Medical Office Condo with Exam
For Sale
$599,900
3-37 Edgerton Dr, North Falmouth, MA 02540
Fully remodeled medical condo featuring multiple exam rooms, ADA restroom, and dedicated onsite parking.
Property Size2,284 SF
Lot Size2.87 Acres
Price / SF$262.65
Days on Market71
Property Features for 3-37 Edgerton Dr
General Information
Standard status
Active
Size
2,284 SF
Lot size
2.87 Acres
Occupancy
100%
Financials
Cap Rate
8.5%
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,182
Building Details
Tenancy
Single
Listing Agency:
North Atlantic Realty Group, Inc.
(774) 266-0374
Listed By:
Jay Testa
(774) 266-0374
Source:
Exprealty
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 11 at 12:06PM
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 North Atlantic Realty Group, Inc.
Investment Insights
Based on property information with market context.
This North Falmouth medical office condo is offered with a lease in place. The unit has been fully remodeled/renovated and includes a brand new HVAC system with an A/C condenser. The interior layout is designed for patient flow and clinical work, with a waiting room, reception area, two offices, six exam rooms, an ADA restroom, and a break room with kitchenette, along with a storage area.
The condo unit provides 25% common interest in the condo complex. HOA expenses are paid by the tenant and include master insurance, exterior maintenance, snow removal, and common-area upkeep for the parking lot and landscape. Onsite parking is available, and the condo complex is situated over 2.87 acres.
The space is currently occupied by a national dermatology firm, supporting turnkey medical use for qualified operators or owner-occupants. It is configured to accommodate ongoing clinical services with multiple exam rooms and supporting front- and back-of-house areas. The offering includes the leased interest and is presented as an investment opportunity with a reported +/- 8.5% cap rate; inquire about owner occupancy options as well.
The condo unit provides 25% common interest in the condo complex. HOA expenses are paid by the tenant and include master insurance, exterior maintenance, snow removal, and common-area upkeep for the parking lot and landscape. Onsite parking is available, and the condo complex is situated over 2.87 acres.
The space is currently occupied by a national dermatology firm, supporting turnkey medical use for qualified operators or owner-occupants. It is configured to accommodate ongoing clinical services with multiple exam rooms and supporting front- and back-of-house areas. The offering includes the leased interest and is presented as an investment opportunity with a reported +/- 8.5% cap rate; inquire about owner occupancy options as well.
Key Highlights
- 2,284 SF remodeled medical condo with waiting room, reception, 2 offices, 6 exam rooms, ADA restroom, and break room/kitchenette
- National dermatology tenant in place; offered with a lease at +/- 8.5% cap rate
- Brand new HVAC system and A/C condenser
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
$48,019
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
8.00%
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%
$960,380
$960.4K
Cap Rate 7%
$685,986
$686.0K
Cap Rate 9%
$533,544
$533.5K
Market Conditions
NOI Build-Up for 2,284 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
$80.0K $35.04/SF
− Vacancy
−$16.0K −$7.01/SF
EGI
$64.0K $28.03/SF
− OpEx
−$16.0K −$7.01/SF
NOI
$48.0K $21.02/SF
Area
Barnstable County, MA
Vacancy
20.00%
Lease Rate
$35.04 /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%
$960,380
Cap Rate 7%
$685,986
Cap Rate 9%
$533,544
Alternative Uses
Best Use
Office B
$686.0K
$600.2K – $800.3K
NOI $48,019 @ 7.0% cap · market cap 8.00%
Second Best
Healthcare Medical
$461.3K
$403.6K – $538.2K
NOI $32,289 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$930.7K
$814.4K – $1.09M
NOI $65,152 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02540, MA
8,450
Population
6,200
Households
1.4
Avg Household Size
61
Median Age
59%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
768
Density / Sq Mi
$88,266
Median Household Income
$52,243
Median Earnings
$1,328
Median Rent
$756,300
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?
Medical Office Space - Fully remodeled medical condo featuring multiple exam rooms, ADA restroom, and dedicated onsite parking.
Where is this medical office space located?
The property is located at 3-37 Edgerton Dr North Falmouth, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2,284 SF remodeled medical condo with waiting room, reception, 2 offices, 6 exam rooms, ADA restroom, and break room/kitchenette; National dermatology tenant in place; offered with a lease at +/- 8.5% cap rate; Brand new HVAC system and A/C condenser
