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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    187 Lexington St Waltham, MA 02452

    • Showrooms
    • 22,564 SF
    • 1.61 lot acres
    For Lease
    View listing
    Last Sale
    Jan 19, 2022
    $6,100,000
    Value Estimations
    $5,695,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0167546
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Interior Stone & Tile / Countertop Contractor / Stone Supplier
    • Brookes + Hill Custom Builders / Custom Home Builder
    • Back Bay Tile / Tile Contractor
    • FYZICAL Therapy & Balance Centers - Waltham / Physical Therapist
    • Autentico Mosaic & Bath Decor / Tile Contractor

    Property Details for 187 Lexington St

    Year built
    2006
    Construction
    STEEL FRAME
    Lot size
    1.61 lot acres
    Property size
    22,564 SF
    Property type
    Showrooms
    APN
    WALT M:051 B:002 L:0019
    APU
    WALTM051B002L0019

    Description

    This exceptional investment opportunity presents a fully leased, 22,926-square-foot flex building situated on a 1.61-acre lot in Waltham, Massachusetts. The Class B property, constructed in 2006 and renovated the same year, boasts a 100% occupancy rate with three tenants under NNN leases. The weighted average remaining lease term is 5.2 years, generating a strong NOI of $520,306 and a 7.33% cap rate. The building features a desirable mix of warehouse and flex space, totaling 22,926 net rentable square feet, with ceiling heights ranging from 17 to 23 feet. Three loading docks and 44 parking spaces cater to tenant needs. Located in a prime urban infill location, the property benefits from convenient access to major transportation arteries, including Interstate 95 and the Massachusetts Turnpike, providing easy access to Boston's urban core. The permitted commercial zoning (C) allows for diverse uses. This stabilized investment offers a compelling opportunity for long-term growth and consistent cash flow in a highly sought-after market. The property is for sale by owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,230,000
      ML approach
      $5,330,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,205,000
      6.5%
      $5,730,000
      7%
      $5,320,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,762,000
      Market price range: $3.76M - $9.98M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $6,560,000
      Current use
      RESTAURANT
      $6,550,000
      Change: -0% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $6,350,000
      Change: -3% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $6,250,000
      Change: -5% Conversion: Difficult
      RETAIL STORES
      $6,085,000
      Change: -7% Conversion: Easy
      OFFICE BUILDING
      $5,750,000
      Change: -12% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waltham
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.2358
    Latitude
    42.3828
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $63,201
    $779,700
    $2,272,000
    $3,051,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,750,000
      22,637 SF

      158 Lexington St

      SHOW ROOM, WAREHOUSE • 22,637 SF
      158 Lexington St, Waltham, MA 02452-4644
      View Details
    • Value Estimation
      $12,335,000
      90,400 SF

      260 Lexington St

      SHOW ROOM, WAREHOUSE • 90,400 SF
      260 Lexington St, Waltham, MA 02452-4613
      View Details
    • Value Estimation
      $965,000
      7,592 SF

      269 Lexington St

      SHOW ROOM, WAREHOUSE • 7,592 SF
      269 Lexington St, Waltham, MA 02452-4621
      View Details
    • Value Estimation
      $16,445,000
      137,832 SF

      96 Linden St

      SHOW ROOM, WAREHOUSE • 137,832 SF
      96 Linden St, Waltham, MA 02452-6225
      View Details
    • Value Estimation by Request
      2,421 SF

      404 Main St

      SHOW ROOM, WAREHOUSE • 2,421 SF
      404 Main St, Waltham, MA 02452-6124
      View Details
    • Value Estimation
      $785,000
      5,380 SF

      205 Lexington St

      RETAIL STORES (PERSONAL SERVICES) • 5,380 SF
      205 Lexington St, Waltham, MA 02452-4611
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      35,944 SF

      Adaptable Commercial Property in Waltham

      Versatile commercial property suitable for office, retail, medical, lab, flex.
      85 Linden St, Waltham, MA 02452
      View Details
    • $2,100,000

      Mixed-Use Building in Downtown Waltham

      Mixed-use commercial/residential building in downtown Waltham, great investment opportunity.
      605-607 Main St, Waltham, MA 02452
      View Details

    Similar Nearby for Lease

    • $1,200 /Mo
      150 SF

      Retail Suite in Waltham, MA

      Recently renovated retail suite with modern amenities and convenient access.
      599 Main St, Waltham, MA 02452
      View Details
    • $28 SF/Yr
      1,501 SF

      Waverley Oaks Office Space Available

      1,500 SF office space with amenities and flexible lease terms.
      135 Beaver St, Waltham, MA 02452
      View Details
    • $28 SF/Yr
      4,910 SF

      Furnished Office Suite in Waltham

      Sublease opportunity in a dynamic campus setting with amenities.
      271 Waverley Oaks Rd, Waltham, MA 02452
      View Details
    • $28 SF/Yr
      27,689 SF

      Class A Office Space Available

      Four-story office building in Waverley Oaks Office Park for rent.
      307 Waverley Oaks Rd, Waltham, MA 02452
      View Details
    • Contact for pricing
      8,890 SF

      Waverley Oaks Office Space Available

      Class B office space in Waverley Oaks Office Park.
      309 Waverley Oaks Rd, Waltham, MA 02452
      View Details
    • $2,000 /Mo
      1,000 SF

      Prime Waltham Office Space Available

      1,000 sq ft office space in Waltham, Massachusetts.
      269 Lexington St, Waltham, MA 02452
      View Details
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    187 Lexington St
    Waltham, MA 02452
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    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
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