Route 9 Industrial
For Sale
$4,800,000
251 Turnpike Road, Southborough, MA 01772
15,500 SF light industrial building on 3.81 acres.
Property Size15,500 SF
Lot Size3.81 Acres
Price / SF$309.68
Days on Market97
Property Features for 251 Turnpike Road
General Information
Standard status
Active
Size
15,500 SF
Lot size
3.81 Acres
Property subtype
Commercial
Building Details
Year Built
1998
Listing Agency:
Boston Realty Advisors
(617) 375-7900
Listed By:
Nicholas Herz
Source:
Liongatere
Added: Apr 25
Changed: Jul 10
Last Checked: Jul 30 at 6:09PM
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 Realty Advisors
Investment Insights
Based on property information with market context.
Located on 3.81 acres along Route 9 in Southborough, MA, 251 Turnpike Road features a 15,500 SF light industrial building. The property is fully leased to two tenants and is priced at a 7.5% cap rate. The anchor tenant occupies 10,500 SF and is an established dealership with 13 years of term and annual CPI rent increases. The second tenant occupies 5,000 SF and adds a complementary automotive use to the building, having invested a significant amount of capital into its space. The property has convenient access to I-495 and approximately 600 feet of frontage, with exceptional visibility. This section of Route 9 experiences an average of 50,500 vehicles per day and has signalized intersections about one mile in both directions. The underlying zoning allows for a variety of uses and the ability to expand the existing building by 35,190 SF.
Key Highlights
- 100% leased with long‑term, stable cash flow at a 7.5% cap rate.
- Anchor tenant occupies 10,500 SF with 13 years of term and annual CPI rent increases.
- Potential to expand the existing building by 35,190 SF due to favorable zoning.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $334.8k | $21.60 |
| − Vacancy | −$7.4k | −$0.48 |
| EGI | $327.4k | $21.12 |
| − OpEx | −$98.2k | −$6.34 |
| NOI | $229.2k | $14.79 |
15,500 SF · lease $21.60/SF/yr · vacancy 2.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.27M
$2.87M – $3.82M
NOI $229,204 @ 7.0% cap · market cap 4.78%
Second Best
Industrial
$2.02M
$1.77M – $2.36M
NOI $141,495 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$5.29M
$4.63M – $6.18M
NOI $370,512 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 01772, MA
10,017
Population
3,571
Households
2.8
Avg Household Size
43
Median Age
75%
College-Educated
98%
High-School Grad
13.6 sq mi
ZIP Area
737
Density / Sq Mi
$196,680
Median Household Income
$97,457
Median Earnings
$2,425
Median Rent
$816,500
Median Home Value
Market
Properties on Market for Industrial properties in Worcester County
Vacancy Rate% for Industrial 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?
Industrial property - 15,500 SF light industrial building on 3.81 acres.
Where is this industrial property located?
The property is located at 251 Turnpike Road Southborough, MA.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 100% leased with long‑term, stable cash flow at a 7.5% cap rate.; Anchor tenant occupies 10,500 SF with 13 years of term and annual CPI rent increases.; Potential to expand the existing building by 35,190 SF due to favorable zoning.
