Freestanding Flex Building with
For Sale
$599,900
3091 Cranberry Hwy, Wareham, MA 02538
Office and warehouse areas are paired with mezzanine storage, a 2025 roof, and phase 3 electric service.
Property Size3,120 SF
Price / SF$192.28
Days on Market17
Property Features for 3091 Cranberry Hwy
General Information
Standard status
Active
Size
3,120 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Three-Phase Power
Yes
Building Details
Year Built
1989
Year Renovated
2025
Buildings
1
Listing Agency:
Conway - Wareham
(774) 263-8989
Listed By:
Francis Gropman · License #9506689
Source:
Lawanaandcompany
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 1:00PM
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 Conway - Wareham
Investment Insights
Based on property information with market context.
This freestanding flex property combines office and warehouse areas within a multifunctional commercial building. A mezzanine adds elevated storage capacity and makes use of the building’s vertical space. The roof was replaced in 2025, and the property has phase 3 electric service. Constructed in 1989, the building offers a practical combination of work, storage, and administrative areas.
The property is located at 3091 Cranberry Hwy in Wareham, Massachusetts, along a roadway identified with a traffic count exceeding 27,000. The building next door may also be acquired as part of a package, providing an additional transaction option for an interested buyer.
The property is located at 3091 Cranberry Hwy in Wareham, Massachusetts, along a roadway identified with a traffic count exceeding 27,000. The building next door may also be acquired as part of a package, providing an additional transaction option for an interested buyer.
Key Highlights
- Freestanding flex building with office and warehouse areas
- Commercial mezzanine provides additional storage and vertical space
- New roof installed in 2025
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
$38,813
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
6.47%
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%
$776,260
$776.3K
Cap Rate 7%
$554,471
$554.5K
Cap Rate 9%
$431,256
$431.3K
Market Conditions
NOI Build-Up for 3,120 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
$49.8K $15.96/SF
− Vacancy
−$4.1K −$1.32/SF
EGI
$45.7K $14.64/SF
− OpEx
−$6.8K −$2.20/SF
NOI
$38.8K $12.44/SF
Area
Plymouth County, MA
Vacancy
8.30%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
15.00%
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%
$776,260
Cap Rate 7%
$554,471
Cap Rate 9%
$431,256
Alternative Uses
Best Use
Office B
$932.3K
$815.7K – $1.09M
NOI $65,258 @ 7.0% cap · market cap 10.88%
Second Best
Flex RnD
$825.7K
$722.5K – $963.3K
NOI $57,798 @ 7.0% cap · market cap 9.63%
Theoretical Best
Office A
$1.85M
$1.62M – $2.15M
NOI $129,292 @ 7.0% cap · market cap 21.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Balanced
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- ADOBO REPUBLIC — 3150 Cranberry Hwy, Wareham, MA 02538
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse areas are paired with mezzanine storage, a 2025 roof, and phase 3 electric service.
Where is this flex space located?
The property is located at 3091 Cranberry Hwy Wareham, 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: Freestanding flex building with office and warehouse areas; Commercial mezzanine provides additional storage and vertical space; New roof installed in 2025
