Freestanding Retail
For Sale
$489,000
40 S Main Street, Milford, MA 01757
Steel I-beam retail building with showroom-ready ceilings, parking, and public water and sewer connections.
Property Size1,792 SF
Price / SF$272.88
Days on Market209
Property Features for 40 S Main Street
General Information
Standard status
Active
Size
1,792 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Clear Height
12 ft
Building Details
Year Built
1952
Listing Agency:
Properties Central Realty
(508) 754-3020
Listed By:
The Elevate Group
(617) 846-8000
Source:
Highlandre
Added: Jan 28
Changed: Aug 25
Last Checked: Aug 25 at 9:29AM
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 Properties Central Realty
Investment Insights
Based on property information with market context.
This freestanding retail building was built in 1952 and features steel I-beam construction with 12-foot ceilings. The offering includes approximately 1,792 square feet of versatile interior space suited to a range of uses, including a showroom, professional office, or boutique. The property has a paved driveway and parking designed to support convenient customer and tenant access.
Located in the heart of Milford’s downtown community at 40 S Main St, the building is positioned for visibility and practical day-to-day accessibility. Public remarks note access to RT 16 and public transportation, helping support retail and office activity. The building is connected to public water and sewer utilities.
This asset may fit owners seeking an established, centrally located storefront with adaptable interior layout and dedicated parking. The property is described as legal non-conforming, which is an item for buyers to review as part of their use and development planning. With a proven commercial history connected to a floor covering operation for over 50 years, the building offers a commercial setting that can be repurposed for a new concept within a downtown business district.
Located in the heart of Milford’s downtown community at 40 S Main St, the building is positioned for visibility and practical day-to-day accessibility. Public remarks note access to RT 16 and public transportation, helping support retail and office activity. The building is connected to public water and sewer utilities.
This asset may fit owners seeking an established, centrally located storefront with adaptable interior layout and dedicated parking. The property is described as legal non-conforming, which is an item for buyers to review as part of their use and development planning. With a proven commercial history connected to a floor covering operation for over 50 years, the building offers a commercial setting that can be repurposed for a new concept within a downtown business district.
Key Highlights
- Free‑standing retail building built in 1952 with steel I‑beam construction in downtown Milford
- 1,792 SF versatile space with 12‑foot ceilings, suited for a showroom, professional office, or boutique
- Paved driveway with ample parking on‑site
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,499
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$529,980
$530.0K
Cap Rate 7%
$378,557
$378.6K
Cap Rate 9%
$294,433
$294.4K
Market Conditions
NOI Build-Up for 1,792 SF
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.
Gross rent
$38.7K $21.60/SF
− Vacancy
−$852 −$0.48/SF
EGI
$37.9K $21.12/SF
− OpEx
−$11.4K −$6.34/SF
NOI
$26.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$529,980
Cap Rate 7%
$378,557
Cap Rate 9%
$294,433
Alternative Uses
Best Use
Retail
$378.6K
$331.2K – $441.7K
NOI $26,499 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$611.9K
$535.5K – $713.9K
NOI $42,836 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
36k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 48%
Dunkin' Donuts
Dining
18,371 visits/mo
0.1 miles
7-Eleven
Shops & Services
7,239 visits/mo
0.2 miles
BP
Shops & Services
5,333 visits/mo
0.1 miles
Berkshire Bank
Shops & Services
2,158 visits/mo
0.2 miles
Hertz
Shops & Services
1,387 visits/mo
0.2 miles
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Steel I-beam retail building with showroom-ready ceilings, parking, and public water and sewer connections.
Where is this storefront property located?
The property is located at 40 S Main Street Milford, MA.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Free‑standing retail building built in 1952 with steel I‑beam construction in downtown Milford; 1,792 SF versatile space with 12‑foot ceilings, suited for a showroom, professional office, or boutique; Paved driveway with ample parking on‑site
