Mixed-Use Property Near Gibbs
For Sale
Contact for pricing
388 Palmer Rd, Ware, MA 01082
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 Market1016
Property Features for 388 Palmer Rd
General Information
Standard status
Active
Size
1,200 SF
Lot size
2.85 Acres
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
CI
Investment Type
Owner/User
Building Details
Year Built
1977
Buildings
2
Stories
1
Units
2
Listing Agency:
Pioneer CRE
Listed By:
Paul Bongiorni · License #REB.0793882
(413) 459-0570
Source:
Crexi
Added: Dec 24, 2023
Changed: Aug 16
Last Checked: Aug 25 at 3:57AM
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 and is situated on a 2.85-acre parcel. Located on a busy commercial corridor, the property is near the Palmer town line and approximately ¼ 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/office building and an 861 square foot warehouse. The warehouse has an overhead door and loading platform. The location is 5.5 miles from the Palmer MA Pike interchange and 2.8 miles from downtown Ware. The property is also near the Ware Mass Central Rail Trail entrance, part of a planned 104-mile recreational trail from Boston to Northampton. This property presents an investment, owner-occupant, or potential redevelopment opportunity with high visibility.
Key Highlights
- High‑visibility location on busy Rt. 32, a commercial corridor
- Mixed‑use property with retail/office building (+/-1,200 SF) and warehouse (+/-861 SF)
- Proximity to Gibbs Crossing shopping center (Wal‑Mart, Lowe's)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,646
Cap Rate
8.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,920
$492.9K
Cap Rate 7%
$352,086
$352.1K
Cap Rate 9%
$273,844
$273.8K
Market Conditions
NOI Build-Up for 1,200 SF
Gross rent
$36.0K $30.00/SF
− Vacancy
−$792 −$0.66/SF
EGI
$35.2K $29.34/SF
− OpEx
−$10.6K −$8.80/SF
NOI
$24.6K $20.54/SF
Area
Hampshire County, MA
Vacancy
2.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,920
Cap Rate 7%
$352,086
Cap Rate 9%
$273,844
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
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Open Analytics
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
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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; Mixed‑use property with retail/office building (+/-1,200 SF) and warehouse (+/-861 SF); Proximity to Gibbs Crossing shopping center (Wal‑Mart, Lowe's)
