Turn-Key Restaurant and
For Sale
$1,100,000
Pending
82 Wheelock Ave, Millbury, MA 01527
Profitable turn-key restaurant and lounge-bar with loyal customers.
Property Size3,700 SF
Lot Size1.42 Acres
Days on Market255
Property Features for 82 Wheelock Ave
General Information
Standard status
Pending
Size
3,700 SF
Lot size
1.42 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,280
Building Details
Building Size
3,700 SF
Year Built
1946
Listing Agency:
Park Place Realty Enterprises
(508) 410-8464
Listed By:
Karynsue Marchione-Reilly · License #9585735
(508) 410-8464
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:25AM
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 Park Place Realty Enterprises
Investment Insights
Based on property information with market context.
This is a profitable, turn-key restaurant and lounge-bar located in the outskirts of Worcester/Millbury Community. The restaurant is known for its comfort food, lobsters, fresh seafood, and a friendly neighborhood bar atmosphere with loyal customers. The business has demonstrated year-over-year growth, even during challenging times. It features proprietary recipes, patio seating, and picturesque views. Amenities include a horseshoe bar, lottery, entertainment license, outdoor dining, full-service catering with a truck, a full clean kitchen, walk-in coolers, and a lobster tank. Renovations were completed in 2007. The sale includes additional land. The landmark establishment has a full liquor license and full menu.
Key Highlights
- Turn‑key, profitable restaurant and lounge‑bar with loyal customer base.
- Proven year‑over‑year growth, even during COVID‑19.
- Award‑winning with proprietary recipes.
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
$58,621
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
5.33%
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%
$1,172,420
$1.2M
Cap Rate 7%
$837,443
$837.4K
Cap Rate 9%
$651,344
$651.3K
Market Conditions
NOI Build-Up for 3,700 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
$79.9K $21.60/SF
− Vacancy
−$1.8K −$0.48/SF
EGI
$78.2K $21.12/SF
− OpEx
−$19.5K −$5.28/SF
NOI
$58.6K $15.84/SF
Area
Worcester County, MA
Vacancy
2.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,172,420
Cap Rate 7%
$837,443
Cap Rate 9%
$651,344
Alternative Uses
Best Use
Specialty Retail
$837.4K
$732.8K – $977.0K
NOI $58,621 @ 7.0% cap · market cap 5.33%
Second Best
Retail
$781.6K
$683.9K – $911.9K
NOI $54,713 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,445 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Bird's Nest Italian Street Food — 41 Tiffany Cir, Millbury, MA 01527
Frequently Asked Questions
What type of property is this?
Restaurant - Profitable turn-key restaurant and lounge-bar with loyal customers.
Where is this restaurant located?
The property is located at 82 Wheelock Ave Millbury, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Turn‑key, profitable restaurant and lounge‑bar with loyal customer base.; Proven year‑over‑year growth, even during COVID‑19.; Award‑winning with proprietary recipes.
