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 Size1,200 SF
Lot Size2.85 Acres
Price / SF$245.83
Days on Market94
Property Features for 388 Palmer Rd
General Information
Standard status
Active
Size
1,200 SF
Lot size
2.85 Acres
Property subtype
Commercial
Building Details
Year Built
1977
Listing Agency:
Pioneer CRE
(413) 459-0570
Listed By:
Paul Bongiorni · License #REB.0793882
(413) 459-0570
Source:
Liongatere
Added: Apr 25
Changed: Jul 10
Last Checked: Jul 24 at 4:53PM
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
Investment Insights
Based on property information with market context.
This unique mixed-use property features two buildings situated on a 2.85-acre parcel. Located on busy Route 32 in Ware, near the Palmer town line, the property is a quarter mile from Gibbs Crossing, a 502,000 square foot shopping center anchored by Wal-Mart and Lowe's. The property includes a 1,200 square foot retail or office building and an 861 square foot warehouse. The warehouse includes an overhead door and loading platform. This property presents an investment, owner-occupant, or potential redevelopment opportunity with high visibility on a commercial corridor. It is located 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, a commercial corridor.
- Proximity to Gibbs Crossing shopping center (Wal‑Mart, Lowe's).
- Mixed‑use property with retail/office building and warehouse.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.0k | $30.00 |
| − Vacancy | −$792 | −$0.66 |
| EGI | $35.2k | $29.34 |
| − OpEx | −$10.6k | −$8.80 |
| NOI | $24.6k | $20.54 |
1,200 SF · lease $30.00/SF/yr · vacancy 2.20% · expense 30.00%
Alternative Uses
Best Use
Office B
$538.2K
$470.9K – $627.9K
NOI $37,673 @ 7.0% cap · market cap 12.77%
Second Best
Retail
$352.1K
$308.1K – $410.8K
NOI $24,646 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$730.8K
$639.4K – $852.6K
NOI $51,155 @ 7.0% cap · market cap 17.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
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, a commercial corridor.; Proximity to Gibbs Crossing shopping center (Wal‑Mart, Lowe's).; Mixed‑use property with retail/office building and warehouse.
