Industrial Paint Booth
For Sale
$3,250,000
451 Walpole Street, Norwood, MA 02062
Single-story industrial facility with a modern paint spray booth and multiple drive-in doors.
Property Size13,847 SF
Lot Size1.00 Acre
Price / SF$234.71
Days on Market279
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:
DMG Brokerage,LLC
Listed By:
Dan Gardner
(617) 875-4950
Source:
Sarkisboston
Added: Nov 24, 2025
Changed: Aug 25
Last Checked: Aug 29 at 9:57AM
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 DMG Brokerage,LLC
Investment Insights
Based on property information with market context.
451 Walpole Street is a single-story industrial facility built around an on-site paint spray booth operation. The property includes versatile industrial/automotive and repair-oriented space, with two areas featuring a second-floor office component. Multiple drive-in doors provide straightforward service access, supporting day-to-day loading and operations.
The site includes approximately one acre of land. Ownership will also inherit the current leasing situation, with leases set to expire at the end of 2026, creating defined timing for a future repositioning plan.
With an approximate building size of 14,000+/- square feet, the facility is configured for practical industrial use and can work for an owner-occupant or investor seeking an asset tied to automotive/repair and related industrial activities.
The site includes approximately one acre of land. Ownership will also inherit the current leasing situation, with leases set to expire at the end of 2026, creating defined timing for a future repositioning plan.
With an approximate building size of 14,000+/- square feet, the facility is configured for practical industrial use and can work for an owner-occupant or investor seeking an asset tied to automotive/repair and related industrial activities.
Key Highlights
- Single‑story industrial facility built in 1945 with a modern paint spray booth
- ~14,000 +/- SF building size with two spaces that include a second‑floor office
- Three drive‑in doors (five total drive‑in doors) for vehicle access and service/industrial use
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
$237,615
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
7.31%
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%
$4,752,300
$4.8M
Cap Rate 7%
$3,394,500
$3.4M
Cap Rate 9%
$2,640,167
$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
$415.4K $30.00/SF
− Vacancy
−$49.8K −$3.60/SF
EGI
$365.6K $26.40/SF
− OpEx
−$127.9K −$9.24/SF
NOI
$237.6K $17.16/SF
Area
Norfolk County, MA
Vacancy
12.00%
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%
$4,752,300
Cap Rate 7%
$3,394,500
Cap Rate 9%
$2,640,167
Alternative Uses
Best Use
Flex RnD
$3.39M
$2.97M – $3.96M
NOI $237,615 @ 7.0% cap · market cap 7.31%
Second Best
Industrial
$2.10M
$1.84M – $2.45M
NOI $147,289 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$8.20M
$7.17M – $9.56M
NOI $573,816 @ 7.0% cap · market cap 17.66%
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
Under-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story industrial facility with a modern paint spray booth and multiple drive-in doors.
Where is this flex space located?
The property is located at 451 Walpole Street Norwood, MA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Single‑story industrial facility built in 1945 with a modern paint spray booth; ~14,000 +/- SF building size with two spaces that include a second‑floor office; Three drive‑in doors (five total drive‑in doors) for vehicle access and service/industrial use
