The Wakefield Building

A Piece of History

An exceptional opportunity to acquire a landmark 42-unit commercial building at the heart of downtown Wakefield, Massachusetts — a thriving Greater Boston suburb with direct MBTA commuter rail access. Originally constructed by Cyrus Wakefield, the industrialist after whom the Town of Wakefield was named in 1868, this property represents a rare convergence of historical significance, stable multi-tenant income, and a compelling rent-upside story that gives a buyer an immediate, low-risk path to value creation.

Understanding The Potential

The building is mostly tenancy at will and is currently under-rented by approximately $3–$5 per square foot relative to market. This rent gap — totaling over $1**,*** (upon NDA signature) in annual income upside — represents one of the most attractive features for investors. A buyer can increase rents to fair market levels immediately upon acquisition while remaining highly competitive within the submarket, with minimal vacancy risk.

Those who have walked through the Wakefield Building invariably come away with something beyond a financial impression. The craftsmanship is immediate and undeniable — the massiveness of the structure, the robust mechanical systems, the sweeping staircases, the warmth of real wood throughout. There is a soul to this building that no modern construction can replicate, and visitors feel it instinctively. It is the rare quality of something built without compromise, in an era when buildings were made to last centuries rather than decades. To walk its corridors is to understand, viscerally, why this asset is genuinely irreplaceable — and why the right buyer will recognize that the moment they step inside.

Property at a Glance

Property Address: 414–416 Main Street, Wakefield, MA 01880
Property Type: Multi-Tenant Commercial (Office, Retail, Storefront)
Year Built: c. 1868 — (Built by Cyrus Wakefield)
Total Units: 42 commercial units + 2 rooftop cell towers
Total Rentable Area: ~over 20,000 sq ft (excl. cell towers)
Asking Price: $5,900,000
Price Per Sq Ft: ~$298/sq ft

Historic provenance — built by Cyrus Wakefield in 1868, the founding industrialist after whom the town was named. A true landmark with irreplaceable community identity.

Assessed Value: ~$4,000,000
Cap Rate — Stabilized (Fair Market Rents): 5.65%
Annual Rent Upside to Market: $1**,*** (Upon NDA Signature)
Lease Structure: Majority Tenants at Will — maximum flexibility for buyer
Zoning: Mixed-Use Overlay District — residential conversion potential
MBTA Access: Wakefield Station (Haverhill Line) — ~0.4 miles

INVESTMENT HIGHLIGHTS

42 commercial units + 2 rooftop cell towers — deep diversification, no single tenant exceeds ~12% of gross income.
Cell tower income is passive and contractual.
Potential to add more rentable units on the first/basement floor. (extra 1,000 to 2,000 sqft)
Mixed-use overlay zoning & Potential redevelopment opportunity: We are exploring with the Town of Wakefield, residential-over-commercial conversion, which could unlock significant additional value. Possibly 4/5 stories. Buyer and Buyer agent to do their due diligence with the town and potential residential development.
Over 20,000 sq ft rentable — compelling acquisition cost vs. new construction and comparable suburban Boston assets.
MBTA Haverhill Line (Wakefield Station) within 0.4 miles — ~35-minute commute to Boston North Station.

Upon execution of an NDA, our team will share with you all the financial details including two scenarios. Scenario A reflects current in-place rents. Scenario B reflects fair market rents as analyzed by McCaul & Mounsif Real Estate Group, all supported by comparable submarket data. We will also share the complete rent roll, and the list of expenses per category.

LOCATION

DESCRIPTION

414–416 Main Street is a substantial three-story commercial building prominently sited on Wakefield's Main Street corridor. Originally built circa 1868 by Cyrus Wakefield — the rattan and wicker industrialist after whom the Town of South Reading was renamed Wakefield — the building's striking Italianate brick facade with arched windows and decorative stonework has defined the downtown streetscape for over 150 years. The property contains 42 discrete commercial units across ground-floor storefronts, second and third-floor office suites, basement spaces, and two rooftop cell tower installations.

The interior features long double-loaded corridors with individual private office suites ranging from 130 to 2,000 sq ft, shared lobby with tenant directory, conference rooms, and elevator access. The deeply varied tenant mix — health and wellness, legal, counseling, retail, real estate, technology, and services — reflects the building's accessibility and the sustained demand for affordable, well-located suburban office space in the Greater Boston market.

LOCATION HIGHLIGHTS

MBTA Commuter Rail (Haverhill Line): Wakefield Station, ~0.4 miles — direct service to Boston North Station in ~35 minutes
Route 128 / I-95: Approximately 3 miles | I-93: Approximately 5 miles
Lake Quannapowitt: Adjacent to downtown — 650-acre recreational lake visible from upper floors
Walkable downtown core with sustained pedestrian traffic, restaurants, civic uses, and a large public parking lot directly across the street
Wakefield: population ~27,000 | Median household income $105,000+

ZONING AND MIXED USE POTENTIAL

414–416 Main Street sits within Wakefield's Mixed-Use Overlay District, which permits a combination of residential and commercial uses. This creates a significant optionality story for the right buyer. An update will be provided to interested buyers. Buyers are encouraged to conduct their own zoning due diligence concurrently.

Mixed-Use Overlay District: Residential units above ground-floor commercial are permitted in principle
MBTA Communities Act (Ch. 40A §3A): Property is within 0.5 miles of Wakefield Station but does not fall within the MBTA overlay — standard parking requirements apply (1.5 spaces/unit, with potential ZBA flexibility to 1/unit - buyer and buyer agent to do their due diligence)
Offsite parking: Wakefield allows offsite parking within 200 feet (buyer and buyer agent to do their due diligence) - More information upon signature of NDA
Chapter 40B: Wakefield has achieved safe harbor at the 10% affordable housing threshold — 40B bypass applications no longer available to competing developers.