Two-Level Flex
For Sale
$1,499,000
586 Pleasant Unit 1, Watertown, MA 02472
Well-maintained two-level commercial condo includes a garage with 400-amp service and an upstairs office suite with bathrooms and kitchenette.
Property Size3,529 SF
Price / SF$424.77
Days on Market158
Property Features for 586 Pleasant Unit 1
General Information
Standard status
Active
Size
3,529 SF
Total Parking Spaces
4
Property subtype
Commercial
Additional Details
Heavy Power
Yes
Building Details
Year Built
2017
Listing Agency:
Elevated Realty,LLC
Listed By:
Dimitri Petrosian · License #MA:9569224
(617) 438-6682
Source:
Elevatedboston
Added: Apr 1
Changed: Sep 4
Last Checked: Sep 5 at 8:57AM
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 Elevated Realty,LLC
Investment Insights
Based on property information with market context.
This well-maintained 3,529 SF commercial condominium offers a flexible two-level layout suited to a range of commercial and light industrial needs. The first floor includes a 1,722 SF garage with 400-amp electrical service. The second floor is an 1,807 SF office space with two bathrooms, a kitchenette, and a shower.
The unit comes with four deeded parking spaces, with additional parking available for rent. The property is offered for sale as a functional setup for owner-users or investors looking for a combination of garage and office space in a single condominium unit.
Overall, the configuration supports operations that benefit from dedicated parking and on-site office amenities while retaining a garage component on the main level.
The unit comes with four deeded parking spaces, with additional parking available for rent. The property is offered for sale as a functional setup for owner-users or investors looking for a combination of garage and office space in a single condominium unit.
Overall, the configuration supports operations that benefit from dedicated parking and on-site office amenities while retaining a garage component on the main level.
Key Highlights
- Well‑maintained 3,529 SF two‑level commercial condominium built in 2017
- First floor includes a 1,722 SF garage with 400‑amp electrical service for a range of commercial or light industrial uses
- Second floor offers 1,807 SF office suite with two bathrooms, kitchenette, and a shower
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
$111,977
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
7.47%
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%
$2,239,540
$2.2M
Cap Rate 7%
$1,599,671
$1.6M
Cap Rate 9%
$1,244,189
$1.2M
Market Conditions
NOI Build-Up for 3,529 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
$191.4K $54.24/SF
− Vacancy
−$42.1K −$11.93/SF
EGI
$149.3K $42.31/SF
− OpEx
−$37.3K −$10.58/SF
NOI
$112.0K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /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%
$2,239,540
Cap Rate 7%
$1,599,671
Cap Rate 9%
$1,244,189
Alternative Uses
Best Use
Office B
$1.60M
$1.40M – $1.87M
NOI $111,977 @ 7.0% cap · market cap 7.47%
Second Best
Warehouse
$651.2K
$569.8K – $759.7K
NOI $45,581 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,241 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,123
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 02472, MA
35,392
Population
17,069
Households
2.1
Avg Household Size
39
Median Age
67%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
8,848
Density / Sq Mi
$123,383
Median Household Income
$77,537
Median Earnings
$2,356
Median Rent
$737,600
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained two-level commercial condo includes a garage with 400-amp service and an upstairs office suite with bathrooms and kitchenette.
Where is this flex space located?
The property is located at 586 Pleasant Unit 1 Watertown, MA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Well‑maintained 3,529 SF two‑level commercial condominium built in 2017; First floor includes a 1,722 SF garage with 400‑amp electrical service for a range of commercial or light industrial uses; Second floor offers 1,807 SF office suite with two bathrooms, kitchenette, and a shower
