Warehouse Office Condo
For Sale
$325,000
C1-9-160 Otis St, Northborough, MA 01532
Commercial condo unit with high-ceiling warehouse space, office and half bath, plus overhead door and fire alarm.
Property Size1,316 SF
Price / SF$246.96
Days on Market53
Property Features for C1-9-160 Otis St
General Information
Standard status
Active
Size
1,316 SF
Total Parking Spaces
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,414
Building Details
Construction
prefab metal
Listing Agency:
Better Living Real Estate, LLC
(781) 821-0105
Listed By:
Patrick Arena · License #449588931
(508) 397-3264
Source:
Exprealty
Added: Jul 17
Changed: Sep 5
Last Checked: Sep 7 at 12:18PM
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 Better Living Real Estate, LLC
Investment Insights
Based on property information with market context.
This commercial condo unit is designed for light warehouse and office use, featuring high-ceilinged warehouse space with a dedicated office and half bath. The structure is built with sturdy prefab metal construction and includes an overhead door and a fire alarm system. On-site parking includes two spaces in a large lot, along with space for at least two vehicles inside the warehouse.
The property is conveniently located just off Route 9. It is offered as a condo unit with an associated condo fee.
Condo fee information is provided as $205 per month or $615 quarterly, and the offering includes snow plow, landscaping, and reserves.
The property is conveniently located just off Route 9. It is offered as a condo unit with an associated condo fee.
Condo fee information is provided as $205 per month or $615 quarterly, and the offering includes snow plow, landscaping, and reserves.
Key Highlights
- Commercial condo warehouse unit just off Route 9 with over 1,300 sq ft of high‑ceilinged space
- Includes an office and a half bath
- Prefab metal construction with an overhead door and a fire alarm
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
$15,335
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
4.72%
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%
$306,700
$306.7K
Cap Rate 7%
$219,071
$219.1K
Cap Rate 9%
$170,389
$170.4K
Market Conditions
NOI Build-Up for 1,316 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
$19.0K $14.40/SF
− Vacancy
−$910 −$0.69/SF
EGI
$18.0K $13.71/SF
− OpEx
−$2.7K −$2.06/SF
NOI
$15.3K $11.65/SF
Area
Worcester County, MA
Vacancy
4.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$306,700
Cap Rate 7%
$219,071
Cap Rate 9%
$170,389
Alternative Uses
Best Use
Warehouse
$219.1K
$191.7K – $255.6K
NOI $15,335 @ 7.0% cap · market cap 4.72%
Second Best
Flex RnD
$206.8K
$180.9K – $241.2K
NOI $14,473 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$449.4K
$393.2K – $524.3K
NOI $31,458 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 01532, MA
15,741
Population
5,913
Households
2.7
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
851
Density / Sq Mi
$174,358
Median Household Income
$90,816
Median Earnings
$2,087
Median Rent
$598,500
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Wegmans Catering — 9102 Shops Way, Northborough, MA 01532
- Sir Loin Catering — 369 W Main St, Northborough, MA 01532
- The Social Mobile Tavern — 369 W Main St, Northborough, MA 01532
Frequently Asked Questions
What type of property is this?
Flex space - Commercial condo unit with high-ceiling warehouse space, office and half bath, plus overhead door and fire alarm.
Where is this flex space located?
The property is located at C1-9-160 Otis St Northborough, MA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Commercial condo warehouse unit just off Route 9 with over 1,300 sq ft of high‑ceilinged space; Includes an office and a half bath; Prefab metal construction with an overhead door and a fire alarm
