Building Details

Building Size 21,912 SF

Year Built 1962

Buildings 1

Listing Agency: 128 CRE

Listed By: Douglas Adamian Show Phone

Source: Insightrealtygroup

Added: Sep 8 Changed: Oct 16 Last Checked: Oct 24 at 1:25PM

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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 128 CRE

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Investment Insights

Based on property information with market context.

Built in 1962, this 21,912-square-foot flex building occupies 1.02 acres and presents a multi-tenant commercial configuration. The property has frontage on both Wexford Street and Charles Street, providing access from two public roads.

The building is fully leased to AT&T, Schlage Lock Company, and Saltwoods, a custom furniture designer and manufacturer. Existing tenancy includes remaining lease term, supporting the property’s current income-producing use.

Key Highlights

• 21,912 SF flex building on 1.02 acres
• Fully leased to AT&T, Schlage Lock Company, and Saltwoods
• Frontage on both Wexford Street and Charles Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$376,010

Cap Rate

5.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,520,200 $7.5M

Cap Rate 7%

$5,371,571 $5.4M

Cap Rate 9%

$4,177,889 $4.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,912 SF

Gross rent

$657.4K $30.00/SF

− Vacancy

−$78.9K −$3.60/SF

EGI

$578.5K $26.40/SF

− OpEx

−$202.5K −$9.24/SF

NOI

$376.0K $17.16/SF

Area

Norfolk County, MA

Vacancy

12.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,520,200

Cap Rate 7%

$5,371,571

Cap Rate 9%

$4,177,889

Alternative Uses

Best Use

Flex RnD

$5.37M

$4.70M – $6.27M (±1% cap)

NOI $376,010 @ 7.0% cap · market cap 5.37%

Second Best

Industrial

$3.33M

$2.91M – $3.88M (±1% cap)

NOI $233,076 @ 7.0% cap · market cap 3.33%

Theoretical Best

Office A

$12.97M

$11.35M – $15.13M (±1% cap)

NOI $908,028 @ 7.0% cap · market cap 12.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Restaurant Pharmacy Nail Salon Grocery & Convenience Store Food Market Spa & Massage Center

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

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2,151

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 02494, MA

10,732

Population

4,254

Households

2.5

Avg Household Size

43

Median Age

75%

College-Educated

95%

High-School Grad

2.8 sq mi

ZIP Area

3,833

Density / Sq Mi

$173,750

Median Household Income

$92,148

Median Earnings

$2,452

Median Rent

$1,052,400

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

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Frequently Asked Questions

What type of property is this?

Flex space - Fully leased flex property with access from both Wexford Street and Charles Street.

Where is this flex space located?

The property is located at 77-79 Wexford St Needham, MA.

What is the asking price?

The asking price for this property is $7,000,000.

What are key features of this property?

This property features: 21,912 SF flex building on 1.02 acres; Fully leased to AT&T, Schlage Lock Company, and Saltwoods; Frontage on both Wexford Street and Charles Street