Renovated Office
45 Albion, Wakefield, MA 01880
For Sale
$999,000
Flexible office property with private rooms, conference space, dedicated parking, and recent building-wide improvements.
Property Size1,900 SF
Days on Market56
Property Features for 45 Albion
General Information
Standard status
Size
Total Parking Spaces
Lease Term
Additional Details
Public Transit
Amenities
two-story entry
Trex decking
exterior security lighting
open-air porch
conference room with kitchenette
storage/utility space
Building Details
Building Size
Year Built
Year Renovated
Buildings
Listing Agency:
Keller Williams Realty Evolution
(978) 992-4050
Listed By:
Michelle Draper Realty Team
(978) 857-8569
Source:
Iverty
Added: Sep 15
Changed: Nov 8
Last Checked: Nov 8 at 5:44AM
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 Keller Williams Realty Evolution
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Investment Insights
Based on property information with market context.
This office building combines a flexible multi-level layout with extensive 2024 renovations. The first floor includes a two-story entry, private offices, and two bathrooms. Additional offices and two more bathrooms are located upstairs, along with a corner office featuring a private bathroom and access to an approximately 22-foot open-air porch. The finished lower level adds office space, a large conference room with kitchenette, and storage or utility areas.
Building improvements include a second-floor addition, Hardie board siding, windows, roof, Trex decking, plumbing, electrical, mini-split heating and cooling, flooring, and exterior security lighting. The property includes 11 dedicated off-street parking spaces, with additional street parking in the surrounding area. Main Street is one block away, and the Wakefield MBTA Commuter Rail Station is approximately a quarter mile from the property.
Building improvements include a second-floor addition, Hardie board siding, windows, roof, Trex decking, plumbing, electrical, mini-split heating and cooling, flooring, and exterior security lighting. The property includes 11 dedicated off-street parking spaces, with additional street parking in the surrounding area. Main Street is one block away, and the Wakefield MBTA Commuter Rail Station is approximately a quarter mile from the property.
Key Highlights
- Extensively renovated in 2024 with a second‑floor addition and updated major building systems
- Multi‑level layout with private offices, conference room, kitchenette, and storage or utility space
- Approximately 22‑foot open‑air porch connected to a corner office with private bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,288
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,205,760
$1.2M
Cap Rate 7%
$861,257
$861.3K
Cap Rate 9%
$669,867
$669.9K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$103.1K $54.24/SF
− Vacancy
−$22.7K −$11.93/SF
EGI
$80.4K $42.31/SF
− OpEx
−$20.1K −$10.58/SF
NOI
$60.3K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,205,760
Cap Rate 7%
$861,257
Cap Rate 9%
$669,867
Alternative Uses
Best Use
Office B
$861.3K
$753.6K – $1.00M
NOI $60,288 @ 7.0% cap · market cap 6.03%
Second Best
Healthcare Medical
$787.9K
$689.4K – $919.2K
NOI $55,151 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.12M
$984.2K – $1.31M
NOI $78,736 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,536
Businesses Nearby
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Business Placement
Demographics for 01880, MA
27,071
Population
11,513
Households
2.4
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
3,658
Density / Sq Mi
$130,419
Median Household Income
$78,860
Median Earnings
$1,872
Median Rent
$670,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Middlesex County, MA
Properties on Market for Office buildings in Middlesex County
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office building - Flexible office property with private rooms, conference space, dedicated parking, and recent building-wide improvements.
Where is this office building located?
The property is located at 45 Albion Wakefield, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Extensively renovated in 2024 with a second‑floor addition and updated major building systems; Multi‑level layout with private offices, conference room, kitchenette, and storage or utility space; Approximately 22‑foot open‑air porch connected to a corner office with private bathroom
