Freestanding Retail/Flex
For Sale
$3,795,000
305 2nd Avenue, Waltham, MA 02452
Freestanding corner flex building with a wide-open layout, positioned for retail, office, and service uses.
Property Size8,000 SF
Price / SF$474.38
Days on Market59
Property Features for 305 2nd Avenue
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1975
Listing Agency:
Lock and Key Realty
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Jul 6
Changed: Sep 2
Last Checked: Sep 1 at 4:58PM
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 Lock and Key Realty
Investment Insights
Based on property information with market context.
This freestanding retail/office/flex building offers a wide-open layout designed to accommodate a range of industrial, medical, retail, and service uses. The property includes approximately 8,000 square feet of space and is available for lease and for sale.
The site is located within a well-established commercial and lab corridor, with access to I-95/Route 128 as well as Route 2 and Route 20. It sits on the corner of 2nd Avenue and Bear Hill Road, benefiting from high visibility.
Nearby retail and employment uses include Town Fair Tire, Pizzeria Uno, Genzyme Corp, Costco, Forum Pharmaceuticals, and Mass General West. The building is also described as suitable for redevelopment.
The site is located within a well-established commercial and lab corridor, with access to I-95/Route 128 as well as Route 2 and Route 20. It sits on the corner of 2nd Avenue and Bear Hill Road, benefiting from high visibility.
Nearby retail and employment uses include Town Fair Tire, Pizzeria Uno, Genzyme Corp, Costco, Forum Pharmaceuticals, and Mass General West. The building is also described as suitable for redevelopment.
Key Highlights
- 8,000 sq ft freestanding corner flex building on 2nd Avenue and Bear Hill Road
- Year built 1975
- Wide‑open layout supports a range of retail, office, service, industrial, and medical uses
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
$253,843
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
6.69%
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%
$5,076,860
$5.1M
Cap Rate 7%
$3,626,329
$3.6M
Cap Rate 9%
$2,820,478
$2.8M
Market Conditions
NOI Build-Up for 8,000 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
$433.9K $54.24/SF
− Vacancy
−$95.5K −$11.93/SF
EGI
$338.5K $42.31/SF
− OpEx
−$84.6K −$10.58/SF
NOI
$253.8K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /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%
$5,076,860
Cap Rate 7%
$3,626,329
Cap Rate 9%
$2,820,478
Alternative Uses
Best Use
Office B
$3.63M
$3.17M – $4.23M
NOI $253,843 @ 7.0% cap · market cap 6.69%
Second Best
Retail
$1.64M
$1.44M – $1.92M
NOI $114,983 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$4.74M
$4.14M – $5.53M
NOI $331,518 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,097
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02452, MA
15,340
Population
5,838
Households
2.6
Avg Household Size
33
Median Age
54%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
4,037
Density / Sq Mi
$112,902
Median Household Income
$41,351
Median Earnings
$2,325
Median Rent
$779,900
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 - Freestanding corner flex building with a wide-open layout, positioned for retail, office, and service uses.
Where is this flex space located?
The property is located at 305 2nd Avenue Waltham, MA.
What is the asking price?
The asking price for this property is $3,795,000.
What are key features of this property?
This property features: 8,000 sq ft freestanding corner flex building on 2nd Avenue and Bear Hill Road; Year built 1975; Wide‑open layout supports a range of retail, office, service, industrial, and medical uses
