Mixed-Use Property with Medical
For Sale
$1,250,000
620 Washington St, Franklin, MA 02038
Three-unit property combining professional suites, residential space, storage, and outdoor improvements on a private lot.
Property Size4,424 SF
Lot Size2.50 Acres
Price / SF$282.55
Days on Market8
Property Features for 620 Washington St
General Information
Standard status
Active
Size
4,424 SF
Lot size
2.50 Acres
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Office Units
2
Amenities
stone patio
custom hardscaping
oversized shed
full basement
Building Details
Building Size
4,424 SF
Year Built
1997
Buildings
1
Stories
2
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Costello Realty
(508) 954-9114
Listed By:
Molla Realty Team · License #452508574
(508) 954-9114
Source:
Iverty
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 5:25AM
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 Costello Realty
Investment Insights
Based on property information with market context.
This mixed-use property contains 4,424 square feet across three units. The first floor offers two separate medical suites, including an operating dental practice and a second suite that is currently vacant. A three-bedroom, two-bathroom residential unit occupies the upper level, creating a combination of professional and residential space within the same building. Built in 1997, the property also includes a full basement and an oversized shed for storage.
The building sits on a private 2.5-acre lot at 620 Washington St in Franklin, Massachusetts. Town water, town sewer, and natural gas serve the property. Exterior improvements include a stone patio and custom hardscaping. The existing configuration supports a range of professional, medical, residential, and community-oriented uses identified for the property, subject to applicable approvals.
The building sits on a private 2.5-acre lot at 620 Washington St in Franklin, Massachusetts. Town water, town sewer, and natural gas serve the property. Exterior improvements include a stone patio and custom hardscaping. The existing configuration supports a range of professional, medical, residential, and community-oriented uses identified for the property, subject to applicable approvals.
Key Highlights
- Three‑unit configuration with two first‑floor medical suites and one three‑bedroom, two‑bathroom residence
- 4,424 square feet on a private 2.5‑acre lot
- One first‑floor medical suite is currently vacant; the other houses an existing dental practice
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
$97,079
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
7.77%
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%
$1,941,580
$1.9M
Cap Rate 7%
$1,386,843
$1.4M
Cap Rate 9%
$1,078,656
$1.1M
Market Conditions
NOI Build-Up for 4,424 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
$155.0K $35.04/SF
− Vacancy
−$25.6K −$5.78/SF
EGI
$129.4K $29.26/SF
− OpEx
−$32.4K −$7.31/SF
NOI
$97.1K $21.94/SF
Area
Norfolk County, MA
Vacancy
16.50%
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%
$1,941,580
Cap Rate 7%
$1,386,843
Cap Rate 9%
$1,078,656
Alternative Uses
Best Use
Office B
$1.39M
$1.21M – $1.62M
NOI $97,079 @ 7.0% cap · market cap 7.77%
Second Best
Healthcare Medical
$1.14M
$997.8K – $1.33M
NOI $79,823 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$2.62M
$2.29M – $3.06M
NOI $183,329 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Explore this area
Business Placement
Demographics for 02038, MA
33,261
Population
12,889
Households
2.6
Avg Household Size
41
Median Age
56%
College-Educated
97%
High-School Grad
26.6 sq mi
ZIP Area
1,250
Density / Sq Mi
$142,788
Median Household Income
$67,728
Median Earnings
$1,856
Median Rent
$567,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-unit property combining professional suites, residential space, storage, and outdoor improvements on a private lot.
Where is this mixed-use property located?
The property is located at 620 Washington St Franklin, MA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Three‑unit configuration with two first‑floor medical suites and one three‑bedroom, two‑bathroom residence; 4,424 square feet on a private 2.5‑acre lot; One first‑floor medical suite is currently vacant; the other houses an existing dental practice
