Building Details

Building Size 1,987 SF

Year Built 1987

Tenancy Multi

Listing Agency: Upper Cape Realty Corp. Show Phone

Listed By: James Abdu Show Phone

Source: Iverty

Added: Oct 13 Changed: Oct 15 Last Checked: Oct 14 at 9:05PM

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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 Upper Cape Realty Corp.

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Investment Insights

Based on property information with market context.

This office property contains three individual units: two measuring approximately 1,600 square feet each and a third of approximately 510 square feet. The two larger units are occupied, while the remaining unit is available. Each space has a gas furnace and air conditioning. Interior renovations and updates to the smoke and fire alarm system have been completed. The building dates to 1987.

The property overlooks Union Pond and has approximately 300 feet of frontage, including an exclusive parking easement serving the site. It is situated on Routes 6 and 28, with access to I-495 and I-195. The units have pond views and frontage.

Key Highlights

• Three office units: two at approximately 1,600 square feet each and one at approximately 510 square feet
• Two units are occupied; the third is available
• Approximately 300 feet of frontage, including an exclusive parking easement

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,560

Cap Rate

5.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$831,200 $831.2K

Cap Rate 7%

$593,714 $593.7K

Cap Rate 9%

$461,778 $461.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,987 SF

Gross rent

$66.8K $33.60/SF

− Vacancy

−$11.3K −$5.71/SF

EGI

$55.4K $27.89/SF

− OpEx

−$13.9K −$6.97/SF

NOI

$41.6K $20.92/SF

Area

Plymouth County, MA

Vacancy

17.00%

Lease Rate

$33.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$831,200

Cap Rate 7%

$593,714

Cap Rate 9%

$461,778

Alternative Uses

Best Use

Office B

$593.7K

$519.5K – $692.7K (±1% cap)

NOI $41,560 @ 7.0% cap · market cap 5.95%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.18M

$1.03M – $1.37M (±1% cap)

NOI $82,341 @ 7.0% cap · market cap 11.78%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Real Estate Agency Electrical Service Locksmith Grocery & Convenience Store (Bike/Boat/Book/etc) Store Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Office units

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

187

Businesses Nearby

Explore this area Business Placement

Demographics for 02538, MA

4,428

Population

1,825

Households

2.4

Avg Household Size

43

Median Age

22%

College-Educated

96%

High-School Grad

6.3 sq mi

ZIP Area

703

Density / Sq Mi

$110,882

Median Household Income

$52,429

Median Earnings

$1,548

Median Rent

$347,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Three separate suites include a larger available space, with two tenants currently in place.

Where is this office units located?

The property is located at 2870 Cranberry Hwy Wareham, MA.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: Three office units: two at approximately 1,600 square feet each and one at approximately 510 square feet; Two units are occupied; the third is available; Approximately 300 feet of frontage, including an exclusive parking easement