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    Medical Office Condominium with Exam Rooms Title is generated by Realmo AI

    37 Edgerton Drive, North Falmouth, MA 02556

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    Claim this Listing
    New
    For Sale
    $599,900

    COMMERCIAL - North Falmouth, MA

    Property size:
    2,284 SF
    Lot size:
    2.87 Acres
    Price / SF:
    $262/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 11:06 am

    Property Features for 37 Edgerton Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Appliances
    Water Heater
    Standard status
    Active
    APN
    FALM 05 S:10 P:019B L:003U
    Size
    2,284 SF
    Lot size
    2.87 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3182

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1970
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Asphalt, Aluminum

    We can help!

    Listing Contact
    Dennis Kerkado

    Listing agent Dennis Kerkado

    Listing office North Atlantic Realty Group 76 Tupper Road #10, MA

    Listing date Jun 5, 2026

    MLS# 22602633

    Copyright © 2026 Cape Cod & Islands Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 2,284 SF North Falmouth medical commercial condo with a lease in place (about 8.5% cap rate) to a national dermatology firm
    • Fully remodeled unit with brand‑new HVAC and A/C condenser; forced‑air natural gas heat and central air
    • Condo layout includes waiting room, reception, 2 offices, 6 exam rooms, ADA restroom, and break room with kitchenette
    • Condo includes storage area and onsite parking; unit has 25% common interest in the condo complex
    • HOA fee is paid by the tenant and covers master insurance, exterior maintenance, snow removal, parking lot, and landscaping
    • Built in 1970; vinyl siding with asphalt/aluminum roof; public water service; parking lot included

    Overview

    This remodeled medical office condominium unit offers a practical clinical layout with a waiting room, reception area, two offices, and six exam rooms. The space also includes an ADA restroom, a break room with kitchenette, and a dedicated storage area. Improvements include a brand new HVAC system and A/C condenser. The condo interest includes 25% common interest in the complex, with HOA costs addressed as part of the lease structure.

    The offering includes a lease in place with a national dermatology tenant. The HOA fee is paid by the tenant and covers master insurance, exterior maintenance, snow removal, parking lot, and landscaping. Onsite parking is included with the unit.

    For a buyer, this configuration supports ongoing medical office operations with defined patient and exam spaces and an accessible restroom. For owner-occupants or investors evaluating a stabilized position, the space is already set up for medical use with recently installed HVAC equipment and a turnkey interior plan that includes reception, exam rooms, and support space like a kitchenette and storage.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $80.0k $35.04
    − Vacancy −$16.0k −$7.01
    EGI $64.0k $28.03
    − OpEx −$16.0k −$7.01
    NOI $48.0k $21.02
    2,284 SF · lease $35.04/SF/yr · vacancy 20.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $686.0K
    $600.2K – $800.3K (±1% cap)
    NOI $48,019 @ 7.0% cap · market cap 8.00%
    Second Best
    Healthcare Medical
    $461.3K
    $403.6K – $538.2K (±1% cap)
    NOI $32,289 @ 7.0% cap · market cap 5.38%
    Theoretical Best
    Office A
    $930.7K
    $814.4K – $1.09M (±1% cap)
    NOI $65,152 @ 7.0% cap · market cap 10.86%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Falmouth
    County
    Barnstable
    State
    Massachusetts
    Longitude
    -70.611813
    Latitude
    41.640266

    FAQs

    What type of property is this?
    Medical Office Space - Remodeled medical condo with HVAC, multiple exam rooms, and onsite parking, offered with a lease in place.
    Where is this medical office space located?
    The property is located at 37 Edgerton Drive 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 North Falmouth medical commercial condo with a lease in place (about 8.5% cap rate) to a national dermatology firm; Fully remodeled unit with brand‑new HVAC and A/C condenser; forced‑air natural gas heat and central air; Condo layout includes waiting room, reception, 2 offices, 6 exam rooms, ADA restroom, and break room with kitchenette
    (508) 534-9768
    We can help!
    Listing Contact
    Dennis Kerkado
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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