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    Mixed-Use Retail and Apartments Title is generated by Realmo AI

    122 Elm St Millbury, Millbury, MA 01527

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    For Sale
    $775,000

    Downtown Millbury mixed-use building with first-floor salon space and two apartments above, plus back parking and separate utilities.

    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 1:57 am

    Property Features for 122 Elm St Millbury

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1830

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    Listing Contact
    Michele Costa

    Listing agent Michele Costa

    Listing office

    Listing date Jun 3, 2026

    Source Milestonerealtyinc

    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 Michele Costa

    HighLights

    • Greek Revival mixed‑use building built in 1830 with architectural details including 2‑story columns and a wrought iron fence
    • Formerly a 4‑family, now 3 units: first‑floor commercial salon space plus one 2‑bedroom and one 1‑bedroom apartment on the 2nd floor
    • Apartments feature gleaming hardwood floors, huge windows, and updated kitchens and baths
    • Back large parking lot plus municipal lots on both sides for additional parking
    • Heating includes 4 boilers with natural gas; separate electric; town water and sewer
    • Brick walkway and fenced front yard

    Overview

    This Greek Revival mixed-use building features architectural detailing throughout, including columned frontage, wrought iron fencing, granite elements, and brick walkways with a fenced front yard. The property is currently configured as three units: a ground-floor commercial space that is occupied by a salon, and two residential units on the second floor consisting of one two-bedroom and one one-bedroom apartment. Inside, both apartments include hardwood flooring, large windows, and updated kitchens and baths. The building has natural gas heat with four boilers, separate electric service, and town water and sewer.

    The property is located on Elm St in downtown Millbury. Off-street parking includes a large parking lot in the back, and there are municipal lots on both sides of the building to support additional parking.

    For tenants, buyers, or operators, the layout offers flexibility to support both retail and residential use within a single ownership structure. The combination of a ready-to-occupy first-floor commercial space and two apartments above, along with on-site and nearby parking options, can support a range of mixed-use operating strategies. The multiple utilities and established unit separation also support practical day-to-day management for a small-scale operator.
    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
    -71.7624897
    Latitude
    42.1908056

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    FAQs

    What type of property is this?
    Mixed-use property - Downtown Millbury mixed-use building with first-floor salon space and two apartments above, plus back parking and separate utilities.
    Where is this mixed-use property located?
    The property is located at 122 Elm St Millbury 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: Greek Revival mixed‑use building built in 1830 with architectural details including 2‑story columns and a wrought iron fence; Formerly a 4‑family, now 3 units: first‑floor commercial salon space plus one 2‑bedroom and one 1‑bedroom apartment on the 2nd floor; Apartments feature gleaming hardwood floors, huge windows, and updated kitchens and baths
    (508) 501-1443
    We can help!
    Listing Contact
    Michele Costa
    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.

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