Building Details

Building Size 3,120 SF

Year Built 1991

Listing Agency: MANSARD

Listed By: Josh Bartell Show Phone

Source: Thebrokerlist

Added: Feb 18 Changed: Aug 30 Last Checked: Aug 30 at 7:41AM

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Investment Insights

Based on property information with market context.

This single-unit manufacturing property includes a 3,120-square-foot building on a 1-acre lot. Constructed in 1991, the structure offers 14-foot ceiling clearance and three drive-in doors for vehicle and equipment access. The property is zoned Commercial and provides a dedicated facility for industrial or commercial operations.

Positioned on Main Street in Lancaster, the property is near Route 2 and Interstate 190, connecting the site with regional transportation routes and the Greater Worcester area.

Key Highlights

• 3,120‑square‑foot manufacturing building on a 1‑acre lot
• Three drive‑in doors support vehicle and equipment access
• 14ft ceiling height

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

$28,482

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

4.32%

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%

$569,640 $569.6K

Cap Rate 7%

$406,886 $406.9K

Cap Rate 9%

$316,467 $316.5K

Market Conditions

NOI Build-Up for 3,120 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

$43.1K $13.80/SF

− Vacancy

−$2.4K −$0.76/SF

EGI

$40.7K $13.04/SF

− OpEx

−$12.2K −$3.91/SF

NOI

$28.5K $9.13/SF

Area

Worcester County, MA

Vacancy

5.50%

Lease Rate

$13.80 /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%

$569,640

Cap Rate 7%

$406,886

Cap Rate 9%

$316,467

Alternative Uses

Best Use

Industrial

$406.9K

$356.0K – $474.7K (±1% cap)

NOI $28,482 @ 7.0% cap · market cap 4.32%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.07M

$932.3K – $1.24M (±1% cap)

NOI $74,580 @ 7.0% cap · market cap 11.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Manufacturing properties

Suggested Use

Top Pick Building Supply Law Firm Auto Parts Store Restaurant Electrical Service Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

239

Businesses Nearby

Explore this area Business Placement

Demographics for 01523, MA

8,377

Population

2,970

Households

2.8

Avg Household Size

42

Median Age

51%

College-Educated

95%

High-School Grad

27.4 sq mi

ZIP Area

306

Density / Sq Mi

$130,444

Median Household Income

$66,114

Median Earnings

$1,985

Median Rent

$467,400

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this manufacturing properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Manufacturing property - Commercially zoned facility with direct access to Route 2 and Interstate 190.

Where is this manufacturing property located?

The property is located at 68 Main St Lancaster, MA.

What is the asking price?

The asking price for this property is $660,000.

What are key features of this property?

This property features: 3,120‑square‑foot manufacturing building on a 1‑acre lot; Three drive‑in doors support vehicle and equipment access; 14ft ceiling height