Cannabis Dispensary
For Sale
$1,750,000
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 Size7,500 SF
Price / SF$353.11
Days on Market95
Property Features for 47 Milford St
General Information
Standard status
Active
Size
7,500 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
Listed By:
Harrison Klein · License #License(s): MA: 9580881
(617) 896-7237
Source:
Marcusmillichap
Added: Jul 29
Changed: Oct 26
Last Checked: Oct 30 at 10:38AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$54,506
Cap Rate
3.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,090,120
$1.1M
Cap Rate 7%
$778,657
$778.7K
Cap Rate 9%
$605,622
$605.6K
Market Conditions
NOI Build-Up for 4,956 SF
Gross rent
$89.2K $18.00/SF
− Vacancy
−$5.4K −$1.08/SF
EGI
$83.9K $16.92/SF
− OpEx
−$29.3K −$5.92/SF
NOI
$54.5K $11.00/SF
Area
Worcester County, MA
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,090,120
Cap Rate 7%
$778,657
Cap Rate 9%
$605,622
Alternative Uses
Best Use
Flex RnD
$778.7K
$681.3K – $908.4K
NOI $54,506 @ 7.0% cap · market cap 3.11%
Second Best
Industrial
$646.3K
$565.5K – $754.0K
NOI $45,242 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,468 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
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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
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Market
Vacancy Rate% for Industrial in Northeast region
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 $1,750,000.
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
