Mixed-Use Property on Route
388 Palmer Rd, Ware, MA 01082
For Sale
$295,000
Two-building mixed-use property near shopping center and rail trail.
Property Size2,061 SF
Lot Size2.86 Acres
Price / SF$143.13
Days on Market732
Property Features for 388 Palmer Rd
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
Pioneer CRE
(413) 312-9299
Listed By:
Paul Bongiorni · License MA #9575704
(413) 459-0570
Source:
Exitrealty
Added: Nov 9, 2024
Changed: Aug 9
Last Checked: Apr 6 at 3:31AM
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 Pioneer CRE
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Investment Insights
Based on property information with market context.
This unique two-building mixed-use property is located on busy Route 32 in Ware, near the Palmer town line and approximately ¼ mile from Gibbs Crossing, a 502,000 square foot shopping center featuring Wal-Mart and Lowe’s. The property includes a plus or minus 1,200 square foot retail or office building and a plus or minus 861 square foot warehouse with an overhead door and loading platform. The parcel is approximately 2.85 acres. This property presents an investment, owner-occupant, or potential redevelopment opportunity with high visibility on a commercial corridor. It is located approximately 5.5 miles from the Palmer Massachusetts Turnpike interchange and 2.8 miles from downtown Ware. The property is also close to the Ware Mass Central Rail Trail entrance, part of a planned 104-mile recreational trail from Boston to Northampton.
Key Highlights
- High visibility location on busy Rt. 32 commercial corridor.
- Mixed‑use property with retail/office building (+/-1,200 SF) and warehouse (+/-861 SF) with overhead door and loading platform.
- Proximity to Gibbs Crossing shopping center (¼ mile) featuring Wal‑Mart and Lowe’s.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,863
Cap Rate
8.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,260
$517.3K
Cap Rate 7%
$369,471
$369.5K
Cap Rate 9%
$287,367
$287.4K
Market Conditions
NOI Build-Up for 2,061 SF
Gross rent
$32.9K $15.96/SF
− Vacancy
−$2.5K −$1.20/SF
EGI
$30.4K $14.76/SF
− OpEx
−$4.6K −$2.21/SF
NOI
$25.9K $12.55/SF
Area
Hampshire County, MA
Vacancy
7.50%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$517,260
Cap Rate 7%
$369,471
Cap Rate 9%
$287,367
Alternative Uses
Best Use
Office B
$924.3K
$808.8K – $1.08M
NOI $64,703 @ 7.0% cap · market cap 21.93%
Second Best
Retail
$604.7K
$529.1K – $705.5K
NOI $42,329 @ 7.0% cap · market cap 14.35%
Theoretical Best
Office A
$1.26M
$1.10M – $1.46M
NOI $87,858 @ 7.0% cap · market cap 29.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 01082, MA
10,565
Population
5,021
Households
2.1
Avg Household Size
44
Median Age
26%
College-Educated
92%
High-School Grad
47.0 sq mi
ZIP Area
225
Density / Sq Mi
$71,023
Median Household Income
$49,991
Median Earnings
$1,049
Median Rent
$271,200
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building mixed-use property near shopping center and rail trail.
Where is this mixed-use property located?
The property is located at 388 Palmer Rd Ware, MA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: High visibility location on busy Rt. 32 commercial corridor.; Mixed‑use property with retail/office building (+/-1,200 SF) and **warehouse (+/-861 SF) with overhead door and loading platform.**; Proximity to Gibbs Crossing shopping center (¼ mile) featuring Wal‑Mart and Lowe’s.
