Garage and Office Space For
For Sale
Contact for pricing
42 Felton Street, Waltham, MA 02453
Garage and office space suitable for various business uses.
Property Size3,710 SF
Price / SF$215.36
Days on Market190
Property Features for 42 Felton Street
General Information
Standard status
Active
Size
3,710 SF
Class
A
Property subtype
Office, Industrial, Self Storage
Investment Type
Owner/User
Building Details
Year Built
2017
Listing Agency:
Marini Real Estate
Listed By:
Joe Marini · License #MA 9558782
Source:
Crexi
Added: Feb 12
Changed: Aug 14
Last Checked: Aug 14 at 7:24AM
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 Marini Real Estate
Investment Insights
Based on property information with market context.
This property offers 1,496 SF to 3,710 SF of garage and office space for sale. Constructed in 2017 by a local builder, the space is customizable for various business uses. Approximately 50% of the footprint is dedicated to garage space, with the remaining 50% comprising second-floor office space. A non-structural wall can be removed to create a single large unit, totaling 3,710 SF. First-floor features include the ability to park vehicles indoors with in-floor oil separators and drainage, exclusive additional two-car parking with an adjacent parking area, a half bathroom, a utility sink, a hose hookup, and gas heating. The second floor includes a bathroom with a shower, a kitchenette with a fridge and sink, a balcony, a meeting room, a washer/dryer hookup, and central heating and air conditioning.
Key Highlights
- Flexible Space: 1,496 SF to 3,710 SF of customizable garage and office space.
- Garage Features: In‑floor oil separators and drainage for indoor vehicle parking.
- Office Amenities: Second floor includes a bathroom with shower, kitchenette, balcony, and meeting room.
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
$39,463
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
4.94%
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%
$789,260
$789.3K
Cap Rate 7%
$563,757
$563.8K
Cap Rate 9%
$438,478
$438.5K
Market Conditions
NOI Build-Up for 3,710 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
$59.7K $16.08/SF
− Vacancy
−$3.3K −$0.88/SF
EGI
$56.4K $15.20/SF
− OpEx
−$16.9K −$4.56/SF
NOI
$39.5K $10.64/SF
Area
Middlesex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
30.00%
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%
$789,260
Cap Rate 7%
$563,757
Cap Rate 9%
$438,478
Alternative Uses
Best Use
Industrial
$563.8K
$493.3K – $657.7K
NOI $39,463 @ 7.0% cap · market cap 4.94%
Second Best
Flex RnD
$262.8K
$230.0K – $306.7K
NOI $18,399 @ 7.0% cap · market cap 2.30%
Theoretical Best
Office A
$2.20M
$1.92M – $2.56M
NOI $153,741 @ 7.0% cap · market cap 19.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,500
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02453, MA
31,854
Population
13,163
Households
2.4
Avg Household Size
34
Median Age
59%
College-Educated
92%
High-School Grad
3.6 sq mi
ZIP Area
8,848
Density / Sq Mi
$114,029
Median Household Income
$58,036
Median Earnings
$2,063
Median Rent
$666,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Garage and office space suitable for various business uses.
Where is this flex space located?
The property is located at 42 Felton Street Waltham, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Flexible Space: 1,496 SF to 3,710 SF of customizable garage and office space.; Garage Features: In‑floor oil separators and drainage for indoor vehicle parking.; Office Amenities: Second floor includes a bathroom with shower, kitchenette, balcony, and meeting room.
