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    23 Cape Rd Mendon, MA 1756

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    Brand new Class A warehouse space available for lease.

    Type:industrial
    Property size:
    75,000 SF
    Lot size:
    21.30 Acres
    Added:
    Apr 15, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 14 at 8:30 pm

    Property Features for 23 Cape Rd

    General Information

    Standard status
    Active
    Size
    75,000 SF
    Lot size
    21.30 Acres
    Property subtype
    industrial

    Spaces For Lease

    at 23 Cape Rd Contact us

    We can help!

    Listing Contact
    Joe Fabiano
    Joe Fabiano

    Listing agent Joe Fabiano License #MA: 9571271

    Listing office Boston

    Listing date Apr 15, 2026

    Source Property.jll

    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 Boston

    Overview

    New Class A Warehouse Opportunity

    This brand new Class A warehouse opportunity is now available for lease at 23 Cape Rd. The available square footage ranges from 75,000 to 205,577 square feet within a building of approximately 205,577 square feet. The speculative office space included in the shell delivery is approximately 2,835 square feet. The building dimensions are 330 feet deep by 648 feet wide, situated on a land area of approximately 21.3 acres. It features a clear height of 32 feet and column spacing of 54 feet by 52 feet (typical) with a 60-foot speed bay. Loading is facilitated by 34 dock-high doors (9 feet wide by 10 feet high) equipped with lights, seals, bumpers, and 40,000 LB mechanical levelers, along with 2 drive-in doors (12 feet wide by 14 feet high). Car parking provides approximately 1.0 space per 1,000 square feet, totaling 206 auto spaces, and 20 trailer parking spaces. The power supply is 4,000A, 480V, 3P. Lighting provides 25 FC at 3 feet AFF included in shell spec. Fire protection is provided by an ESFR system. The construction type features pre-cast concrete wall panels and a 60 MIL TPO membrane roof with a 20-year warranty. The floor slab is 7 inches thick with 4,000 PSI.
    Location Intelligence

    Current Use by Public Records

    Royal Splash Car ... Car Wash

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Precision Stability Storage — 5 Condon Way unit b, Hopedale, MA 01747

    Location Insight

    • Map
    • Local Demand
    City
    Mendon
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.5079867
    Latitude
    42.0986193

    FAQs

    What type of property is this?
    Warehouse - Brand new Class A warehouse space available for lease.
    Where is this warehouse located?
    The property is located at 23 Cape Rd Mendon, MA.
    What are key features of this property?
    This property features: Brand new Class A warehouse space available for lease.; Substantial square footage: **75,000 - 205,577 SF available.**; **High clear height: 32 feet.**
    (781) 844-7893
    We can help!
    Listing Contact
    Joe Fabiano
    Joe Fabiano
    Real Estate License ID: MA: 9571271
    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.

    More about this property
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