Multi-Tenant Flex Space
For Sale
Contact for pricing
4 Preston Ct, Bedford, MA 01730
24,751 SF flex space near Lexington's Hartwell Avenue.
Property Size24,751 SF
Price / SF$213.93
Days on Market1105
Property Features for 4 Preston Ct
General Information
Standard status
Active
Size
24,751 SF
Class
B
Property subtype
Office, Industrial
Zoning
IND-B
Occupancy
68%
Lease Type
Modified
Building Details
Year Built
1974
Year Renovated
1999
Buildings
1
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
MANSARD
Listed By:
Jeremy Cyrier, CCIM, CRE · License #MA 9048314
Source:
Crexi
Added: Aug 1, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:09AM
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 MANSARD
Investment Insights
Based on property information with market context.
This 24,751 square foot multi-tenant flex space is strategically located in the IND-B section, near Lexington's Hartwell Avenue. The two-story building is 81% leased and occupied. It is serviced by a 4,500 lb capacity passenger/freight elevator, providing flexibility for uses such as office, R&D, lab, biotech, and light manufacturing. The location benefits from its proximity to a pool of skilled white-collar employees. Within a 3-mile radius, there are approximately 16,053 highly skilled professionals. The property is surrounded by conservation land, offering a pleasant environment for employees and visitors. It also benefits from its proximity to the Minuteman Bike Path and Hanscom Air Force Base. Access to major routes, such as Routes 2 & 3, 128, and 225 is available. Notable neighbors include industry giants like Thermo Fisher Scientific, Stoke, Diversified Technologies, Cubic PV, and UCB.
Key Highlights
- Strategically located in the IND‑B section near Lexington's Hartwell Avenue with proximity to major routes.
- 81% leased and occupied, presenting a favorable investment opportunity.
- Benefits from a large pool of approximately 16,053 skilled white‑collar professionals within a 3‑mile radius.
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
$263,274
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
4.97%
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%
$5,265,480
$5.3M
Cap Rate 7%
$3,761,057
$3.8M
Cap Rate 9%
$2,925,267
$2.9M
Market Conditions
NOI Build-Up for 24,751 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
$398.0K $16.08/SF
− Vacancy
−$21.9K −$0.88/SF
EGI
$376.1K $15.20/SF
− OpEx
−$112.8K −$4.56/SF
NOI
$263.3K $10.64/SF
Area
Middlesex 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%
$5,265,480
Cap Rate 7%
$3,761,057
Cap Rate 9%
$2,925,267
Alternative Uses
Best Use
Office B
$11.22M
$9.82M – $13.09M
NOI $785,359 @ 7.0% cap · market cap 14.83%
Second Best
Industrial
$3.76M
$3.29M – $4.39M
NOI $263,274 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$14.65M
$12.82M – $17.09M
NOI $1,025,675 @ 7.0% cap · market cap 19.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01730, MA
14,566
Population
5,970
Households
2.4
Avg Household Size
45
Median Age
69%
College-Educated
96%
High-School Grad
12.4 sq mi
ZIP Area
1,175
Density / Sq Mi
$158,286
Median Household Income
$88,504
Median Earnings
$2,430
Median Rent
$878,200
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?
Flex space - 24,751 SF flex space near Lexington's Hartwell Avenue.
Where is this flex space located?
The property is located at 4 Preston Ct Bedford, MA.
What is the asking price?
The asking price for this property is $5,295,000.
What are key features of this property?
This property features: Strategically located in the IND‑B section near Lexington's Hartwell Avenue with proximity to major routes.; 81% leased and occupied, presenting a favorable investment opportunity.; Benefits from a large pool of approximately 16,053 skilled white‑collar professionals within a 3‑mile radius.
