Multi-Tenant Flex
New
For Sale
$7,000,000
77-79 Wexford St, Needham, MA 02494
Fully leased flex property with access from both Wexford Street and Charles Street.
Property Size21,912 SF
Lot Size1.02 Acres
Price / SF$319.46
Days on Market3
Property Features for 77-79 Wexford St
General Information
Standard status
Active
Size
21,912 SF
Lot size
1.02 Acres
Zoning
M128
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$68,756
Building Details
Building Size
21,912 SF
Year Built
1962
Buildings
1
Listing Agency:
128 CRE
Listed By:
Douglas Adamian
(617) 697-6057
Source:
Insightrealtygroup
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 9 at 1:51PM
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
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.
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 = 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
$376,010
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
5.37%
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%
$7,520,200
$7.5M
Cap Rate 7%
$5,371,571
$5.4M
Cap Rate 9%
$4,177,889
$4.2M
Market Conditions
NOI Build-Up for 21,912 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
$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 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%
$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
NOI $376,010 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$3.33M
$2.91M – $3.88M
NOI $233,076 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$12.97M
$11.35M – $15.13M
NOI $908,028 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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- Foodsaucy- Chef's Table Experience — 44 High St, Newton Upper Falls, MA 02464
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
