12-Unit Mixed-Use
For Sale
$1,495,000
94 Main Street, Northborough, MA 01532
Flexible tenant arrangements support a combination of commercial occupancy and owner-user use.
Property Size10,772 SF
Lot Size1.71 Acres
Price / SF$138.79
Days on Market194
Property Features for 94 Main Street
General Information
Standard status
Active
Size
10,772 SF
Lot size
1.71 Acres
Property subtype
Neighborhood Center
Additional Details
Highway Access
Yes
Building Details
Building Size
10,772 SF
Year Built
1900
Tenancy
Multi
Properties For Sale
at 94 Main Street Contact us- Size
- 2,000 SF
- Lease Type
- Gross
Mixed Use Spaces
Listing Agency:
NAI Parsons Commercial Group Boston
(508) 271-9230
Listed By:
Marilyn Santiago · License #9030582
(508) 271-9230
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Apr 8 at 10:54AM
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 NAI Parsons Commercial Group Boston
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use commercial property contains 10,772± square feet across 1.71± acres. The configuration includes 12 units, with suite sizes ranging from 150 to 2,000 SF. Flexible tenant arrangements create the potential for an owner-user structure alongside other occupants, subject to specific leasing details.
The property is positioned near I-495, I-290, and the Mass Pike (I-90), providing connections to Boston, New Hampshire, Rhode Island, and Connecticut. Its unit mix and range of available space sizes provide a varied commercial layout within a single property.
The property is positioned near I-495, I-290, and the Mass Pike (I-90), providing connections to Boston, New Hampshire, Rhode Island, and Connecticut. Its unit mix and range of available space sizes provide a varied commercial layout within a single property.
Key Highlights
- 12 mixed‑use units within a 10,772± square foot commercial property
- Property encompasses 1.71± acres
- Available spaces range from 150 - 2000 SF
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
$97,150
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
6.50%
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%
$1,943,000
$1.9M
Cap Rate 7%
$1,387,857
$1.4M
Cap Rate 9%
$1,079,444
$1.1M
Market Conditions
NOI Build-Up for 10,772 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
$168.0K $15.60/SF
− Vacancy
−$12.6K −$1.17/SF
EGI
$155.4K $14.43/SF
− OpEx
−$58.3K −$5.41/SF
NOI
$97.1K $9.02/SF
Area
Worcester County, MA
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,943,000
Cap Rate 7%
$1,387,857
Cap Rate 9%
$1,079,444
Alternative Uses
Best Use
Mixed Use
$1.39M
$1.21M – $1.62M
NOI $97,150 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,494 @ 7.0% cap · market cap 17.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 01532, MA
15,741
Population
5,913
Households
2.7
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
851
Density / Sq Mi
$174,358
Median Household Income
$90,816
Median Earnings
$2,087
Median Rent
$598,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible tenant arrangements support a combination of commercial occupancy and owner-user use.
Where is this mixed-use property located?
The property is located at 94 Main Street Northborough, MA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 12 mixed‑use units within a 10,772± square foot commercial property; Property encompasses 1.71± acres; Available spaces range from 150 - 2000 SF
