Office Building with
For Sale
$549,900
24 Congress St, Milford, MA 01757
Commercial-residential zoning and a downtown-adjacent setting define this office property.
Property Size1,828 SF
Price / SF$183.30
Days on Market52
Property Features for 24 Congress St
General Information
Standard status
Active
Size
1,828 SF
Property subtype
Commercial
Zoning
commercial residential
Amenities
5 fireplaces
Building Details
Building Size
1,828 SF
Year Built
1828
Listing Agency:
RE/MAX Real Estate Center
(508) 345-5848
Listed By:
Dolores Rabuffo
(508) 345-5848
Source:
Iverty
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 30 at 4:51PM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This office building provides more than 3,000 square feet of interior area and was built in 1828. The property includes five fireplaces, although their working condition has not been established. Commercial-residential zoning is in place, and the available use concepts include legal, medical, and spa-oriented office operations.
The building is within walking distance of downtown Milford, Massachusetts. Its established construction date, substantial interior area, fireplace features, and zoning create a distinctive setting for professional office occupancy or related commercial use.
The building is within walking distance of downtown Milford, Massachusetts. Its established construction date, substantial interior area, fireplace features, and zoning create a distinctive setting for professional office occupancy or related commercial use.
Key Highlights
- More than 3,000 square feet of inside area
- Built in 1828
- Presently zoned commercial residential
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
$41,958
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
7.63%
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%
$839,160
$839.2K
Cap Rate 7%
$599,400
$599.4K
Cap Rate 9%
$466,200
$466.2K
Market Conditions
NOI Build-Up for 3,000 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
$75.6K $25.20/SF
− Vacancy
−$5.7K −$1.89/SF
EGI
$69.9K $23.31/SF
− OpEx
−$28.0K −$9.32/SF
NOI
$42.0K $13.99/SF
Area
Worcester County, MA
Vacancy
7.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$839,160
Cap Rate 7%
$599,400
Cap Rate 9%
$466,200
Alternative Uses
Best Use
Office B
$781.1K
$683.4K – $911.3K
NOI $54,675 @ 7.0% cap · market cap 9.94%
Second Best
Healthcare Medical
$599.4K
$524.5K – $699.3K
NOI $41,958 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$1.02M
$896.4K – $1.20M
NOI $71,712 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,338
Businesses Nearby
Explore this area
Business Placement
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
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?
Office building - Commercial-residential zoning and a downtown-adjacent setting define this office property.
Where is this office building located?
The property is located at 24 Congress St Milford, MA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: More than 3,000 square feet of inside area; Built in 1828; Presently zoned commercial residential
