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    122 Elm St Millbury, MA 01527

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    Claim this Listing
    New
    For Sale
    $775,000

    MULTI_FAMILY - Millbury, MA

    Property size:
    4,048 SF
    Lot size:
    0.52 Acres
    Price / SF:
    $191/SF
    Added:
    Apr 21, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 21 at 10:06 pm

    Property Features for 122 Elm St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    B1
    Bedrooms
    3
    Bathrooms
    3
    Rooms
    Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3
    Parking
    12
    Standard status
    Active
    APN
    M:053 B:0000078 L:,3581349
    Size
    4,048 SF
    Lot size
    0.52 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6845

    Building Details

    Year built
    1830
    Floors in Building
    3
    Number of units
    3

    We can help!

    Listing Contact
    Bill Wright

    Listing agent Bill Wright License #5503

    Listing office REMAX Executive Realty 22 South Street, Suite 203, Hopkinton, MA

    Listing date Apr 21, 2026

    MLS# 73505081 Listing URL

    Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Mixed-Use Building in Downtown Millbury

    This mixed-use building is located in downtown Millbury. The property features architectural details including two-story columns, a wrought iron fence, granite, and woodwork. Formerly a four-family residence, it now comprises three units. The first floor is a commercial space currently occupied by a salon. The second floor includes one two-bedroom apartment and one one-bedroom apartment, both featuring hardwood floors, large windows, and updated kitchens and baths. The property includes a large parking lot in the back, with municipal lots on both sides providing additional parking. It is equipped with four natural gas boilers for heating, separate electric meters, and town water and sewer services. A brick walkway and fenced front yard enhance the property's appeal. The building is situated on a 0.52-acre lot and has a total size of 4048 square feet. The zoning is B1, allowing for many uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Edge Hair Studio Hair Salon

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Millbury
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.762457
    Latitude
    42.190785

    Nearby Similar for Sale

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      View Details
    • Contact for pricing
      25,000 SF

      25,000 SF Warehouse on 2.1 AC

      25,000 SF warehouse on 2.1 AC available for sale.
      190 W Main St, Millbury, MA 01527
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Prime mixed-use property with commercial space and residential units.
    Where is this mixed-use property located?
    The property is located at 122 Elm St Millbury, MA.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Prime downtown Millbury location with commercial space and residential units.; Mixed‑use building offering income potential from both commercial and residential rentals.; Large parking lot plus municipal parking provides ample parking for tenants and customers.
    (508) 435-6700
    We can help!
    Listing Contact
    Bill Wright
    Real Estate License ID: 5503
    Learn More
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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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