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

    40 Speen St Framingham, MA 01701

    • Office buildings
    • 33,438 SF
    • 1.37 lot acres
    For Lease
    View listing
    Last Sale
    Feb 14, 2023
    $4,000,000
    Value Estimations
    $3,875,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1773370
    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

    • Drouilhet Ann E / Medical Clinic
    • Northeast Investment Advisors / Financial Advisor
    • Vickers Michael I / Physician / Medical Clinic
    • Samantha White / Foster Care Service / Social Service Agency
    • peaceful soul counseling / Counselor

    Property Details for 40 Speen St

    Year built
    1980
    Construction
    STEEL FRAME
    Lot size
    1.37 lot acres
    Property size
    33,438 SF
    Zone code
    M
    Property type
    Office buildings
    APN
    FRAM M:072 B:68 L:0704 U:000
    APU
    FRAMM072B68L0704U000

    Description

    40 Speen Street in Framingham, MA offers exceptional executive office space in a highly desirable location. This four-story building totals 32,673 square feet, with 13,184 square feet currently vacant and available for lease. Multiple tenancy options exist, accommodating spaces ranging from a minimum of 1,536 square feet to a maximum contiguous space of 9,311 square feet. The building features ample natural light thanks to a good window line, and tenant improvements are possible, allowing for customization to meet specific business needs. Conveniently located in the Natick/Framingham submarket of Middlesex County, this property boasts superb access to major transportation arteries, including Route 9, Route 30, and the Mass Pike (Exit 117). The building includes elevators for easy access to all floors. Parking is available at a ratio of 4 spaces per 1,000 square feet. Enjoy the benefit of proximity to the Natick Mall, offering a wide array of dining, shopping, and entertainment options for employees and clients. This is an outstanding opportunity to establish a presence in a thriving MetroWest corporate office area. The property's address is 40 Speen Street, Framingham, MA 01701.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,705,000
      ML approach
      $3,765,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,896,000
      Market price range: $3.70M - $6.95M
      AI Estimate
      $2,818,000
      Market price range: $600k - $6.14M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $5,260,000
      Current use
      COMMERCIAL (GENERAL)
      $5,780,000
      Change: +10% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $5,135,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Framingham
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.3897
    Latitude
    42.312
    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
    $104,598
    $793,700
    $3,322,700
    $4,116,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $25,565,000
      235,005 SF

      770 Cochituate Rd

      OFFICE BUILDING • 235,005 SF
      770 Cochituate Rd, Framingham, MA 01701-4666
      View Details
    • Value Estimation
      $980,000
      12,618 SF

      495 Old Connecticut Path

      OFFICE BUILDING • 12,618 SF
      495 Old Connecticut Path, Framingham, MA 01701-4567
      View Details
    • Value Estimation
      $2,925,000
      25,372 SF

      11 Pleasant St

      OFFICE BUILDING • 25,372 SF
      11 Pleasant St, Framingham, MA 01701-4707
      View Details
    • Value Estimation
      $760,000
      10,680 SF

      150 Speen St

      OFFICE BUILDING • 10,680 SF
      150 Speen St, Framingham, MA 01701-2005
      View Details
    • Value Estimation
      $2,715,000
      33,438 SF

      20 Speen St

      OFFICE BUILDING • 33,438 SF
      20 Speen St, Framingham, MA 01701-4680
      View Details
    • Value Estimation
      $18,900,000
      73,924 SF

      3 Speen St

      OFFICE BUILDING • 73,924 SF
      3 Speen St, Framingham, MA 01701-4679
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      25,200 SF

      Renovated Office Building in Framingham

      Completely renovated office building available for sale or lease.
      9 Pleasant St, Framingham, MA 01701
      View Details
    • Contact for pricing
      3,822 SF

      Renovated Office and Retail Property

      Freestanding office/retail building with flexible space and high visibility.
      211 Cochituate Rd, Framingham, MA 01701
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      64,536 SF

      Framingham Office Building for Sale

      64,536 SF office building at the crossroads of Route 9.
      1881 Worcester Rd, Framingham, MA 01701
      View Details
    • $4,666,000

      Framingham Mixed-Use Investment

      10,240 SF Office/Retail, Strong Income
      665 Cochituate Rd, Framingham, MA 01701
      View Details
    • $3,800,000
      0.68 Acres

      Framingham Office Building Investment

      Prime Office Space, High Visibility
      495 Old Connecticut Path, Framingham, MA 01701
      View Details
    • Contact for pricing
      6,552 SF

      Turn-Key Retail Space on Golden Mile

      Fully renovated retail space in Framingham's thriving commercial corridor.
      419 Worcester Rd, Framingham, MA 01701
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,284 SF

      Signature Office Building For Lease

      Four-story office building with modern amenities and flexible layouts.
      463 Worcester Rd, Framingham, MA 01701
      View Details
    • Contact for pricing
      3,101 SF

      Framingham Office Park Suites Available

      Multi-tenant office building with modern amenities and abundant parking.
      1661 Worcester Rd, Framingham, MA 01701
      View Details
    • Contact for pricing
      24,000 SF

      Framingham Office Building For Lease

      Three-story office building near major routes and amenities.
      1 Speen St, Framingham, MA 01701
      View Details
    • Contact for pricing
      10,192 SF

      MetroWest Office Building For Rent

      First-class office building with amenities and highway access.
      111 Speen St, Framingham, MA 01701
      View Details
    • Contact for pricing
      87,066 SF

      Framingham Office Park with Amenities

      Interconnected office buildings with amenities in a prime MetroWest location.
      500 Old Connecticut Path, Framingham, MA 01701
      View Details
    • Contact for pricing
      8,249 SF

      Framingham Executive Park Office Space

      Attractive office buildings in Framingham Executive Park available for lease.
      10 Speen St, Framingham, MA 01701
      View Details
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    40 Speen St
    Framingham, MA 01701
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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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