Turn-Key Office
For Sale
$1,290,000
45 Albion Street, Wakefield, MA 01880
Recently renovated multi-story office building with multiple offices, finished lower level, and off-street parking.
Property Size2,700 SF
Price / SF$477.78
Days on Market349
Property Features for 45 Albion Street
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Commercial
Amenities
open concept entry foyer
conference room/kitchenette
open air porch
employee patio
motion controlled security lighting
Building Details
Year Built
1900
Year Renovated
2024
Stories
3
Listing Agency:
Barrett,Chris. J.,REALTORS
Listed By:
Christopher Barrett
(617) 694-0004
Source:
Somervillelofts
Added: Aug 17, 2025
Changed: Jul 28
Last Checked: Jul 30 at 5:26PM
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 Barrett,Chris. J.,REALTORS
Investment Insights
Based on property information with market context.
This virtually turn-key office building at 45 Albion Street has been completely renovated, including a new 2nd-floor addition completed in 2024. Improvements reported include new siding, PVC trim, windows, roof, trex decking, plumbing, wiring, mini splits, life proof vinyl floors, and motion-controlled security lighting. The layout includes a first floor with an open concept entry foyer, reception area, five offices, and two lavatories, with one office providing exclusive access.
The second floor offers four offices, two lavatories (including a private lav associated with an executive corner office), and an approximately 22-foot open-air porch. A finished lower level includes a 25-by-14 conference room/kitchenette, an additional office, and a utility room, along with an outside employee patio and seating area.
The property is described as located in the Albion Street, Wakefield business district, with close proximity to downtown and commuter rail. Off-street parking is available for 10 to 11 vehicles.
The second floor offers four offices, two lavatories (including a private lav associated with an executive corner office), and an approximately 22-foot open-air porch. A finished lower level includes a 25-by-14 conference room/kitchenette, an additional office, and a utility room, along with an outside employee patio and seating area.
The property is described as located in the Albion Street, Wakefield business district, with close proximity to downtown and commuter rail. Off-street parking is available for 10 to 11 vehicles.
Key Highlights
- Completely renovated 2‑story office building with a 2024 new 2nd‑floor addition at 45 Albion St.
- 1,500 SF first floor with open‑concept entry foyer, reception area, 5 offices, and 2 lavatories.
- 1,200 SF second floor with 4 offices, 2 lavatories, and an executive corner office with a private lav.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.4k | $54.24 |
| − Vacancy | −$32.2k | −$11.93 |
| EGI | $114.2k | $42.31 |
| − OpEx | −$28.6k | −$10.58 |
| NOI | $85.7k | $31.73 |
2,700 SF · lease $54.24/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.43M
NOI $85,672 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,887 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Recently renovated multi-story office building with multiple offices, finished lower level, and off-street parking.
Where is this office building located?
The property is located at 45 Albion Street Wakefield, MA.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Completely renovated 2‑story office building with a 2024 new 2nd‑floor addition at 45 Albion St.; 1,500 SF first floor with open‑concept entry foyer, reception area, 5 offices, and 2 lavatories.; 1,200 SF second floor with 4 offices, 2 lavatories, and an executive corner office with a private lav.
