Five-Unit Medical Office
For Sale
$3,700,000
307 Grafton Street, Shrewsbury, MA 01545
Commercial Sale, Shrewsbury, MA
Property Size10,368 SF
Lot Size1.41 Acres
Price / SF$356.87
Days on Market8
Property Features for 307 Grafton Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Zoning description
Legal Conforming
Directions
Lower parking lot access off Rt 140
Standard status
Active
APN
1679764
Size
10,368 SF
Lot size
1.41 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
26939
Building Details
Year built
2004
Listing Agency:
Keller Williams Realty North Central
(978) 840-9000
Listed By:
Rochelle Jonswold
(978) 860-3609
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 21 at 5:06PM
MLS# 73576636
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2004, this 10,368-square-foot medical office property contains five commercial units on 1.41 acres. Three established medical office tenants occupy the building under long-term NNN leases, while 3,600 square feet remains available for an owner-user or additional leasing. The available area supports a medical practice, professional services firm, or corporate office seeking a visible Shrewsbury location.
The property sits at the intersection of Route 9 and Route 140, with regional connectivity to I-495, I-290, and the Massachusetts Turnpike. Its Commercial zoning and five-unit configuration provide a combination of existing medical occupancy and flexible space within the Worcester County market.
The property sits at the intersection of Route 9 and Route 140, with regional connectivity to I-495, I-290, and the Massachusetts Turnpike. Its Commercial zoning and five-unit configuration provide a combination of existing medical occupancy and flexible space within the Worcester County market.
Key Highlights
- 10,368‑square‑foot medical office property on 1.41 acres
- Five commercial units, including three established medical office tenants
- Long‑term NNN leases in place with three medical office tenants
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
$188,957
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
5.11%
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%
$3,779,140
$3.8M
Cap Rate 7%
$2,699,386
$2.7M
Cap Rate 9%
$2,099,522
$2.1M
Market Conditions
NOI Build-Up for 10,368 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
$311.0K $30.00/SF
− Vacancy
−$59.1K −$5.70/SF
EGI
$251.9K $24.30/SF
− OpEx
−$63.0K −$6.08/SF
NOI
$189.0K $18.23/SF
Area
Worcester County, MA
Vacancy
19.00%
Lease Rate
$30.00 /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%
$3,779,140
Cap Rate 7%
$2,699,386
Cap Rate 9%
$2,099,522
Alternative Uses
Best Use
Office B
$2.70M
$2.36M – $3.15M
NOI $188,957 @ 7.0% cap · market cap 5.11%
Second Best
Healthcare Medical
$2.07M
$1.81M – $2.42M
NOI $145,007 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$3.54M
$3.10M – $4.13M
NOI $247,837 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01545, MA
38,316
Population
15,318
Households
2.5
Avg Household Size
41
Median Age
66%
College-Educated
96%
High-School Grad
20.8 sq mi
ZIP Area
1,842
Density / Sq Mi
$136,225
Median Household Income
$74,718
Median Earnings
$2,046
Median Rent
$555,500
Median Home Value
Check the figures for this property
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?
Medical Office Space - Medical office property with three established NNN medical tenants and space for an owner-occupant.
Where is this medical office space located?
The property is located at 307 Grafton Street Shrewsbury, MA.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 10,368‑square‑foot medical office property on 1.41 acres; Five commercial units, including three established medical office tenants; Long‑term NNN leases in place with three medical office tenants
