Building Details

Year Renovated 2023

Units 3

Listing Agency: The Stubblebine Company

Listed By: Nicholas Stubblebine · License #MA

Source: Crexi

Added: Mar 24 Changed: Aug 14 Last Checked: Aug 14 at 6:05AM

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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 The Stubblebine Company

Investment Insights

Based on property information with market context.

This 4,000 square foot flex property is situated on 0.45 acres. The property currently consists of two office condos and one flex condo. The layout allows for easy conversion into a single-user building.

Key Highlights

• 4,000 SF Flex Property
• Convertible to single user building
• Located on 0.45 AC

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

$43,992

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

3.83%

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%

$879,840 $879.8K

Cap Rate 7%

$628,457 $628.5K

Cap Rate 9%

$488,800 $488.8K

Market Conditions

NOI Build-Up for 4,000 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

$72.0K $18.00/SF

− Vacancy

−$4.3K −$1.08/SF

EGI

$67.7K $16.92/SF

− OpEx

−$23.7K −$5.92/SF

NOI

$44.0K $11.00/SF

Area

Worcester County, MA

Vacancy

6.00%

Lease Rate

$18.00 /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%

$879,840

Cap Rate 7%

$628,457

Cap Rate 9%

$488,800

Alternative Uses

Best Use

Flex RnD

$628.5K

$549.9K – $733.2K (±1% cap)

NOI $43,992 @ 7.0% cap · market cap 3.83%

Second Best

Industrial

$521.6K

$456.4K – $608.6K (±1% cap)

NOI $36,515 @ 7.0% cap · market cap 3.18%

Theoretical Best

Office A

$1.37M

$1.20M – $1.59M (±1% cap)

NOI $95,616 @ 7.0% cap · market cap 8.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Harvard Custom Woodworking General Contractor Alpha Associates Family Counselor Karen L. Harding, ... Family Counselor Walker Orthodontics, PC Dental Office

Suggested Use

Top Pick Auto Repair Shop Real Estate Agency Auto Parts Store Law Firm (Bike/Boat/Book/etc) Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

82

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 01451, MA

5,461

Population

1,939

Households

2.8

Avg Household Size

48

Median Age

78%

College-Educated

100%

High-School Grad

21.0 sq mi

ZIP Area

260

Density / Sq Mi

$206,607

Median Household Income

$90,153

Median Earnings

$1,387

Median Rent

$849,200

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - 4,000 SF flex property suitable for single user.

Where is this flex space located?

The property is located at 5 Pond Rd Harvard, MA.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: 4,000 SF Flex Property; Convertible to single user building; Located on 0.45 AC