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    624 Boston Tpke Shrewsbury, MA 01545

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    For Lease
    Contact for pricing

    High-visibility commercial spaces ideal for retail or office use.

    Property size:
    720 SF
    Lot size:
    6.30 Acres

    Property Features for 624 Boston Tpke

    General Information

    Size
    720 SF
    Lot size
    6.30 Acres

    We can help!

    Listing Contact
    Craig Johnston
    Craig Johnston
    Source: Moodyscre

    Listing Agency: R.W. Holmes Commercial Real Estate Listing Agent: Craig Johnston

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Prime Commercial Space on Route 9

    Located on Boston Turnpike Road in Shrewsbury, MA, the properties at 620, 624, and 630 offer commercial real estate opportunities. Situated on Route 9, these spaces benefit from high visibility and accessibility. The properties are suitable for retail or office space, offering exposure to high traffic. One of the available spaces offers 720 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Shrewsbury
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.706427
    Latitude
    42.276268

    Nearby Similar for Lease

    • $25 SF/Yr
      3,600 SF

      Prime Cafe/Office Space Available

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    • $35 SF/Yr

      Retail Space Near Trader Joe's

      Retail space for lease in Shrewsbury near Trader Joe's.
      77 Boston Tpke, Shrewsbury, MA 01546
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    • New
      Contact for pricing
      34,980 SF

      Retail Space in High-Traffic Plaza

      17,645 SF available in Shrewsbury, strong co-tenancy.
      1000 Boston Tpke, Shrewsbury, MA 01545
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      Retail Space on Boston Turnpike

      Retail space available on Boston Turnpike with high traffic volume.
      571 Boston Tpke, Shrewsbury, MA 01545
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      80,000 SF

      Retail Space on Boston Turnpike

      Retail space available in Shrewsbury with high traffic count.
      539 Boston Tpke, Shrewsbury, MA 01545
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      16,851 SF

      Worcester County Restaurant Space

      Prime Retail Location, Redevelopment Potential.
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      16,851 SF

      Shrewsbury Restaurant Space Available

      Prime location, 16,851 sq ft, fully vacant.
      7 Boston Tpke, Shrewsbury, MA 01545
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    • $28 SF/Yr
      6,400 SF

      Shrewsbury Medical Office Space

      Modern, single-tenant office suite.
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      850 SF

      Shrewsbury Office Space For Lease

      Office space for lease with Route 9 visibility.
      352 Boston Tpke, Shrewsbury, MA 01545
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      7,500 SF

      Prime Commercial Space on Route 9

      High-visibility retail/office space on Boston Turnpike Rd, Shrewsbury, MA.
      620 Boston Tpke, Shrewsbury, MA 01545
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    • Contact for pricing
      70,935 SF

      Shrewsbury Retail Space Available

      Prime Shrewsbury location, 70,935 SF available.
      551 Boston Tpke, Shrewsbury, MA 01545
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    • Contact for pricing
      20,689 SF

      Grocery Anchored Shopping Center Space

      Prominent retail space in a high-traffic shopping center.
      50 Boston Tpke, Shrewsbury, MA 01545
      View Details

    FAQs

    What type of property is this?
    Office units - High-visibility commercial spaces ideal for retail or office use.
    Where is this office units located?
    The property is located at 624 Boston Tpke Shrewsbury, MA.
    What are key features of this property?
    This property features: - Unmatched visibility on bustling Route 9; - High traffic exposure; - Prime commercial real estate location
    (508) 655-5626 Call to check price and availability
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    624 Boston Tpke Shrewsbury, MA 01545
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    Shrewsbury, MA 01545
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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
    624 Boston Tpke Shrewsbury, MA 01545
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Craig Johnston
    Craig Johnston
    Real Estate License ID: MA 9010879-RE-B
    (508) 655-5626 (508) 651-9022
    Learn more
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