Orchard Hill Park Shopping
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56 Orchard Hill Park Drive, Leominster, MA 01453
Regional shopping center anchored by Kohl’s, Dick’s Sporting Goods, and Bob’s Discount Furniture.
Property Size190,775 SF
Price / SF$254.03
Days on Market5
Property Features for 56 Orchard Hill Park Drive
General Information
Standard status
Active
Size
190,775 SF
Total Parking Spaces
852
Property subtype
Retail
Zoning
Multi Use 2
Occupancy
99%
Site & Location
Anchor Co-Tenants
KOHL'S, DICK'S SPORTING GOODS, BOB'S DISCOUNT FURNITURE
Highway Access
Yes
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
SRS Real Estate Partners - Global Company
(480) 221-4221
Listed By:
Ryan Byrne · License #580152
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 2:28AM
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 SRS Real Estate Partners - Global Company
Investment Insights
Based on property information with market context.
Orchard Hill Park is a 190,775-square-foot shopping center completed in 2005 at 56 Orchard Hill Park Drive in Leominster, Massachusetts. The property is supported by three prominent retail anchors: Kohl’s, Dick’s Sporting Goods, and Bob’s Discount Furniture. Its scale and tenant composition establish a substantial retail destination within the property’s suburban setting.
The center is positioned along the Route 2 and Interstate-190 corridor, providing access to established regional transportation routes. Zoning is designated Multi Use 2. The property serves as a large-format retail asset with a recognizable anchor lineup and a location designed to draw shoppers from beyond the immediate area.
The center is positioned along the Route 2 and Interstate-190 corridor, providing access to established regional transportation routes. Zoning is designated Multi Use 2. The property serves as a large-format retail asset with a recognizable anchor lineup and a location designed to draw shoppers from beyond the immediate area.
Key Highlights
- 190,775‑square‑foot shopping center completed in 2005
- Anchored by Kohl’s, Dick’s Sporting Goods, and Bob’s Discount Furniture
- Located at 56 Orchard Hill Park Drive, Leominster, MA
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
$2,821,059
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
5.82%
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%
$56,421,180
$56.4M
Cap Rate 7%
$40,300,843
$40.3M
Cap Rate 9%
$31,345,100
$31.3M
Market Conditions
NOI Build-Up for 190,775 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
$4.12M $21.60/SF
− Vacancy
−$90.7K −$0.48/SF
EGI
$4.03M $21.12/SF
− OpEx
−$1.21M −$6.34/SF
NOI
$2.82M $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%
$56,421,180
Cap Rate 7%
$40,300,843
Cap Rate 9%
$31,345,100
Alternative Uses
Best Use
Retail
$40.30M
$35.26M – $47.02M
NOI $2,821,059 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$65.15M
$57.00M – $76.00M
NOI $4,560,286 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
100k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Electronics 41%
Beauty & Spa 1%
Shops & Services 1%
Olive Garden
Dining
30,118 visits/mo
0.1 miles
Best Buy
Electronics
28,752 visits/mo
0.1 miles
Chili's Grill & Bar
Dining
21,600 visits/mo
0.1 miles
Verizon
Electronics
7,528 visits/mo
0.0 miles
Cold Stone Creamery
Dining
4,747 visits/mo
0.1 miles
Demographics for 01453, MA
43,752
Population
18,895
Households
2.3
Avg Household Size
41
Median Age
32%
College-Educated
90%
High-School Grad
26.4 sq mi
ZIP Area
1,657
Density / Sq Mi
$82,098
Median Household Income
$52,247
Median Earnings
$1,282
Median Rent
$345,900
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?
Shopping center - Regional shopping center anchored by Kohl’s, Dick’s Sporting Goods, and Bob’s Discount Furniture.
Where is this shopping center located?
The property is located at 56 Orchard Hill Park Drive Leominster, MA.
What is the asking price?
The asking price for this property is $48,463,378.
What are key features of this property?
This property features: 190,775‑square‑foot shopping center completed in 2005; Anchored by Kohl’s, Dick’s Sporting Goods, and Bob’s Discount Furniture; Located at 56 Orchard Hill Park Drive, Leominster, MA
