Government-Leased Office
For Sale
$2,153,000
48 Research Rd, East Falmouth, MA 02536
A federal agency occupies the building under a newly executed long-term lease.
Property Size4,970 SF
Lot Size2.52 Acres
Price / SF$433.20
Days on Market23
Property Features for 48 Research Rd
General Information
Standard status
Active
Size
4,970 SF
Lot size
2.52 Acres
Property subtype
Office
Occupancy
100%
Financials
Asking Price
$2,153,000
Cap Rate
7.75%
Building Details
Buildings
1
Building Size
4,970 SF
Tenancy
Single
Abandoned
No
Listing Agency:
Dallas
(972) 759-7814
Listed By:
Geoff Ficke · License #593051
(972) 759-7814
Source:
Colliers
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 31 at 12:39PM
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 Dallas
Investment Insights
Based on property information with market context.
This 4,970-square-foot office building occupies a 2.52-acre site at 48 Research Road in East Falmouth, Massachusetts. The facility is occupied by the Social Security Administration, which operates a full-service field office serving Cape Cod, Martha’s Vineyard, and Nantucket.
A new 10-year lease begins in October 2026 and includes a 5-year firm term. The property has received substantial recent improvements, including a new HVAC system scheduled for 2026, a roof replacement completed in 2018, a security barrier wall, and on-site solar panels. The federal agency’s occupancy at the site extends beyond a decade, providing documented continuity of use.
A new 10-year lease begins in October 2026 and includes a 5-year firm term. The property has received substantial recent improvements, including a new HVAC system scheduled for 2026, a roof replacement completed in 2018, a security barrier wall, and on-site solar panels. The federal agency’s occupancy at the site extends beyond a decade, providing documented continuity of use.
Key Highlights
- 4,970‑square‑foot office building on 2.52 acres
- Social Security Administration occupancy at 48 Research Road
- New 10‑year lease commencing October 2026
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
$104,489
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
4.85%
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%
$2,089,780
$2.1M
Cap Rate 7%
$1,492,700
$1.5M
Cap Rate 9%
$1,160,989
$1.2M
Market Conditions
NOI Build-Up for 4,970 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
$174.1K $35.04/SF
− Vacancy
−$34.8K −$7.01/SF
EGI
$139.3K $28.03/SF
− OpEx
−$34.8K −$7.01/SF
NOI
$104.5K $21.02/SF
Area
Barnstable County, MA
Vacancy
20.00%
Lease Rate
$35.04 /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%
$2,089,780
Cap Rate 7%
$1,492,700
Cap Rate 9%
$1,160,989
Alternative Uses
Best Use
Office B
$1.49M
$1.31M – $1.74M
NOI $104,489 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.77M – $2.36M
NOI $141,771 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
Business Placement
Demographics for 02536, MA
19,993
Population
12,151
Households
1.6
Avg Household Size
53
Median Age
45%
College-Educated
95%
High-School Grad
27.4 sq mi
ZIP Area
730
Density / Sq Mi
$95,295
Median Household Income
$52,868
Median Earnings
$1,473
Median Rent
$496,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - A federal agency occupies the building under a newly executed long-term lease.
Where is this office building located?
The property is located at 48 Research Rd East Falmouth, MA.
What is the asking price?
The asking price for this property is $2,153,000.
What are key features of this property?
This property features: 4,970‑square‑foot office building on 2.52 acres; Social Security Administration occupancy at 48 Research Road; New 10‑year lease commencing October 2026
