Flex Space Unit
For Sale
Contact for pricing
56 Leonard Street Unit 8, Foxboro, MA 02035
Unit 8 offers a flexible commercial layout within Limited Industrial zoning.
Property Size16,576 SF
Price / SF$164
Days on Market118
Property Features for 56 Leonard Street Unit 8
General Information
Standard status
Active
Size
16,576 SF
Property subtype
Office, Industrial
Zoning
Limited Industrial
Investment Type
Owner/User
Listing Agency:
Atlantic Commercial Real Estate LLC
(781) 551-8888
Listed By:
Mark Kearins · License #MA 138273-RE-B
Source:
Crexi
Added: May 6
Changed: Aug 31
Last Checked: Aug 31 at 1:54AM
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 Atlantic Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Unit 8 is a 16,576-square-foot flex space designated under Limited Industrial zoning. The property is located at 56 Leonard Street in Foxboro, Massachusetts, with the address identifying the specific commercial unit.
Key Highlights
- 16,576 SF flex space
- Limited Industrial zoning
- Unit 8 at 56 Leonard Street
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
$176,318
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
6.45%
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%
$3,526,360
$3.5M
Cap Rate 7%
$2,518,829
$2.5M
Cap Rate 9%
$1,959,089
$2.0M
Market Conditions
NOI Build-Up for 16,576 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
$266.5K $16.08/SF
− Vacancy
−$14.7K −$0.88/SF
EGI
$251.9K $15.20/SF
− OpEx
−$75.6K −$4.56/SF
NOI
$176.3K $10.64/SF
Area
Norfolk 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%
$3,526,360
Cap Rate 7%
$2,518,829
Cap Rate 9%
$1,959,089
Alternative Uses
Best Use
Office B
$5.20M
$4.55M – $6.06M
NOI $363,740 @ 7.0% cap · market cap 13.30%
Second Best
Flex RnD
$4.06M
$3.56M – $4.74M
NOI $284,444 @ 7.0% cap · market cap 10.40%
Theoretical Best
Office A
$9.81M
$8.59M – $11.45M
NOI $686,905 @ 7.0% cap · market cap 25.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02035, MA
18,618
Population
7,414
Households
2.5
Avg Household Size
42
Median Age
58%
College-Educated
97%
High-School Grad
19.9 sq mi
ZIP Area
936
Density / Sq Mi
$108,559
Median Household Income
$62,457
Median Earnings
$1,763
Median Rent
$581,900
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?
Flex space - Unit 8 offers a flexible commercial layout within Limited Industrial zoning.
Where is this flex space located?
The property is located at 56 Leonard Street Unit 8 Foxboro, MA.
What is the asking price?
The asking price for this property is $2,735,000.
What are key features of this property?
This property features: 16,576 SF flex space; Limited Industrial zoning; Unit 8 at 56 Leonard Street
