Retail Building on Franklin
For Sale
$175,000
590 Franklin Street, Worcester, MA 01604
Retail building for sale with multiple business opportunities.
Property Size562 SF
Lot Size0.14 Acres
Price / SF$311.39
Days on Market216
Property Features for 590 Franklin Street
General Information
Standard status
Active
Size
562 SF
Lot size
0.14 Acres
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
Longvall Realty
Listed By:
Lance Longvall
(617) 396-3100
Source:
Longwoodresidential
Added: Jan 19
Changed: Aug 22
Last Checked: Aug 22 at 9:01AM
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 Longvall Realty
Investment Insights
Based on property information with market context.
This building presents an opportunity for various business ventures, including retail, hair salons, barber shops, and office spaces. The property is situated on a 6,188 square foot buildable lot and contains 562 square feet of space. It is located on Franklin Street.
Key Highlights
- 6,188 sf Buildable Lot
- Ideal for Retail
- Suitable for Hair Salon/Barber Shop
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
$7,724
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
4.41%
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%
$154,480
$154.5K
Cap Rate 7%
$110,343
$110.3K
Cap Rate 9%
$85,822
$85.8K
Market Conditions
NOI Build-Up for 562 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
$11.8K $21.00/SF
− Vacancy
−$767 −$1.37/SF
EGI
$11.0K $19.64/SF
− OpEx
−$3.3K −$5.89/SF
NOI
$7.7K $13.74/SF
Area
Worcester, MA
Vacancy
6.50%
Lease Rate
$21.00 /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%
$154,480
Cap Rate 7%
$110,343
Cap Rate 9%
$85,822
Alternative Uses
Best Use
Retail
$110.3K
$96.6K – $128.7K
NOI $7,724 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$187.6K
$164.1K – $218.9K
NOI $13,131 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
27k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 72%
Shops & Services 28%
Dunkin' Donuts
Dining
9,679 visits/mo
0.1 miles
Little Caesars Pizza
Dining
6,641 visits/mo
0.4 miles
ScrubaDub Car Wash
Shops & Services
5,749 visits/mo
0.5 miles
SUBWAY
Dining
2,788 visits/mo
0.1 miles
Enterprise Rent-A-Car
Shops & Services
1,116 visits/mo
0.2 miles
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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?
Retail space - Retail building for sale with multiple business opportunities.
Where is this retail space located?
The property is located at 590 Franklin Street Worcester, MA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 6,188 sf Buildable Lot; Ideal for Retail; Suitable for Hair Salon/Barber Shop
