Mixed-Use Building with Office and Food
For Sale
$399,900
531 Summer St, Barre, MA 01005
Two first-floor commercial rental units pair with two second-floor residential apartments in a secured, low-maintenance building.
Property Size2,347 SF
Price / SF$170.39
Days on Market94
Property Features for 531 Summer St
General Information
Standard status
Active
Size
2,347 SF
Units
Multifamily Units
2
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,050
Building Details
Building Size
2,347 SF
Year Built
1900
Stories
2
Listing Agency:
RE/MAX Vision
Listed By:
Donna Warfield · License #9007286
(800) 247-4200
Source:
Laerrealty
Added: Jul 9
Changed: Oct 8
Last Checked: Oct 9 at 5:14PM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
This mixed-use building offers two first-floor commercial rental units: a 3-room office suite and a food window service. The first-floor office includes a lease agreement through 6-30-27 and the lease includes heat, hot water, and electric. The food service window has metered electric, and a 3-bowl scullery system was installed in 2018. A common half bath on the first floor and tenant shared coin-op laundry support the commercial space.
The second floor includes two residential apartment units, each with separate utilities and legal egress, and they are tenant occupied under separate tenancies. Landlord-owned appliances and laundry items include 2 stoves, 2 refrigerators, and coin-op washer/dryer plus a scullery sink unit. The property is secured and has low maintenance vinyl siding.
Additional building updates noted include a roof completed in 2016. The offering includes plenty of off-street parking, and the building is described as close to shopping, banks, restaurants, schools, and Felton Field, with commuter-friendly access.
The second floor includes two residential apartment units, each with separate utilities and legal egress, and they are tenant occupied under separate tenancies. Landlord-owned appliances and laundry items include 2 stoves, 2 refrigerators, and coin-op washer/dryer plus a scullery sink unit. The property is secured and has low maintenance vinyl siding.
Additional building updates noted include a roof completed in 2016. The offering includes plenty of off-street parking, and the building is described as close to shopping, banks, restaurants, schools, and Felton Field, with commuter-friendly access.
Key Highlights
- Mixed‑use building with 2 first‑floor commercial rental units and 2 second‑floor residential apartment units
- 1st‑floor office has a lease agreement through 6‑30‑27; includes heat, hot water and electric
- Food window service tenant uses metered electric; 3‑bowl scullery system installed in 2018
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,167
Cap Rate
5.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,340
$423.3K
Cap Rate 7%
$302,386
$302.4K
Cap Rate 9%
$235,189
$235.2K
Market Conditions
NOI Build-Up for 2,347 SF
Gross rent
$36.6K $15.60/SF
− Vacancy
−$2.7K −$1.17/SF
EGI
$33.9K $14.43/SF
− OpEx
−$12.7K −$5.41/SF
NOI
$21.2K $9.02/SF
Area
Worcester County, MA
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,340
Cap Rate 7%
$302,386
Cap Rate 9%
$235,189
Alternative Uses
Best Use
Office B
$611.1K
$534.7K – $712.9K
NOI $42,774 @ 7.0% cap · market cap 10.70%
Second Best
Mixed Use
$302.4K
$264.6K – $352.8K
NOI $21,167 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$801.5K
$701.3K – $935.1K
NOI $56,103 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
104
Businesses Nearby
Explore this area
Business Placement
Demographics for 01005, MA
4,900
Population
1,876
Households
2.6
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
43.2 sq mi
ZIP Area
113
Density / Sq Mi
$97,390
Median Household Income
$47,564
Median Earnings
$1,603
Median Rent
$328,500
Median Home Value
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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 first-floor commercial rental units pair with two second-floor residential apartments in a secured, low-maintenance building.
Where is this mixed-use property located?
The property is located at 531 Summer St Barre, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Mixed‑use building with 2 first‑floor commercial rental units and 2 second‑floor residential apartment units; 1st‑floor office has a lease agreement through 6‑30‑27; includes heat, hot water and electric; Food window service tenant uses metered electric; 3‑bowl scullery system installed in 2018
