Industrial Automotive Repair
For Sale
$3,650,000
451 Walpole Street, Norwood, MA 02062
Single-story industrial shop with paint spray booth and multiple drive-in doors, plus leases expiring at year-end 2026.
Property Size13,847 SF
Lot Size1.00 Acre
Price / SF$263.60
Days on Market229
Property Features for 451 Walpole Street
General Information
Standard status
Active
Size
13,847 SF
Lot size
1.00 Acre
Property subtype
Commercial
Additional Details
Drive-In Doors
5
Building Details
Year Built
1945
Stories
1
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jan 6
Changed: Jul 10
Last Checked: Aug 22 at 3:48AM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
451 Walpole Street is a single-story industrial/automotive repair facility featuring a modern paint spray booth. The building includes approximately 14,000+/- SF of versatile space and operates with five drive-in doors for vehicle and equipment access. Two of the spaces include a second-floor office, supporting on-site administrative use alongside shop operations. The property sits on about one acre of land.
The property is located at 451 Walpole Street in Norwood, MA and is currently operated under existing leases, with leases set to expire at the end of 2026. The drive-in door configuration and straightforward, single-level layout are well aligned with service, repair, and industrial uses that benefit from direct loading and flexible internal space.
This facility is a practical fit for an owner-occupant seeking a purpose-built automotive or industrial environment with paint spray capabilities, or for an investor planning around the known lease expiration timeline. The combination of drive-in access, a dedicated spray booth, and on-site office space in select areas can support a range of contractor, service, and industrial tenants that require functional shop space and convenient vehicle entry.
The property is located at 451 Walpole Street in Norwood, MA and is currently operated under existing leases, with leases set to expire at the end of 2026. The drive-in door configuration and straightforward, single-level layout are well aligned with service, repair, and industrial uses that benefit from direct loading and flexible internal space.
This facility is a practical fit for an owner-occupant seeking a purpose-built automotive or industrial environment with paint spray capabilities, or for an investor planning around the known lease expiration timeline. The combination of drive-in access, a dedicated spray booth, and on-site office space in select areas can support a range of contractor, service, and industrial tenants that require functional shop space and convenient vehicle entry.
Key Highlights
- Single‑story industrial/automotive facility with a paint spray booth
- ~14,000 +/- SF building size on a 1‑acre site (451 Walpole Street, Norwood, MA)
- Three drive‑in doors plus five (5) drive‑in doors for flexible vehicle access
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
$235,644
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
6.46%
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%
$4,712,880
$4.7M
Cap Rate 7%
$3,366,343
$3.4M
Cap Rate 9%
$2,618,267
$2.6M
Market Conditions
NOI Build-Up for 13,847 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
$345.6K $24.96/SF
− Vacancy
−$9.0K −$0.65/SF
EGI
$336.6K $24.31/SF
− OpEx
−$101.0K −$7.29/SF
NOI
$235.6K $17.02/SF
Area
Norfolk County, MA
Vacancy
2.60%
Lease Rate
$24.96 /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%
$4,712,880
Cap Rate 7%
$3,366,343
Cap Rate 9%
$2,618,267
Alternative Uses
Best Use
Retail
$3.37M
$2.95M – $3.93M
NOI $235,644 @ 7.0% cap · market cap 6.46%
Second Best
Industrial
$2.10M
$1.84M – $2.45M
NOI $147,289 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$8.20M
$7.17M – $9.56M
NOI $573,816 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Drive-in doors
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
62k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Groceries 44%
Dining 10%
Big Y World Class Market
Groceries
27,318 visits/mo
0.1 miles
Dollar Tree
Shops & Services
17,552 visits/mo
0.1 miles
Shell
Shops & Services
11,306 visits/mo
0.2 miles
Dunkin' Donuts
Dining
6,000 visits/mo
0.1 miles
Demographics for 02062, MA
31,611
Population
13,961
Households
2.3
Avg Household Size
41
Median Age
53%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
3,011
Density / Sq Mi
$97,110
Median Household Income
$60,434
Median Earnings
$2,056
Median Rent
$613,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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- Collegetown Auto — 83 Morse St # 14, Norwood, MA 02062
- EuroSide Automotive — 1220 Washington St, Norwood, MA 02062
Frequently Asked Questions
What type of property is this?
Auto shop - Single-story industrial shop with paint spray booth and multiple drive-in doors, plus leases expiring at year-end 2026.
Where is this auto shop located?
The property is located at 451 Walpole Street Norwood, MA.
What is the asking price?
The asking price for this property is $3,650,000.
What are key features of this property?
This property features: Single‑story industrial/automotive facility with a paint spray booth; ~14,000 +/- SF building size on a 1‑acre site (451 Walpole Street, Norwood, MA); Three drive‑in doors plus five (5) drive‑in doors for flexible vehicle access
