Flex Space with Overhead
For Sale
$295,000
45 School St, Lee, MA 01238
Includes an office, bathroom, mezzanine, and gas heat.
Property Size1,120 SF
Price / SF$263.39
Days on Market15
Property Features for 45 School St
General Information
Standard status
Active
Size
1,120 SF
Additional Details
Asking Price
$295,000
Building Details
Year Built
1996
Listing Agency:
WILLIAM PITT SOTHEBY'S - LENOX
(413) 243-1739
Listed By:
Richard G. Aldrich
(413) 243-1739
Source:
Lockandkeyre
Added: Jul 28
Changed: Aug 11
Last Checked: Aug 11 at 6:24AM
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 WILLIAM PITT SOTHEBY'S - LENOX
Investment Insights
Based on property information with market context.
This 1,120-square-foot flex space was built in 1996 and combines office and garage functionality in one commercial building. The interior includes one office, a bathroom, an overhead door, and a mezzanine area. Gas heat and upgraded thermal windows are also in place.
The property is located at 45 School St in Lee, Massachusetts, with off-street parking available. Its blend of enclosed work area, office space, overhead access, and mezzanine storage creates a practical layout for commercial operations requiring both workspace and garage capacity.
The property is located at 45 School St in Lee, Massachusetts, with off-street parking available. Its blend of enclosed work area, office space, overhead access, and mezzanine storage creates a practical layout for commercial operations requiring both workspace and garage capacity.
Key Highlights
- 1,120 square feet of flex space
- Built in 1996
- One office, bathroom, overhead door, and mezzanine area
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
$17,559
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
5.95%
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%
$351,180
$351.2K
Cap Rate 7%
$250,843
$250.8K
Cap Rate 9%
$195,100
$195.1K
Market Conditions
NOI Build-Up for 1,120 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
$33.6K $30.00/SF
− Vacancy
−$6.6K −$5.88/SF
EGI
$27.0K $24.12/SF
− OpEx
−$9.5K −$8.44/SF
NOI
$17.6K $15.68/SF
Area
Berkshire County, MA
Vacancy
19.60%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
35.00%
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%
$351,180
Cap Rate 7%
$250,843
Cap Rate 9%
$195,100
Alternative Uses
Best Use
Flex RnD
$250.8K
$219.5K – $292.7K
NOI $17,559 @ 7.0% cap · market cap 5.95%
Second Best
Office B
$208.4K
$182.4K – $243.1K
NOI $14,588 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$327.9K
$287.0K – $382.6K
NOI $22,956 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01238, MA
5,722
Population
3,069
Households
1.9
Avg Household Size
51
Median Age
46%
College-Educated
99%
High-School Grad
27.6 sq mi
ZIP Area
207
Density / Sq Mi
$74,469
Median Household Income
$47,035
Median Earnings
$1,255
Median Rent
$332,100
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?
Flex space - Includes an office, bathroom, mezzanine, and gas heat.
Where is this flex space located?
The property is located at 45 School St Lee, MA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,120 square feet of flex space; Built in 1996; One office, bathroom, overhead door, and mezzanine area
