Medical Office Condo with Exam
37 Edgerton Drive Unit 3, Falmouth, MA 02556
For Sale
$599,900
Fully remodeled medical condo leased to a national dermatology tenant with extensive exam-room buildout and covered HOA services.
Property Size2,284 SF
Lot Size2.87 Acres
Price / SF$262.65
Days on Market235
Property Features for 37 Edgerton Drive Unit 3
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Additional Details
Cap Rate
Building Details
Year Built
Listing Agency:
North Atlantic Realty Group,Inc.
Listed By:
Jay Testa
(774) 266-0374
Source:
Kelleyrege
Added: Mar 17
Changed: Nov 6
Last Checked: Aug 24 at 7:12AM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This offering is a medical office condo unit configured for dermatology or similar clinical uses. The approximately 2,284 SF space includes 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 interior has been fully remodeled/renovated and includes a brand new HVAC system and A/C condenser.
The unit carries a 25% common interest in the condo complex. HOA fees are paid by the tenant and include master insurance, exterior maintenance, snow removal, parking lot, and landscape. The property also includes onsite parking and is situated over 2.87 acres. The unit is located at 37 Edgerton Drive STE 3, North Falmouth, MA 02556.
For buyers, the space is presented as an investment opportunity with a lease in place. The tenant is described as a national dermatology firm, which can appeal to an operator seeking a ready-to-occupy medical setup. Owner occupancy is also referenced in the offering, supported by the turnkey clinical layout and updated mechanical systems.
The unit carries a 25% common interest in the condo complex. HOA fees are paid by the tenant and include master insurance, exterior maintenance, snow removal, parking lot, and landscape. The property also includes onsite parking and is situated over 2.87 acres. The unit is located at 37 Edgerton Drive STE 3, North Falmouth, MA 02556.
For buyers, the space is presented as an investment opportunity with a lease in place. The tenant is described as a national dermatology firm, which can appeal to an operator seeking a ready-to-occupy medical setup. Owner occupancy is also referenced in the offering, supported by the turnkey clinical layout and updated mechanical systems.
Key Highlights
- Fully remodeled 2,284 SF medical condo with a waiting room, reception, 2 offices, 6 exam rooms, and an ADA restroom
- Leased to a national dermatology firm; investment offered at +/- 8.5% cap rate with tenant in place
- Brand new HVAC system and A/C condenser
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,019
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
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
$658,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Medical Office Space in Barnstable County, MA
Properties on Market for Medical Office Space in Barnstable County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully remodeled medical condo leased to a national dermatology tenant with extensive exam-room buildout and covered HOA services.
Where is this medical office space located?
The property is located at 37 Edgerton Drive Unit 3 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: Fully remodeled 2,284 SF medical condo with a waiting room, reception, 2 offices, 6 exam rooms, and an ADA restroom; Leased to a national dermatology firm; investment offered at +/- 8.5% cap rate with tenant in place; Brand new HVAC system and A/C condenser
