The Wayland Select Board is weighing a recommendation from the Economic Development Committee to purchase 14 West Plain St., a 5,300-square-foot commercial office building located just minutes from the Mass Pike and Route 128.
The two-story, Class A property — zoned “A” Business — sits on just over half an acre and includes 23 parking spaces. Built in 1979 and renovated in 2003, the building has been on the market since March and was last sold in 2019 for $1.425 million.
As Wayland explores options for expanding municipal space and bolstering economic activity along Route 20, the proposed acquisition raises questions about timing, cost, and long-term value.
Recent assessments by https://www.crexi.com have valued the building at $1.023 million, with annual taxes increasing 3% this year to $15,883. That figure represents a 10.5% increase in assessed value over 2023, despite a broader regional decline in real estate values. Wayland home prices fell nearly 24% in May. Still, demand for well-located commercial properties remains steady, with comparable office buildings in Cambridge and Framingham recently listing at just under $1 million. If approved, the town’s purchase could support civic services or economic initiatives, though no specific reuse has been publicly proposed. The Select Board has yet to vote on the matter.
