Renovated Office
For Sale
$1,099,000
45 Albion, Wakefield, MA 01880
Flexible office property with private rooms, conference space, dedicated parking, and recent building-wide improvements.
Property Size1,900 SF
Days on Market10
Property Features for 45 Albion
General Information
Standard status
Active
Size
1,900 SF
Total Parking Spaces
11
Property subtype
Commercial
Lease Term
Existing Lease Type: NNN
Additional Details
Public Transit
Yes
Amenities
two-story entry
Trex decking
exterior security lighting
open-air porch
conference room with kitchenette
storage/utility space
Building Details
Building Size
1,900 SF
Year Built
1900
Year Renovated
2024
Buildings
1
Listing Agency:
Keller Williams Realty Evolution
(978) 992-4050
Listed By:
Michelle Draper Realty Team
(978) 857-8569
Source:
Iverty
Added: Sep 15
Changed: Sep 23
Last Checked: Sep 22 at 4:29PM
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
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 = 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
$60,288
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
5.49%
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%
$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
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
$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 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%
$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 5.49%
Second Best
Healthcare Medical
$787.9K
$689.4K – $919.2K
NOI $55,151 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$1.12M
$984.2K – $1.31M
NOI $78,736 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,536
Businesses Nearby
Explore this area
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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Market
Vacancy Rate% for Office in Northeast region
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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 $1,099,000.
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
