Versatile Milford Building For
For Sale
Contact for pricing
40 S Main St, Milford, MA 01757
Free-standing building suitable for retail, office, or residential conversion.
Property Size1,795 SF
Price / SF$272.92
Days on Market1282
Property Features for 40 S Main St
General Information
Standard status
Active
Size
1,795 SF
Total Parking Spaces
10
Property subtype
Business for Sale, Retail
Zoning
RA
Investment Type
Owner/User
Building Details
Year Built
1952
Year Renovated
2017
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CENTURY 21 The Real Estate Group
(508) 922-9644
Listed By:
Dave Consigli · License #MA
Source:
Crexi
Added: Feb 4, 2023
Changed: Aug 8
Last Checked: Aug 8 at 11:26AM
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 CENTURY 21 The Real Estate Group
Investment Insights
Based on property information with market context.
This free-standing building in Milford offers approximately 2000 square feet of space and presents a versatile opportunity for retail, office, or residential use. The property currently operates as a floor covering company, offering sales and installation services, and has been a long-standing, successful business. The owner is retiring, creating an opportunity for a new owner. The property includes an office, kitchen, bath, and a full basement. Located within the RT 495 Belt, the site benefits from its accessibility. The property currently falls under a pre-existing non-conforming use, allowing for similar retail or office uses, or conversion to residential. The property size is 1795 square feet.
Key Highlights
- Highly desirable location within the RT 495 Belt.
- Versatile property suitable for retail, office, or residential conversion.
- Existing non‑conforming use provides flexibility for various business operations.
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
$32,714
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
6.68%
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%
$654,280
$654.3K
Cap Rate 7%
$467,343
$467.3K
Cap Rate 9%
$363,489
$363.5K
Market Conditions
NOI Build-Up for 1,795 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
$53.9K $30.00/SF
− Vacancy
−$10.2K −$5.70/SF
EGI
$43.6K $24.30/SF
− OpEx
−$10.9K −$6.08/SF
NOI
$32.7K $18.23/SF
Area
Worcester County, MA
Vacancy
19.00%
Lease Rate
$30.00 /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%
$654,280
Cap Rate 7%
$467,343
Cap Rate 9%
$363,489
Alternative Uses
Best Use
Office B
$467.3K
$408.9K – $545.2K
NOI $32,714 @ 7.0% cap · market cap 6.68%
Second Best
Retail
$379.2K
$331.8K – $442.4K
NOI $26,543 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$613.0K
$536.4K – $715.1K
NOI $42,908 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,227
Businesses Nearby
Explore this area
Business Placement
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Free-standing building suitable for retail, office, or residential conversion.
Where is this retail space located?
The property is located at 40 S Main St Milford, MA.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Highly desirable location within the RT 495 Belt.; Versatile property suitable for retail, office, or residential conversion.; Existing non‑conforming use provides flexibility for various business operations.
