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    2040 Providence Road Northbridge, MA 1534

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    For Sale
    $1,050,000

    Commercial property suitable for retail, auto, storage, and cannabis.

    Type:BO, IND, SCR-AUTO
    Property size:
    5,000 SF
    Lot size:
    25.86 Acres
    Added:
    Feb 16, 2023
    Days on Market:
    1147
    Last Refresh:
    Apr 3 at 4:58 am

    Property Features for 2040 Providence Road

    General Information

    Standard status
    Active
    Size
    5,000 SF
    Lot size
    25.86 Acres
    Property subtype
    BO, IND, SCR-AUTO

    Building Details

    Year Built
    1945

    We can help!

    Listing Contact
    Duncan Chapman

    Listing agent Duncan Chapman License #147900, Massachusetts

    Listing office KW Commercial | Northeast Solutions

    Listing date Feb 16, 2023

    Source Realnex

    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 KW Commercial | Northeast Solutions

    Overview

    Northbridge Commercial Property on Route 122

    Located in Northbridge, this property is zoned B-2 (business zone) and situated on Route 122. The B-2 zoning permits multiple 'By-Right' uses, including cannabis retail, auto sales, auto repair shops, and self-storage facilities. The site comprises two parcels. Parcel 22-25 consists of 0.71 acres and features an existing rented 5,000 square foot automotive repair garage. Parcel 22-34 spans 25.15 acres, with approximately 3.0 to 4.0+ acres of buildable land on the east side of Providence Road. One acre on the west side is not included.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center Skin Care Clinic

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

    Similar Places Nearby

    • Federated Car Care — 1734 Providence Rd, Northbridge, MA 01534
    • Shine's Foreign Car Care — Mobile, Northbridge, MA 01534
    • Kearns Collision Repair — 1734 Providence Rd, Northbridge, MA 01534
    • Lindblad Chassis & Automotive — 2194 Providence Rd, Northbridge, MA 01534
    • Main Street Auto — 2000 Providence Rd, Northbridge, MA 01534

    Location Insight

    • Map
    • Local Demand
    City
    Northbridge
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.6467419
    Latitude
    42.1479944

    FAQs

    What type of property is this?
    Auto shop - Commercial property suitable for retail, auto, storage, and cannabis.
    Where is this auto shop located?
    The property is located at 2040 Providence Road Northbridge, MA.
    What is the asking price?
    The asking price for this property is $1,050,000.
    What are key features of this property?
    This property features: Large 25.15‑acre parcel with **3‑4+ acres buildable on Providence Rd.**; Located in B‑2 (business zone) allowing for multiple 'By‑Right' uses.; Permitted uses include cannabis retail, auto sales, auto repair, and self‑storage.
    (978) 621-1290
    We can help!
    Listing Contact
    Duncan Chapman
    Real Estate License ID: 147900, Massachusetts
    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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