Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    21-23 Warren Ave Woburn, MA 01801
    Back to Search
    Property profile & analytics

    21-23 Warren Ave, Woburn, MA 01801

    View on Map
    • Office Spaces
    • 164,640 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 21-23 Warren Ave

    Year built
    1971
    Property type
    Office Spaces
    Property subtype
    Medical Office Space

    Description

    New Horizons at Choate offers exceptional medical office space in Middlesex County, New Jersey. This 164,640 square foot Class B building, originally constructed in 1971 and extensively renovated in 1995, provides a blend of established infrastructure and modern amenities. Currently, there are multiple tenancies available, with a minimum divisible space of 2,278 square feet and a maximum contiguous space of 4,428 square feet. A total of 6,706 square feet is currently vacant and ready for immediate occupancy. The building's design caters to the specific needs of medical practices, offering flexible layouts adaptable to various specialties. Its strategic location within Middlesex County ensures convenient access for patients and staff alike. This presents a unique opportunity for medical professionals seeking established, well-maintained space in a thriving community. The building's 1995 renovation ensures modern systems and finishes are in place, minimizing the need for costly upgrades. Interested parties are encouraged to inquire about available suite sizes and lease terms. The property's size and layout offer potential for expansion or consolidation, making it an ideal choice for both established and emerging medical practices.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Woburn
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.1544
    Latitude
    42.4758

    Comparable in this City

    • Value Estimation by Request
      141,000 SF

      38-72 Cummings Park

      Medical Office Space
      38-72 Cummings Park, Woburn, MA 01801
      View Details
    • Value Estimation by Request
      186,642 SF

      800 Cummings Park

      Medical Office Space
      800 Cummings Park, Woburn, MA 01801
      View Details
    • Value Estimation by Request
      420,632 SF

      300-400 Tradecenter

      Medical Office Space
      300-400 Tradecenter, Woburn, MA 01801
      View Details
    • Value Estimation by Request
      186,642 SF

      800 Cummings Park

      Medical Office Space
      800 Cummings Park, Woburn, MA 01801
      View Details
    • Value Estimation by Request
      182,603 SF

      12 Gill St

      Medical Office Space
      12 Gill St, Woburn, MA 01801
      View Details
    • Value Estimation by Request
      1,246 SF

      8 Cedar St Ste, Unit 45

      CONDOMINIUM OFFICES
      8 Cedar St Ste, Woburn, MA 01801-6362
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Second Floor Office Unit

      2,232 sq ft office unit for sale.
      19 6Th Rd, Woburn, MA 01801
      View Details
    • Contact for pricing

      Two Homes on One Lot

      Two homes on one lot needing refreshing and updates.
      66-70 Park St, Woburn, MA 01801
      View Details
    • Contact for pricing

      Woburn Multi-Family Investment Opportunity

      Three-unit property in Woburn with investment and owner-occupancy potential.
      3 Kearsarge Ave, Woburn, MA 01801
      View Details
    • Contact for pricing
      Pending

      Woburn Food Processing Facility

      USDA/FDA certified food processing and distribution facility on 4.05 acres.
      16 Conn St, Woburn, MA 01801
      View Details
    • Contact for pricing

      Woburn Multifamily Investment Opportunity

      Well-maintained Woburn 3-family near Winchester/Lexington line.
      253 Lexington St, Woburn, MA 01801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      924 SF

      Class A Medical Suites Available

      Premier medical park with diverse provider ecosystem and recent renovations.
      7 Alfred St, Woburn, MA 01801
      View Details
    • Contact for pricing
      809 SF

      Bright Corner Office Suite

      Well-appointed office suite with abundant natural light, near Boston.
      2-100 Tower Office Park, Woburn, MA 01801
      View Details
    • Contact for pricing

      Woburn Flex Space For Lease

      11,573 SF flex space with drive-in door near I-93.
      4 Presidential Way, Woburn, MA 01801
      View Details
    • Contact for pricing
      730 SF

      Woburn Medical Suites Available

      Class A medical suites in Woburn's Baldwin Medical Center.
      12 Alfred St, Woburn, MA 01801
      View Details
    • Contact for pricing
      4,400 SF

      Woburn Office/Medical Space For Rent

      Office or medical space in downtown Woburn with great accessibility.
      19 Pleasant St, Woburn, MA 01801
      View Details
    • Contact for pricing

      Woburn Office Space For Rent

      Accessible Woburn office space, ideal for various business types.
      331 Montvale Ave, Woburn, MA 01801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    21-23 Warren Ave
    Woburn, MA 01801
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    21-23 Warren Ave, Woburn, MA, 01801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!