Move-In Ready Office Flex
For Sale
$699,000
29 Washington St, Norwell, MA 02061
Move-in ready office-flex space with high visibility and immediate availability near Rt 53, with easy access to Rt 3.
Property Size2,793 SF
Price / SF$250.27
Days on Market216
Property Features for 29 Washington St
General Information
Standard status
Active
Size
2,793 SF
Property subtype
Commercial
Zoning
B
Site & Location
Traffic Count
47,000 vehicles/day
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,749
Building Details
Building Size
2,793 SF
Year Built
1900
Listing Agency:
REMAX Andrew Realty Services
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Feb 4
Changed: Sep 7
Last Checked: Sep 7 at 5:09AM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
This move-in ready office/flex space at 29 Washington St, Norwell, MA 02061 offers immediate availability for an incoming tenant or buyer. The property is presented as commercially office and flexible in nature, with readiness for occupancy.
The site is described as having high visibility, with an average of 47,000 cars traveling Rt 53 past the property daily. It is also noted as being a short distance from Queen Anne's Corner, with easy access to Rt 3 and approximately 20 miles to Boston. Easy to show per the listing remarks.
The site is described as having high visibility, with an average of 47,000 cars traveling Rt 53 past the property daily. It is also noted as being a short distance from Queen Anne's Corner, with easy access to Rt 3 and approximately 20 miles to Boston. Easy to show per the listing remarks.
Key Highlights
- Commercial office/flex space built in 1900
- Move‑in ready with immediate availability
- High visibility location near Queen Anne's Corner
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
$51,740
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
7.40%
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%
$1,034,800
$1.0M
Cap Rate 7%
$739,143
$739.1K
Cap Rate 9%
$574,889
$574.9K
Market Conditions
NOI Build-Up for 2,793 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
$83.8K $30.00/SF
− Vacancy
−$4.2K −$1.50/SF
EGI
$79.6K $28.50/SF
− OpEx
−$27.9K −$9.98/SF
NOI
$51.7K $18.53/SF
Area
Plymouth County, MA
Vacancy
5.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,034,800
Cap Rate 7%
$739,143
Cap Rate 9%
$574,889
Alternative Uses
Best Use
Flex RnD
$739.1K
$646.8K – $862.3K
NOI $51,740 @ 7.0% cap · market cap 7.40%
Second Best
Industrial
$424.4K
$371.4K – $495.2K
NOI $29,709 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,741 @ 7.0% cap · market cap 16.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
47,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02061, MA
11,351
Population
3,739
Households
3
Avg Household Size
42
Median Age
65%
College-Educated
98%
High-School Grad
20.9 sq mi
ZIP Area
543
Density / Sq Mi
$182,637
Median Household Income
$82,358
Median Earnings
$2,181
Median Rent
$799,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in ready office-flex space with high visibility and immediate availability near Rt 53, with easy access to Rt 3.
Where is this flex space located?
The property is located at 29 Washington St Norwell, 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: Commercial office/flex space built in 1900; Move‑in ready with immediate availability; High visibility location near Queen Anne's Corner
