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    Southbridge Industrial Building for Cultivation Title is generated by Realmo AI

    35 Optical Drive, Southbridge, MA 01550

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    198,300 SF industrial building suited for marijuana cultivation and manufacturing.

    Type:Industrial
    Property size:
    198,300 SF
    Price / SF:
    $20/SF
    Added:
    Oct 11, 2024
    Days on Market:
    603
    Last Refresh:
    May 19 at 9:28 pm

    Property Features for 35 Optical Drive

    General Information

    Standard status
    Active
    Size
    198,300 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1942

    We can help!

    Listing Contact
    Christopher Naff

    Listing agent Christopher Naff License #MA 9554247

    Listing office Kelleher & Sadowsky Associates Inc

    Listing date Oct 11, 2024

    Source Crexi

    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 Kelleher & Sadowsky Associates Inc

    HighLights

    • 198,300 SF industrial building perfectly suited for marijuana cultivation and manufacturing.
    • Adult Use Marijuana is a permitted use with Special Permit and Site Plan Approval.
    • Located in the Southbridge Innovation Center, part of a 1.2 million square foot Industrial and Technology Park.
    • Advantageous zoning, park security, and no residential abutters.
    • Strategic location with convenient access to major highways.
    • Situated in a well‑established industrial hub with proximity to key manufacturing and distribution centers.

    Overview

    This 198,300 SF industrial building is ideally suited for marijuana cultivation and manufacturing. Located within the Southbridge Innovation Center, a 1.2 million square foot Industrial and Technology Park, the property benefits from advantageous zoning, park security, and the absence of residential abutters. Adult Use Marijuana is a permitted use at the Southbridge Innovation Center, subject to Special Permit and Site Plan Approval from the Town of Southbridge. The voters of the Town of Southbridge overturned the ban on adult-use marijuana in June 2019, with Town Counsel adopting the ban reversal in October 2019 and the final version of adult use marijuana zoning bylaws in November 2019. Situated on Optical Drive in Southbridge, MA, the property is located in a well-established industrial hub, near key manufacturing and distribution centers, including the Southbridge Industrial Park. The area provides strategic positioning and convenient access to major highways, making it suitable for growth and expansion in the industrial and manufacturing sectors. This location offers a supportive business environment and access to skilled labor, presenting compelling opportunities for investors seeking a robust industrial landscape.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cannabis Properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Southbridge
    County
    Worcester
    State
    Massachusetts
    Longitude
    -72.0224944
    Latitude
    42.0737783

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    FAQs

    What type of property is this?
    Cannabis property - 198,300 SF industrial building suited for marijuana cultivation and manufacturing.
    Where is this cannabis property located?
    The property is located at 35 Optical Drive Southbridge, MA.
    What is the asking price?
    The asking price for this property is $4,000,000.
    What are key features of this property?
    This property features: 198,300 SF industrial building perfectly suited for marijuana cultivation and manufacturing.; Adult Use Marijuana is a permitted use with Special Permit and Site Plan Approval.; Located in the Southbridge Innovation Center, part of a 1.2 million square foot Industrial and Technology Park.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Christopher Naff
    Real Estate License ID: MA 9554247
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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