338
Property Features for 28 Appleton Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Legal Conforming
Directions
On route 20 between Heb chambers and hertz, turn on to Appleton rd.
Standard status
Active
APN
M:0060 L:0072,1458714
Size
5,613 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
7839
Amenities
full kitchen
drafting areas
entertainment room
work stations
Building Details
Year built
2008
Listing Agency:
Keller Williams Realty
Listed By:
Keller Williams
(617) 969-9000
Added: Oct 1, 2025
Changed: Sep 3
Last Checked: Sep 3 at 9:06PM
MLS# 73438254
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2008 flex property combines a furnished office component with warehouse space and a full basement. The 2,838-square-foot office area includes a kitchen, drafting area, full bathroom, conference room, multiple private offices, dual work areas, additional drafting areas, storage, and 10 workstations. The warehouse provides 2,775 square feet of clear-span space, along with a commercial automatic door, manual door, three-phase electric power, and a covered exterior overhang.
The property contains 5,613 square feet overall on a 0.4626-acre parcel in Auburn, Massachusetts, with Commercial zoning. Office improvements include an architectural shingled roof and storage exceeding 400 square feet. The warehouse measures 45.5 by 48 feet, with a 45.5-by-13-foot exterior overhang, supporting a combined office, storage, and work area configuration.
The property contains 5,613 square feet overall on a 0.4626-acre parcel in Auburn, Massachusetts, with Commercial zoning. Office improvements include an architectural shingled roof and storage exceeding 400 square feet. The warehouse measures 45.5 by 48 feet, with a 45.5-by-13-foot exterior overhang, supporting a combined office, storage, and work area configuration.
Key Highlights
- 5,613 square feet on a 0.4626‑acre parcel
- 2,838‑square‑foot furnished office component with full basement
- 2,775‑square‑foot warehouse with 45.5‑by‑48‑foot clear‑span area
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
$102,297
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
7.93%
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%
$2,045,940
$2.0M
Cap Rate 7%
$1,461,386
$1.5M
Cap Rate 9%
$1,136,633
$1.1M
Market Conditions
NOI Build-Up for 5,613 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
$168.4K $30.00/SF
− Vacancy
−$32.0K −$5.70/SF
EGI
$136.4K $24.30/SF
− OpEx
−$34.1K −$6.08/SF
NOI
$102.3K $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%
$2,045,940
Cap Rate 7%
$1,461,386
Cap Rate 9%
$1,136,633
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.70M
NOI $102,297 @ 7.0% cap · market cap 7.93%
Second Best
Warehouse
$934.4K
$817.6K – $1.09M
NOI $65,405 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,173 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
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 - Furnished offices and a functional warehouse include three-phase power, kitchen, drafting areas, and two loading doors.
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: 5,613 square feet on a 0.4626‑acre parcel; 2,838‑square‑foot furnished office component with full basement; 2,775‑square‑foot warehouse with 45.5‑by‑48‑foot clear‑span area
