Historic Office Building with Original
For Sale
$995,000
47 - 49 Main, Lee, MA 01238
Two connected office areas offer separate HVAC, dedicated entries, and retained architectural details.
Property Size2,256 SF
Price / SF$441.05
Days on Market10
Property Features for 47 - 49 Main
General Information
Standard status
Active
Size
2,256 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1835
Buildings
1
Listing Agency:
WILLIAM PITT SOTHEBY'S - LENOX
Listed By:
Richard G. Aldrich
(413) 528-4423
Source:
Barnbrookrealty
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 20 at 8:45AM
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 historic office property combines two connected areas totaling 2,256 square feet. The original front section at 47 Main was built in 1835, while the rear addition at 49 Main dates to 1920. The building retains many original architectural elements and includes a handicap ramp, side entrance, and handicap bathroom. Each area has its own heating and air-conditioning system, with service from 200 amp electric.
The property is located at 47–49 Main in Lee, Massachusetts. Architectural plans from 2020–2021 for a second-floor apartment and a rear addition will be provided to the buyer. The rear addition does not include the gardens. A possible sale/leaseback structure is also identified.
The property is located at 47–49 Main in Lee, Massachusetts. Architectural plans from 2020–2021 for a second-floor apartment and a rear addition will be provided to the buyer. The rear addition does not include the gardens. A possible sale/leaseback structure is also identified.
Key Highlights
- 2,256‑square‑foot office property combining front and rear areas
- Front section at 47 Main constructed in 1835
- Rear bank‑area addition at 49 Main added in 1920
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
$35,012
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
3.52%
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%
$700,240
$700.2K
Cap Rate 7%
$500,171
$500.2K
Cap Rate 9%
$389,022
$389.0K
Market Conditions
NOI Build-Up for 2,256 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
$48.7K $21.60/SF
− Vacancy
−$2.0K −$0.91/SF
EGI
$46.7K $20.69/SF
− OpEx
−$11.7K −$5.17/SF
NOI
$35.0K $15.52/SF
Area
Berkshire County, MA
Vacancy
4.20%
Lease Rate
$21.60 /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%
$700,240
Cap Rate 7%
$500,171
Cap Rate 9%
$389,022
Alternative Uses
Best Use
Specialty Retail
$500.2K
$437.7K – $583.5K
NOI $35,012 @ 7.0% cap · market cap 3.52%
Second Best
Office B
$419.8K
$367.3K – $489.7K
NOI $29,384 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$660.6K
$578.0K – $770.7K
NOI $46,239 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
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?
Office building - Two connected office areas offer separate HVAC, dedicated entries, and retained architectural details.
Where is this office building located?
The property is located at 47 - 49 Main Lee, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,256‑square‑foot office property combining front and rear areas; Front section at 47 Main constructed in 1835; Rear bank‑area addition at 49 Main added in 1920
