Live-Work Property with
New
For Sale
$739,000
273 W Main St, Norton, MA 02766
The property currently operates as a spa and has a flexible, multi-room layout.
Property Size1,944 SF
Price / SF$380.14
Days on Market1
Property Features for 273 W Main St
General Information
Standard status
Active
Size
1,944 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Asking Price
$739,000
Taxes and HOA fees
Annual Taxes
$6,180
Building Details
Year Built
1900
Listing Agency:
LAER Realty Partners / Rose Homes & Real Estate
Listed By:
Phil and Debbie Rose
(508) 889-0186
Source:
Elliman
Added: Sep 24
Last Checked: Sep 24 at 1:55PM
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 LAER Realty Partners / Rose Homes & Real Estate
Investment Insights
Based on property information with market context.
At 273 W Main St, this approximately 1,944-square-foot property is currently used as a spa. Its interior includes multiple rooms and 1.5 baths, with a large paved parking area and handicap accessibility. Built in 1900, the property was originally designed as a single-family home. Continued spa use, residential use, or a combination of uses may be considered, subject to zoning and Town requirements for the intended use.
The property fronts Route 123 in Norton, with access to Routes 140 and 495. Its current configuration and former residential design offer a range of possible arrangements, subject to applicable approvals.
The property fronts Route 123 in Norton, with access to Routes 140 and 495. Its current configuration and former residential design offer a range of possible arrangements, subject to applicable approvals.
Key Highlights
- Approximately 1,944 square feet with multiple rooms and 1.5 baths
- Currently operating as a spa; originally designed as a single‑family home
- Large paved parking area with handicap accessibility
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
$31,953
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
4.32%
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%
$639,060
$639.1K
Cap Rate 7%
$456,471
$456.5K
Cap Rate 9%
$355,033
$355.0K
Market Conditions
NOI Build-Up for 1,944 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
$53.2K $27.36/SF
− Vacancy
−$10.6K −$5.44/SF
EGI
$42.6K $21.92/SF
− OpEx
−$10.7K −$5.48/SF
NOI
$32.0K $16.44/SF
Area
Bristol County, MA
Vacancy
19.90%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
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%
$639,060
Cap Rate 7%
$456,471
Cap Rate 9%
$355,033
Alternative Uses
Best Use
Office B
$456.5K
$399.4K – $532.6K
NOI $31,953 @ 7.0% cap · market cap 4.32%
Second Best
Mixed Use
$328.1K
$287.1K – $382.7K
NOI $22,964 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$1.18M
$1.04M – $1.38M
NOI $82,870 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 02766, MA
19,202
Population
6,725
Households
2.9
Avg Household Size
41
Median Age
46%
College-Educated
94%
High-School Grad
27.8 sq mi
ZIP Area
691
Density / Sq Mi
$127,404
Median Household Income
$60,134
Median Earnings
$1,986
Median Rent
$476,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Live-work space - The property currently operates as a spa and has a flexible, multi-room layout.
Where is this live-work space located?
The property is located at 273 W Main St Norton, MA.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Approximately 1,944 square feet with multiple rooms and 1.5 baths; Currently operating as a spa; originally designed as a single‑family home; Large paved parking area with handicap accessibility
