Renovated Mixed-Use
For Sale
$1,140,000
113-115 Main Street, Pepperell, MA 01463
The property combines office space with furnished residential units under mixed-use zoning.
Property Size3,224 SF
Price / SF$353.60
Days on Market166
Property Features for 113-115 Main Street
General Information
Standard status
Active
Size
3,224 SF
Total Parking Spaces
15
Property subtype
Multi-family / 5+ Family - Rooming House
Zoning
Mixed use
Net Operating Income
$112,200
Taxes and HOA fees
Annual Taxes
$7,958
Amenities
No
Wood, Laminate, Stone / Slate, Hardwood
Range, Microwave, Refrigerator, Oven, Dishwasher
Insulated Doors
6.0
Insulated Windows
Electric Dryer Hookup, Washer Hookup
Full, Concrete Floor
Bathroom with Shower Stall, Remodeled, Walk-Up Attic, Pantry, Storage, Bathroom With Tub & Shower, Office/Den, Living Room, Kitchen, Window AC
5
1
5.50
6
Corner Lot
Porch
Building Details
Year Built
1900
Listing Agency:
LAER Realty Partners / Janet Cramb & Company
(978) 433-2600
Listed By:
Janet Cramb · License #9506785
(978) 433-2600
Source:
Compass
Added: Mar 19
Changed: Aug 30
Last Checked: Aug 30 at 9:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LAER Realty Partners / Janet Cramb & Company
Investment Insights
Based on property information with market context.
This 3,224-square-foot mixed-use property combines office and residential space in a multi-level configuration. The layout includes an office, one one-bedroom apartment, one studio apartment, four additional one-bedroom apartments, and a detached one-bedroom home. All units have been renovated within the past three years and are currently furnished rentals.
A large unfinished basement provides storage, while coin-operated laundry adds an operating feature for the residential component. The property also includes off-street parking and an unfinished third floor that could accommodate future expansion. Located near shopping and local amenities, the building offers a varied layout within a mixed-use setting.
A large unfinished basement provides storage, while coin-operated laundry adds an operating feature for the residential component. The property also includes off-street parking and an unfinished third floor that could accommodate future expansion. Located near shopping and local amenities, the building offers a varied layout within a mixed-use setting.
Key Highlights
- 3,224‑square‑foot mixed‑use property with office and residential components
- All units renovated within the past three years
- Office, studio, one‑bedroom apartments, and detached one‑bedroom home
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$64,147
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,282,940
$1.3M
Cap Rate 7%
$916,386
$916.4K
Cap Rate 9%
$712,744
$712.7K
Market Conditions
NOI Build-Up for 3,224 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$123.0K $38.16/SF
− Vacancy
−$6.4K −$1.98/SF
EGI
$116.6K $36.18/SF
− OpEx
−$52.5K −$16.28/SF
NOI
$64.1K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,282,940
Cap Rate 7%
$916,386
Cap Rate 9%
$712,744
Alternative Uses
Best Use
Apartment 5plus
$916.4K
$801.8K – $1.07M
NOI $64,147 @ 7.0% cap · market cap 5.63%
Second Best
Mixed Use
$759.9K
$665.0K – $886.6K
NOI $53,196 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,602 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 01463, MA
11,621
Population
4,516
Households
2.6
Avg Household Size
44
Median Age
44%
College-Educated
97%
High-School Grad
22.6 sq mi
ZIP Area
514
Density / Sq Mi
$126,824
Median Household Income
$62,658
Median Earnings
$1,303
Median Rent
$459,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines office space with furnished residential units under mixed-use zoning.
Where is this mixed-use property located?
The property is located at 113-115 Main Street Pepperell, MA.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: 3,224‑square‑foot mixed‑use property with office and residential components; All units renovated within the past three years; Office, studio, one‑bedroom apartments, and detached one‑bedroom home
