Flex Space with Warehouse and
For Sale
$350,000
201 Daniel Shays Highway, Athol, MA 01331
Two updated buildings include a small office suite and a warehouse with climate-controlled grow infrastructure.
Property Size3,442 SF
Price / SF$101.69
Days on Market277
Property Features for 201 Daniel Shays Highway
General Information
Standard status
Active
Size
3,442 SF
Property subtype
Commercial
Building Details
Year Built
1955
Listing Agency:
Century 21 North East
Listed By:
Scott Simpson · License #454501513
(508) 331-2030
Source:
Cbcommunityrealtors
Added: Dec 2, 2025
Changed: Sep 4
Last Checked: Sep 4 at 10:47AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This property includes two updated buildings on 2.2 acres, combining a 616 sq ft office with a 2,826 sq ft warehouse. The office features two offices and a bath, while the warehouse was originally designed as a climate-controlled grow facility and is equipped with eight high-efficiency mini-splits. Recent upgrades include a new 600 amp 120/208V electrical service, two handicap-accessible baths, fire alarm and security systems, a Generac standby generator with automatic transfer switch, a new roof, exterior security fencing, and new septic and well pump.
The buildings sit on a spacious lot with room for parking and potential future expansion. The property is located on a well-traveled road with easy highway access.
Flexible zoning allows commercial, manufacturing, residential, and other uses, supporting a broad range of operational and development possibilities.
The buildings sit on a spacious lot with room for parking and potential future expansion. The property is located on a well-traveled road with easy highway access.
Flexible zoning allows commercial, manufacturing, residential, and other uses, supporting a broad range of operational and development possibilities.
Key Highlights
- Two updated buildings on 2.2 acres: 616 sq ft office and 2,826 sq ft warehouse
- Warehouse originally designed as a climate‑controlled grow facility with eight high‑efficiency mini‑splits
- Recent upgrades include new 600 amp 120/208V electrical service, fire alarm, and security systems
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
$31,421
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
8.98%
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%
$628,420
$628.4K
Cap Rate 7%
$448,871
$448.9K
Cap Rate 9%
$349,122
$349.1K
Market Conditions
NOI Build-Up for 3,442 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
$47.5K $13.80/SF
− Vacancy
−$2.6K −$0.76/SF
EGI
$44.9K $13.04/SF
− OpEx
−$13.5K −$3.91/SF
NOI
$31.4K $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%
$628,420
Cap Rate 7%
$448,871
Cap Rate 9%
$349,122
Alternative Uses
Best Use
Office B
$896.1K
$784.1K – $1.05M
NOI $62,730 @ 7.0% cap · market cap 17.92%
Second Best
Warehouse
$573.0K
$501.4K – $668.5K
NOI $40,108 @ 7.0% cap · market cap 11.46%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,278 @ 7.0% cap · market cap 23.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 01331, MA
13,656
Population
6,050
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
89%
High-School Grad
54.2 sq mi
ZIP Area
252
Density / Sq Mi
$68,345
Median Household Income
$42,132
Median Earnings
$1,041
Median Rent
$257,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Two updated buildings include a small office suite and a warehouse with climate-controlled grow infrastructure.
Where is this flex space located?
The property is located at 201 Daniel Shays Highway Athol, MA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two updated buildings on 2.2 acres: 616 sq ft office and 2,826 sq ft warehouse; Warehouse originally designed as a climate‑controlled grow facility with eight high‑efficiency mini‑splits; Recent upgrades include new 600 amp 120/208V electrical service, fire alarm, and security systems
