Mixed-Use Property with Auto
24 Woodland St, Millbury, MA 01527
For Sale
$787,000
Two one-bedroom suites with full bathrooms sit above a heated garage equipped for automotive work.
Property Size1,962 SF
Days on Market20
Property Features for 24 Woodland St
General Information
Standard status
Size
Lease Term
Automotive
Service Bays
Automotive Uses
Additional Details
Real Estate Included
Amenities
finished basement
compressor
heated space
three oversized garage doors
off street parking
covered oversized carport
Building Details
Building Size
Year Built
Listing Agency:
Century 21 Custom Home Realty
(508) 473-4777
Listed By:
Robert Mellen · License #453012180
(508) 944-7608
Source:
Iverty
Added: Oct 21
Changed: Nov 8
Last Checked: Nov 8 at 6:23AM
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 Custom Home Realty
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Investment Insights
Based on property information with market context.
Built in 1962, this mixed-use property combines a ranch-style residence with an attached automotive garage. The home has a finished basement, and the garage includes two vehicle lifts, a compressor, heating, and three oversized garage doors. Two one-bedroom suites, each with a full bathroom, are located above the garage. The residence and other units are heated with natural gas.
The property also offers off-street parking and an oversized covered carport. The garage previously served a taxi fleet and is equipped for vehicle repair work.
The property also offers off-street parking and an oversized covered carport. The garage previously served a taxi fleet and is equipped for vehicle repair work.
Key Highlights
- Attached automotive garage with two lifts, a compressor, heat, and three oversized doors
- Two one‑bedroom suites, each with a full bathroom, above the garage
- Ranch‑style residence includes a finished basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,013
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$580,260
$580.3K
Cap Rate 7%
$414,471
$414.5K
Cap Rate 9%
$322,367
$322.4K
Market Conditions
NOI Build-Up for 1,962 SF
Gross rent
$42.4K $21.60/SF
− Vacancy
−$932 −$0.48/SF
EGI
$41.4K $21.12/SF
− OpEx
−$12.4K −$6.34/SF
NOI
$29.0K $14.79/SF
Area
Worcester County, MA
Vacancy
2.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$580,260
Cap Rate 7%
$414,471
Cap Rate 9%
$322,367
Alternative Uses
Best Use
Retail
$414.5K
$362.7K – $483.6K
NOI $29,013 @ 7.0% cap · market cap 3.69%
Second Best
Industrial
$255.9K
$223.9K – $298.5K
NOI $17,911 @ 7.0% cap · market cap 2.28%
Theoretical Best
Office A
$670.0K
$586.3K – $781.7K
NOI $46,900 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
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Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Worcester County, MA
Properties on Market for Mixed-use properties in Worcester County
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two one-bedroom suites with full bathrooms sit above a heated garage equipped for automotive work.
Where is this mixed-use property located?
The property is located at 24 Woodland St Millbury, MA.
What is the asking price?
The asking price for this property is $787,000.
What are key features of this property?
This property features: Attached automotive garage with two lifts, a compressor, heat, and three oversized doors; Two one‑bedroom suites, each with a full bathroom, above the garage; Ranch‑style residence includes a finished basement
