Building Details

Year built 1900

Listing Agency: RE/MAX Vision · RE/MAX International

Listed By: Jeff Burk Show Phone

Added: Jul 7 Changed: Oct 18 Last Checked: Oct 19 at 3:06PM

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MLS# 73545763

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Investment Insights

Based on property information with market context.

This 2,347-square-foot mixed-use property contains four rental units. The first floor has a three-room office suite, a food-service window, and a shared half bath; two apartments occupy the second floor. Residential units have separate utilities and legal egresses. The office lease runs through 6-30-27 and includes heat, hot water, and electricity. The food-service area has metered electric service and a three-bowl scullery system installed in 2018. Landlord-owned appliances and laundry equipment remain with the building.

Set on 0.3627 acres at 531 Summer St in Barre, the property was built in 1900 and has off-street parking, vinyl siding, and water and sewer service. The roof was completed in 2016. Nearby destinations include shopping, banks, restaurants, schools, and Felton Field.

Key Highlights

• Four units: two commercial spaces on the first floor and two apartments upstairs
• 2,347 square feet on a 0.3627‑acre parcel
• Three‑room office suite lease extends through 6‑30‑27 and includes heat, hot water, and electricity

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,610

Cap Rate

7.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$552,200 $552.2K

Cap Rate 7%

$394,429 $394.4K

Cap Rate 9%

$306,778 $306.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,347 SF

Gross rent

$51.5K $21.96/SF

− Vacancy

−$1.3K −$0.57/SF

EGI

$50.2K $21.39/SF

− OpEx

−$22.6K −$9.63/SF

NOI

$27.6K $11.76/SF

Area

Worcester County, MA

Vacancy

2.60%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$552,200

Cap Rate 7%

$394,429

Cap Rate 9%

$306,778

Alternative Uses

Best Use

Specialty Retail

$531.2K

$464.8K – $619.8K (±1% cap)

NOI $37,185 @ 7.0% cap · market cap 9.54%

Second Best

Apartment 5plus

$394.4K

$345.1K – $460.2K (±1% cap)

NOI $27,610 @ 7.0% cap · market cap 7.08%

Theoretical Best

Office A

$801.5K

$701.3K – $935.1K (±1% cap)

NOI $56,103 @ 7.0% cap · market cap 14.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Ms. Melissa Wojtkowski Counselor Sonya Brock Foster Care Service

Suggested Use

Top Pick Auto Parts Store Storage Facility Pharmacy (Bike/Boat/Book/etc) Store Hair Salon Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

2

Residential units

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

104

Businesses Nearby

2k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Home Improvements & Furnishings 100%

Hamshaw Lumber-Barre Home Improvements & Furnishings

2,342 visits/mo 0.4 miles

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

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - Four rental units combine first-floor commercial space with two apartments above and off-street parking.

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 $389,900.

What are key features of this property?

This property features: Four units: two commercial spaces on the first floor and two apartments upstairs; 2,347 square feet on a 0.3627‑acre parcel; Three‑room office suite lease extends through 6‑30‑27 and includes heat, hot water, and electricity