New Flex Space with Drive-In
For Sale
$1,399,000
5-66 Airport Blvd, Marlborough, MA
Light industrial space supports manufacturing, distribution, office, contractor, and landscaping operations.
Property Size6,000 SF
Lot Size0.69 Acres
Price / SF$233.17
Days on Market335
Property Features for 5-66 Airport Blvd
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.69 Acres
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$7,632
Building Details
Buildings
1
Building Size
6,000 SF
Listing Agency:
Berkshire Realty Group, LLC
(508) 229-1824
Listed By:
James Vazza
(508) 229-1824
Source:
Exprealty
Added: Oct 2, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:52PM
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 Berkshire Realty Group, LLC
Investment Insights
Based on property information with market context.
This new flex space includes a 6,000-square-foot light industrial building with a drive-in door on a 30,000-square-foot lot. The property is part of Airport Industrial Park, a 20-lot commercial development designed for light industrial and related business uses.
The site is near Route 20 and Farm Road, with proximity to the Framingham and Sudbury line in Marlborough, Massachusetts. Supported uses include light manufacturing, distribution, office, contractor, and landscaping operations.
The site is near Route 20 and Farm Road, with proximity to the Framingham and Sudbury line in Marlborough, Massachusetts. Supported uses include light manufacturing, distribution, office, contractor, and landscaping operations.
Key Highlights
- New 6,000 sq.ft. light industrial building
- 30,000 sq.ft. lot within Airport Industrial Park
- Drive‑in door for direct building 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
$63,822
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
4.56%
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%
$1,276,440
$1.3M
Cap Rate 7%
$911,743
$911.7K
Cap Rate 9%
$709,133
$709.1K
Market Conditions
NOI Build-Up for 6,000 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
$96.5K $16.08/SF
− Vacancy
−$5.3K −$0.88/SF
EGI
$91.2K $15.20/SF
− OpEx
−$27.4K −$4.56/SF
NOI
$63.8K $10.64/SF
Area
Middlesex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /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%
$1,276,440
Cap Rate 7%
$911,743
Cap Rate 9%
$709,133
Alternative Uses
Best Use
Industrial
$911.7K
$797.8K – $1.06M
NOI $63,822 @ 7.0% cap · market cap 4.56%
Second Best
Flex RnD
$425.1K
$371.9K – $495.9K
NOI $29,755 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$3.55M
$3.11M – $4.14M
NOI $248,638 @ 7.0% cap · market cap 17.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,298
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Thairiffic — 128 Main St, Marlborough, MA 01752
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial space supports manufacturing, distribution, office, contractor, and landscaping operations.
Where is this flex space located?
The property is located at 5-66 Airport Blvd Marlborough, MA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: New 6,000 sq.ft. light industrial building; 30,000 sq.ft. lot within Airport Industrial Park; Drive‑in door for direct building access
