Building Details

Building Size 1,828 SF

Year Built 1828

Listing Agency: RE/MAX Real Estate Center Show Phone

Listed By: Dolores Rabuffo · License #453501113 Show Phone

Source: Iverty

Added: Jul 10 Changed: Oct 15 Last Checked: Oct 15 at 12:24AM

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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.

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 / Yr

$41,958

Cap Rate

7.92%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$839,160 $839.2K

Cap Rate 7%

$599,400 $599.4K

Cap Rate 9%

$466,200 $466.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

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 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 (±1% cap)

NOI $54,675 @ 7.0% cap · market cap 10.32%

Second Best

Healthcare Medical

$599.4K

$524.5K – $699.3K (±1% cap)

NOI $41,958 @ 7.0% cap · market cap 7.92%

Theoretical Best

Office A

$1.02M

$896.4K – $1.20M (±1% cap)

NOI $71,712 @ 7.0% cap · market cap 13.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Watson Colonial Funeral ... Social Service Agency

Suggested Use

Top Pick Parking Lot & Garage Cafe & Coffee Shop Furniture & Home Goods Storage Facility (Bike/Boat/Book/etc) Store Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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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 $529,900.

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