Mixed-Use Property with
For Sale
$2,500,000
61-65 Turnpike, Southborough, MA 01745
Two buildings combine commercial space with four occupied apartments under mixed-use zoning.
Property Size6,667 SF
Price / SF$374.98
Days on Market167
Property Features for 61-65 Turnpike
General Information
Standard status
Active
Size
6,667 SF
Total Parking Spaces
11
Property subtype
Multi-Family
Zoning
Mixed use
Net Operating Income
$239,976
Taxes and HOA fees
Annual Taxes
$11,494
Building Details
Building Size
6,667 SF
Year Built
1950
Stories
5
Listing Agency:
Coelho Realty Group LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 19
Changed: Aug 31
Last Checked: Sep 1 at 4:41PM
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 Coelho Realty Group LLC
Investment Insights
Based on property information with market context.
This mixed-use property includes two separate buildings with a combined commercial and residential configuration. The 63-65 building is a two-story brick-faced structure built in 1950, with commercial space and a half bath at street level plus two two-bedroom apartments above. The 61 building is a wood-frame structure built in 1910 and contains one two-bedroom, one-bath apartment on each floor.
All four apartments are occupied by long-term tenants. The property is zoned Mixed use and sits on the westbound side of Turnpike Road at the corner of Prospect Street, with the site described as equidistant from Boston and Worcester.
All four apartments are occupied by long-term tenants. The property is zoned Mixed use and sits on the westbound side of Turnpike Road at the corner of Prospect Street, with the site described as equidistant from Boston and Worcester.
Key Highlights
- Two‑building mixed‑use property with commercial space and four two‑bedroom apartments
- 63‑65 Turnpike: two‑story brick‑faced building constructed in 1950
- 61 Turnpike: wood‑frame building constructed in 1910
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
$98,587
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
3.94%
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%
$1,971,740
$2.0M
Cap Rate 7%
$1,408,386
$1.4M
Cap Rate 9%
$1,095,411
$1.1M
Market Conditions
NOI Build-Up for 6,667 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
$144.0K $21.60/SF
− Vacancy
−$3.2K −$0.48/SF
EGI
$140.8K $21.12/SF
− OpEx
−$42.3K −$6.34/SF
NOI
$98.6K $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%
$1,971,740
Cap Rate 7%
$1,408,386
Cap Rate 9%
$1,095,411
Alternative Uses
Best Use
Retail
$1.41M
$1.23M – $1.64M
NOI $98,587 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$1.12M
$980.4K – $1.31M
NOI $78,430 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,368 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 01745, MA
433
Population
250
Households
1.7
Avg Household Size
43
Median Age
80%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
1,083
Density / Sq Mi
$180,833
Median Household Income
$83,444
Median Earnings
$647,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine commercial space with four occupied apartments under mixed-use zoning.
Where is this mixed-use property located?
The property is located at 61-65 Turnpike Southborough, MA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Two‑building mixed‑use property with commercial space and four two‑bedroom apartments; 63‑65 Turnpike: two‑story brick‑faced building constructed in 1950; 61 Turnpike: wood‑frame building constructed in 1910
