Building Details

Year Built 1920

Buildings 2

Tenancy Multi

Listing Agency: RE/MAX Partners

Listed By: John Chalino · License #9539762 Show Phone

Source: Campionre

Added: Oct 27 Changed: Oct 30 Last Checked: Oct 30 at 1:34PM

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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 RE/MAX Partners

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Investment Insights

Based on property information with market context.

The Grafton property comprises two buildings totaling 9,043 square feet, built in 1920. At 311 Providence Road, the seven-unit building contains six apartments and one retail space. Improvements include a sprinkler system, updated heating, electrical and plumbing systems, new fixtures, and hardwood and tile flooring. The second building, at 313 Providence Road, contains four one-bedroom apartments. On-site laundry and off-street parking serve the portfolio.

The buildings are on Route 122, with access to Worcester, Route 146, the Mass Pike and Grafton commuter rail.

Key Highlights

• 11 units across two buildings: six apartments and one retail space at 311 Providence Road, plus four apartments at 313
• 9,043 square feet; built in 1920
• 311 Providence Road includes a sprinkler system and updated heating, electrical and plumbing systems

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$133,722

Cap Rate

7.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,674,440 $2.7M

Cap Rate 7%

$1,910,314 $1.9M

Cap Rate 9%

$1,485,800 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,043 SF

Gross rent

$195.3K $21.60/SF

− Vacancy

−$4.3K −$0.48/SF

EGI

$191.0K $21.12/SF

− OpEx

−$57.3K −$6.34/SF

NOI

$133.7K $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%

$2,674,440

Cap Rate 7%

$1,910,314

Cap Rate 9%

$1,485,800

Alternative Uses

Best Use

Retail

$1.91M

$1.67M – $2.23M (±1% cap)

NOI $133,722 @ 7.0% cap · market cap 7.04%

Second Best

Apartment 5plus

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,382 @ 7.0% cap · market cap 5.60%

Theoretical Best

Office A

$3.09M

$2.70M – $3.60M (±1% cap)

NOI $216,164 @ 7.0% cap · market cap 11.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Retail space

Suggested Use

Top Pick Real Estate Agency Restaurant Dental Office Building Supply Big Box & Wholesale Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

10

Residential units

Multi-tenant

Tenancy

Yes

Sprinkler system

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

113

Businesses Nearby

Explore this area Business Placement

Demographics for 01560, MA

4,896

Population

2,028

Households

2.4

Avg Household Size

37

Median Age

46%

College-Educated

93%

High-School Grad

3.6 sq mi

ZIP Area

1,360

Density / Sq Mi

$98,884

Median Household Income

$61,489

Median Earnings

$1,364

Median Rent

$442,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

8-Unit Apartment Buildings

289-291 Providence Rd, Grafton, MA 01560

$1,900,000

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Renovated Mixed-Use Property

137 Westboro Road, North, Grafton, MA 01536

$730,000

4,500 SF

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Church with Lower-Level Social Hall

10 Overlook St, Grafton, MA 01536

$474,900

2,854 SF

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two buildings combine apartments and retail space, with on-site laundry and off-street parking.

Where is this mixed-use property located?

The property is located at 311-313 Providence Road Grafton, MA.

What is the asking price?

The asking price for this property is $1,900,000.

What are key features of this property?

This property features: 11 units across two buildings: six apartments and one retail space at 311 Providence Road, plus four apartments at 313; 9,043 square feet; built in 1920; 311 Providence Road includes a sprinkler system and updated heating, electrical and plumbing systems