Two-Story Freestanding Retail
For Sale
$1,995,000
1131 Washington St, Hanover, MA 02339
Flexible showroom property with on-site parking, rear loading access, and proximity to Target and Route 3.
Property Size11,018 SF
Price / SF$181.07
Days on Market194
Property Features for 1131 Washington St
General Information
Standard status
Active
Size
11,018 SF
Class
A
Property subtype
Free Standing Building
Zoning
B
Additional Details
Anchor Co-Tenants
Target
Building Details
Building Size
11,018 SF
Year Built
1984
Buildings
1
Stories
2
Tenancy
Single
Properties For Sale
at 1131 Washington St Contact us- Size
- 11,018 SF
- Lease Type
- NNN
1131 Washington Street
Listing Agency:
Ellis Realty Advisors
(781) 919-0800
Listed By:
David Ellis · License #9524572
(781) 919-0800
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 5:32AM
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 Ellis Realty Advisors
Investment Insights
Based on property information with market context.
This freestanding retail property provides a two-story configuration suited to showroom, sales, and related commercial operations. Built in 1984, the building includes a rear garage door, loading access, and substantial on-site parking. The interior is described as a single versatile unit with space arranged across both floors.
The property occupies a prominent position on Route 53 in Hanover, less than a mile from Route 3 and adjacent to a Target outparcel. Nearby commercial tenants include Target, Dollar Tree, Five Guys, and PetSmart. Its location along a recently widened roadway places the building within an established commercial corridor with convenient regional access.
The property occupies a prominent position on Route 53 in Hanover, less than a mile from Route 3 and adjacent to a Target outparcel. Nearby commercial tenants include Target, Dollar Tree, Five Guys, and PetSmart. Its location along a recently widened roadway places the building within an established commercial corridor with convenient regional access.
Key Highlights
- Two‑story freestanding retail building built in 1984
- Approximately 11,018 SF of retail space
- Rear garage door and loading dock
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
$181,030
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
9.07%
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%
$3,620,600
$3.6M
Cap Rate 7%
$2,586,143
$2.6M
Cap Rate 9%
$2,011,444
$2.0M
Market Conditions
NOI Build-Up for 11,018 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
$264.4K $24.00/SF
− Vacancy
−$5.8K −$0.53/SF
EGI
$258.6K $23.47/SF
− OpEx
−$77.6K −$7.04/SF
NOI
$181.0K $16.43/SF
Area
Plymouth County, MA
Vacancy
2.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,620,600
Cap Rate 7%
$2,586,143
Cap Rate 9%
$2,011,444
Alternative Uses
Best Use
Retail
$2.59M
$2.26M – $3.02M
NOI $181,030 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.52M
$5.71M – $7.61M
NOI $456,583 @ 7.0% cap · market cap 22.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
294k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 33%
Shops & Services 28%
Apparel 21%
Dining 14%
Target
Superstores
96,840 visits/mo
0.1 miles
DICK'S Sporting Goods
Apparel
60,882 visits/mo
0.5 miles
Michaels
Shops & Services
32,232 visits/mo
0.2 miles
Dollar Tree
Shops & Services
19,107 visits/mo
0.1 miles
Wendy's
Dining
17,657 visits/mo
0.4 miles
Demographics for 02339, MA
14,833
Population
4,974
Households
3
Avg Household Size
42
Median Age
57%
College-Educated
96%
High-School Grad
15.5 sq mi
ZIP Area
957
Density / Sq Mi
$174,821
Median Household Income
$69,688
Median Earnings
$1,642
Median Rent
$706,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Hanover Country Florist — 803 Washington St, Hanover, MA 02339
Frequently Asked Questions
What type of property is this?
Storefront property - Flexible showroom property with on-site parking, rear loading access, and proximity to Target and Route 3.
Where is this storefront property located?
The property is located at 1131 Washington St Hanover, MA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Two‑story freestanding retail building built in 1984; Approximately 11,018 SF of retail space; Rear garage door and loading dock
