82 Wheelock Ave, Millbury, MA 01527

Building Details

Building Size 3,700 SF More

Year Built 1946 More

Listing Agency: Park Place Realty Enterprises

Listed By: Oloye Cooper · License #9538543 Show Phone

Source: Elliman

Added: Nov 27, 2025 Changed: Aug 8 Last Checked: Apr 25 at 8:23AM

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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

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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 / Yr

$58,621

Cap Rate

5.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,172,420 $1.2M

Cap Rate 7%

$837,443 $837.4K

Cap Rate 9%

$651,344 $651.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,700 SF

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 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 (±1% cap)

NOI $58,621 @ 7.0% cap · market cap 5.33%

Second Best

Retail

$781.6K

$683.9K – $911.9K (±1% cap)

NOI $54,713 @ 7.0% cap · market cap 4.97%

Theoretical Best

Office A

$1.26M

$1.11M – $1.47M (±1% cap)

NOI $88,445 @ 7.0% cap · market cap 8.04%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Wheelock inn Restaurant

Suggested Use

Top Pick Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Restaurant Furniture & Home Goods

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

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

Average Price Trend$/SF for Restaurants in Worcester County, MA

$233 Jul

$228 Aug

$179 Sep

$206 Oct

Properties on Market for Restaurants in Worcester County

Jul

Aug

Sep

Oct

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

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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.