3-Bay Auto
For Sale
Contact for pricing
Pending
280 River St, Fitchburg, MA 01420
Automotive property with service equipment, customer areas, and additional commercial land for flexible use.
Property Size2,600 SF
Days on Market2288
Property Features for 280 River St
General Information
Standard status
Pending
Size
2,600 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Service Bays
3
Amenities
Office
Waiting area
Waste oil burner
Pellet stove
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Residential Brokerage Leominster
Listed By:
Marcia Casacca · License #MA
Source:
Crexi
Added: May 27, 2020
Changed: Aug 30
Last Checked: Aug 30 at 1:56PM
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 Coldwell Banker Residential Brokerage Leominster
Investment Insights
Based on property information with market context.
The property includes a 2,600-square-foot automotive facility with three mechanic bays, including two equipped with lifts. A compact office and customer waiting area support vehicle sales and service operations. The site currently operates as a used car business with an unlimited vehicle license, while two service bays are leased by the owner.
A separate 19,000-square-foot section of vacant commercial land accompanies the building. The property occupies almost 3/4 acre at 280 River St in Fitchburg, Massachusetts, and is designated within Fitchburg as an area for Marijuana Establishments under ordinance #31-2018. Heating infrastructure includes a waste oil burner, pellet stove, and an unused gas FHA system.
A separate 19,000-square-foot section of vacant commercial land accompanies the building. The property occupies almost 3/4 acre at 280 River St in Fitchburg, Massachusetts, and is designated within Fitchburg as an area for Marijuana Establishments under ordinance #31-2018. Heating infrastructure includes a waste oil burner, pellet stove, and an unused gas FHA system.
Key Highlights
- 2,600 SF automotive facility built in 1920
- Three mechanic bays, with two lifts installed
- 19,000 sf section of vacant commercial land
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
$38,447
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
4.84%
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%
$768,940
$768.9K
Cap Rate 7%
$549,243
$549.2K
Cap Rate 9%
$427,189
$427.2K
Market Conditions
NOI Build-Up for 2,600 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
$56.2K $21.60/SF
− Vacancy
−$1.2K −$0.48/SF
EGI
$54.9K $21.12/SF
− OpEx
−$16.5K −$6.34/SF
NOI
$38.4K $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 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%
$768,940
Cap Rate 7%
$549,243
Cap Rate 9%
$427,189
Alternative Uses
Best Use
Retail
$549.2K
$480.6K – $640.8K
NOI $38,447 @ 7.0% cap · market cap 4.84%
Second Best
Industrial
$339.1K
$296.7K – $395.6K
NOI $23,735 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$887.9K
$776.9K – $1.04M
NOI $62,150 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
6k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Dunkin' Donuts
Dining
5,548 visits/mo
0.5 miles
Demographics for 01420, MA
41,940
Population
17,998
Households
2.3
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
30.1 sq mi
ZIP Area
1,393
Density / Sq Mi
$70,334
Median Household Income
$41,753
Median Earnings
$1,131
Median Rent
$294,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- M3Pro Auto Body — 91 Forest St, Fitchburg, MA 01420
- Boudreau's Service Station — 20 Pratt St, Fitchburg, MA 01420
- River Street Auto Service — 356 River St, Fitchburg, MA 01420
- River Street Auto Services — 356 River St, Fitchburg, MA 01420
- Phill's Auto Repair — 252 Kimball St, Fitchburg, MA 01420
Frequently Asked Questions
What type of property is this?
Auto shop - Automotive property with service equipment, customer areas, and additional commercial land for flexible use.
Where is this auto shop located?
The property is located at 280 River St Fitchburg, MA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 2,600 SF automotive facility built in 1920; Three mechanic bays, with two lifts installed; 19,000 sf section of vacant commercial land
