Charlton Warehouse with Cannabis
For Sale
$2,480,000
144 Sturbridge Rd, Charlton, MA 01507
20,000 SF warehouse with income and value-add potential.
Property Size20,000 SF
Price / SF$124
Days on Market88
Property Features for 144 Sturbridge Rd
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Industrial - Warehouse/Distribution
Building Details
Building Size
20,000 SF
Year Built
1997
Units
2
Listing Agency:
NAI Glickman Kovago & Jacobs
(774) 239-1900
Listed By:
Tim Whittredge · License #9562752-RE-S
Source:
Commercialcafe
Added: May 14
Changed: Aug 8
Last Checked: Jul 16 at 8:56AM
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 NAI Glickman Kovago & Jacobs
Investment Insights
Based on property information with market context.
Located directly on Route 20 in Charlton, the property at 144 Sturbridge Road offers a 20,000 square foot masonry block warehouse building. Approximately 16,000 square feet of vacant warehouse space is available, suitable for an owner-user, investor, or tenant. The remaining 4,000 square feet is leased to a cannabis retail operator. Constructed of durable masonry block, the building offers a functional layout suitable for a variety of industrial, storage, or light manufacturing uses. The vacant portion provides upside through lease-up or owner occupancy, while the existing tenancy adds an investment component. The concrete block and masonry building was constructed in 1997. The property benefits from connectivity to Worcester, Springfield, and the broader Central New England market, with convenient access to I-90 and other major regional corridors.
Key Highlights
- 16,000 sq ft of vacant warehouse space ideal for owner‑user or investor.
- Located directly on Route 20 with convenient access to I‑90 (Mass Pike) and I‑84.
- 4,000 sq ft leased to a cannabis retail operator, providing stable income.
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
$182,574
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
7.36%
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%
$3,651,480
$3.7M
Cap Rate 7%
$2,608,200
$2.6M
Cap Rate 9%
$2,028,600
$2.0M
Market Conditions
NOI Build-Up for 20,000 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
$276.0K $13.80/SF
− Vacancy
−$15.2K −$0.76/SF
EGI
$260.8K $13.04/SF
− OpEx
−$78.2K −$3.91/SF
NOI
$182.6K $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%
$3,651,480
Cap Rate 7%
$2,608,200
Cap Rate 9%
$2,028,600
Alternative Uses
Best Use
Warehouse
$3.33M
$2.91M – $3.88M
NOI $233,050 @ 7.0% cap · market cap 9.40%
Second Best
Industrial
$2.61M
$2.28M – $3.04M
NOI $182,574 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$6.83M
$5.98M – $7.97M
NOI $478,080 @ 7.0% cap · market cap 19.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01507, MA
13,315
Population
5,240
Households
2.5
Avg Household Size
44
Median Age
38%
College-Educated
94%
High-School Grad
42.2 sq mi
ZIP Area
316
Density / Sq Mi
$119,809
Median Household Income
$64,911
Median Earnings
$1,215
Median Rent
$405,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - 20,000 SF warehouse with income and value-add potential.
Where is this warehouse located?
The property is located at 144 Sturbridge Rd Charlton, MA.
What is the asking price?
The asking price for this property is $2,480,000.
What are key features of this property?
This property features: 16,000 sq ft of vacant warehouse space ideal for owner‑user or investor.; Located directly on Route 20 with convenient access to I‑90 (Mass Pike) and I‑84.; 4,000 sq ft leased to a cannabis retail operator, providing stable income.
