Mixed-Use Property With
For Sale
$780,000
Pending
166-168 Mechanic St, Southbridge, MA 01550
Residential Income, Southbridge, MA
Property Size5,733 SF
Lot Size0.28 Acres
Days on Market71
Property Features for 166-168 Mechanic St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RB
Bedrooms
8
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 7
Parking
10
Directions
Mass Pike (I-90W) to exit 90, I-395S to Rt 20W, left on Rt 49S.
Standard status
Pending
APN
M:0029 B:0052 L:00001
Size
5,733 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7510
Building Details
Year built
1900
Floors in Building
3
Number of units
5
Listing Agency:
Keller Williams Elite · Keller Williams Realty
(508) 695-4545
Added: Jun 11
Changed: Aug 20
Last Checked: Aug 20 at 10:06AM
MLS# 73534995
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property combines four updated two-bedroom apartments with an updated commercial storefront and a warehouse/workshop area. The building contains 5,733 square feet on a 0.28-acre lot and dates to 1900. A finished, climate-controlled two-room suite within the warehouse includes a full kitchen, full bathroom, and separate mini-split system. The upper portion also provides additional storage rooms.
A large paved parking area serves the property, with space suited to commercial vehicles or residential tenant parking. The property is zoned RB and is located near Routes 20 and 169, with access to the Mass Pike. The address is 166-168 Mechanic St in Southbridge, Massachusetts.
A large paved parking area serves the property, with space suited to commercial vehicles or residential tenant parking. The property is zoned RB and is located near Routes 20 and 169, with access to the Mass Pike. The address is 166-168 Mechanic St in Southbridge, Massachusetts.
Key Highlights
- Four updated 2‑bedroom apartments
- Updated commercial storefront and warehouse/workshop component
- 5,733 square feet on a 0.28‑acre lot
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
$67,443
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
8.65%
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%
$1,348,860
$1.3M
Cap Rate 7%
$963,471
$963.5K
Cap Rate 9%
$749,367
$749.4K
Market Conditions
NOI Build-Up for 5,733 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
$125.9K $21.96/SF
− Vacancy
−$3.3K −$0.57/SF
EGI
$122.6K $21.39/SF
− OpEx
−$55.2K −$9.63/SF
NOI
$67.4K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,348,860
Cap Rate 7%
$963,471
Cap Rate 9%
$749,367
Alternative Uses
Best Use
Retail
$1.21M
$1.06M – $1.41M
NOI $84,776 @ 7.0% cap · market cap 10.87%
Second Best
Apartment 5plus
$963.5K
$843.0K – $1.12M
NOI $67,443 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,042 @ 7.0% cap · market cap 17.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 01550, MA
17,740
Population
7,644
Households
2.3
Avg Household Size
39
Median Age
18%
College-Educated
82%
High-School Grad
20.2 sq mi
ZIP Area
878
Density / Sq Mi
$59,397
Median Household Income
$41,365
Median Earnings
$1,157
Median Rent
$267,000
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated apartments, storefront space, warehouse improvements, and paved parking support multiple commercial and residential functions.
Where is this mixed-use property located?
The property is located at 166-168 Mechanic St Southbridge, MA.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Four updated 2‑bedroom apartments; Updated commercial storefront and warehouse/workshop component; 5,733 square feet on a 0.28‑acre lot
