Cannabis Dispensary
New
For Sale
$1,900,000
47 Milford St, Mendon, MA 01756
Cannabis dispensary built out with air-conditioned vault space and a rear warehouse area with six overhead doors on Route 16.
Property Size4,956 SF
Price / SF$383.37
Days on Market3
Property Features for 47 Milford St
General Information
Standard status
Active
Size
4,956 SF
Property subtype
Mixed-Use
Amenities
Long-term lease to a successful, multi-location dispensary
5,000 square feet available for an owner-occupant
4.54 acres of undeveloped space provide an option for expansion
Sub-4% rent-to-sales ratio on the dispensary shows clear ability to pay the rent
Building Details
Building Size
7,500 SF
Year Built
1971
Listing Agency:
Marcus & Millichap - Boston
(617) 896-7237
Listed By:
Harrison Klein · License #License(s): MA: 9580881
(617) 896-7237
Source:
Marcusmillichap
Added: Jul 29
Changed: Jul 30
Last Checked: Jul 30 at 6:24AM
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 Marcus & Millichap - Boston
Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present 47 Milford Street in Mendon, Massachusetts. The property is home to Joint Operations, an established cannabis dispensary that opened in 2023, and is being offered as a sale-leaseback subject to a ten-year leaseback of the dispensary space.
The triple-net lease is expected to include annual rent escalations and multiple extension options, with new lease terms negotiable directly with the seller/tenant as part of the sale. The dispensary includes 2,544 SF of air-conditioned space built out with a cannabis vault, retail area, staff lounge, and high-end security systems. In addition to the dispensary space, the buyer will have the ability to lease or utilize the rear portion of the building, consisting of approximately 5,000 square feet of open warehouse space with 6 overhead doors.
The 4.54-acre site is located on busy Route 16, a major thoroughfare connecting Mendon with adjoining communities including Milford and Hopedale. The location offers strong visibility and traffic, and the property is 1.5 miles from Milford Regional Medical Center and 5 miles from Interstate 495. The rear space can be offered with prominent signage along Route 16 and significant on-site parking. The property was built in 1971.
The triple-net lease is expected to include annual rent escalations and multiple extension options, with new lease terms negotiable directly with the seller/tenant as part of the sale. The dispensary includes 2,544 SF of air-conditioned space built out with a cannabis vault, retail area, staff lounge, and high-end security systems. In addition to the dispensary space, the buyer will have the ability to lease or utilize the rear portion of the building, consisting of approximately 5,000 square feet of open warehouse space with 6 overhead doors.
The 4.54-acre site is located on busy Route 16, a major thoroughfare connecting Mendon with adjoining communities including Milford and Hopedale. The location offers strong visibility and traffic, and the property is 1.5 miles from Milford Regional Medical Center and 5 miles from Interstate 495. The rear space can be offered with prominent signage along Route 16 and significant on-site parking. The property was built in 1971.
Key Highlights
- Dispensery sale‑leaseback subject to a ten‑year leaseback of dispensary space
- 2,544 SF air‑conditioned dispensary buildout with cannabis vault, retail, staff lounge, and high‑end security
- Rear warehouse area of about 5,000 SF with 6 overhead doors
Financial Insights For Warehouse
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 | $71.4k | $14.40 |
| − Vacancy | −$3.4k | −$0.69 |
| EGI | $67.9k | $13.71 |
| − OpEx | −$10.2k | −$2.06 |
| NOI | $57.7k | $11.65 |
4,956 SF · lease $14.40/SF/yr · vacancy 4.80% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$825.0K
$721.9K – $962.5K
NOI $57,750 @ 7.0% cap · market cap 3.04%
Second Best
Flex RnD
$778.7K
$681.3K – $908.4K
NOI $54,506 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,468 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 01756, MA
6,228
Population
2,226
Households
2.8
Avg Household Size
43
Median Age
54%
College-Educated
98%
High-School Grad
17.8 sq mi
ZIP Area
350
Density / Sq Mi
$129,837
Median Household Income
$53,610
Median Earnings
$1,947
Median Rent
$605,500
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Cannabis property - Cannabis dispensary built out with air-conditioned vault space and a rear warehouse area with six overhead doors on Route 16.
Where is this cannabis property located?
The property is located at 47 Milford St Mendon, MA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Dispensery sale‑leaseback subject to a ten‑year leaseback of dispensary space; 2,544 SF air‑conditioned dispensary buildout with cannabis vault, retail, staff lounge, and high‑end security; Rear warehouse area of about 5,000 SF with 6 overhead doors
