Renovated Medical Office
For Sale
$599,900
37 Edgerton Drive, North Falmouth, MA 02556
Commercial Sale, North Falmouth, MA
Property Size2,284 SF
Lot Size2.87 Acres
Price / SF$262.65
Days on Market93
Property Features for 37 Edgerton Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
LA
Parking features
Parking Lot
Appliances
Water Heater
Elementary school district
Falmouth
Middle school district
Falmouth
High school district
Falmouth
Directions
off 28a
Subdivision
Falmouth
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
Natural Gas, Forced Air
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
Aluminum, Asphalt
Listing Agency:
North Atlantic Realty Group
(508) 534-9768
Listed By:
Dennis Kerkado
(508) 694-6714
Added: Jun 5
Changed: Sep 2
Last Checked: Sep 5 at 10:06AM
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.
Investment Insights
Based on property information with market context.
This 2,284-square-foot medical office condominium has been fully renovated and is configured for clinical operations. The interior includes a waiting room, reception area, two offices, six exam rooms, an ADA restroom, a break room with kitchenette, and storage. A new HVAC system and A/C condenser have been installed. The unit is leased to a national dermatology firm, with an approximately 8.5% cap rate. Owner occupancy is also noted as a possible use.
The condominium interest represents 25% of the complex and is situated on 2.87 acres. The property includes an onsite parking lot, while the tenant-paid HOA covers master insurance, exterior maintenance, snow removal, parking lot upkeep, and landscaping. The building was constructed in 1970 and has vinyl siding, vinyl flooring, public water, natural gas forced-air heating, central air, and an aluminum and asphalt roof.
The condominium interest represents 25% of the complex and is situated on 2.87 acres. The property includes an onsite parking lot, while the tenant-paid HOA covers master insurance, exterior maintenance, snow removal, parking lot upkeep, and landscaping. The building was constructed in 1970 and has vinyl siding, vinyl flooring, public water, natural gas forced-air heating, central air, and an aluminum and asphalt roof.
Key Highlights
- 2,284‑square‑foot medical office condominium
- Approximately 8.5% cap rate with lease in place
- Interior layout includes 6 exam rooms, 2 offices, reception, waiting, storage, and kitchenette
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
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02556, MA
3,338
Population
2,751
Households
1.2
Avg Household Size
58
Median Age
69%
College-Educated
100%
High-School Grad
3.9 sq mi
ZIP Area
856
Density / Sq Mi
$133,929
Median Household Income
$68,750
Median Earnings
$658,600
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 - Renovated suite includes exam rooms, administrative offices, kitchenette, storage, and an ADA restroom.
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‑square‑foot medical office condominium; Approximately 8.5% cap rate with lease in place; Interior layout includes 6 exam rooms, 2 offices, reception, waiting, storage, and kitchenette
