Medical Office Condo with Exam
For Sale
Contact for pricing
37 Edgerton Drive STE 3, North Falmouth, MA 02556
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 Market69
Property Features for 37 Edgerton Drive STE 3
General Information
Standard status
Active
Size
2,284 SF
Lot size
2.87 Acres
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
8.5%
Building Details
Year Built
1970
Units
1
Listing Agency:
North Atlantic Realty Group
(508) 694-6714
Listed By:
Dennis Kerkado
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 10 at 1:22PM
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
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 = 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
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 - 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 STE 3 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: 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
