Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    303 Central St Franklin, MA 02038

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    303 Central St Franklin, MA 02038

    View on Map
    • Retail properties & Spaces
    • 175,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Altitude Trampoline Park - Franklin / Family Recreation Center

    Property Details for 303 Central St

    Year built
    1964
    Property size
    175,000 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    Horace Mann Plaza offers exceptional retail space in a thriving Franklin, MA location. This 175,000 square foot, grocery-anchored shopping center, renovated in 2016, features a diverse mix of national and regional tenants including Shaw's Supermarket, Dollar Tree, Big Lots, Aubuchon Hardware, Altitude Trampoline Park, Citizens Bank, and Kumon. Situated at the intersection of Route 140 and Chestnut Street, the property enjoys high visibility and accessibility with over 20,000 vehicles passing daily. The 16.99-acre site provides ample parking (971 spaces) and excellent frontage (approximately 1,300 feet). Spaces range from 2,630 to 9,335 contiguous square feet, with one currently available space measuring 1,809 square feet. The property is zoned Commercial II and boasts light controlled access. Built in 1964, this center benefits from its prime location and strong tenant roster, making it an ideal opportunity for retailers seeking high traffic and visibility in a well-established shopping center. The property's location in Norfolk County, Massachusetts, offers easy access to major transportation routes and a strong local customer base.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Franklin
    County
    Norfolk
    State
    Massachusetts
    Longitude
    -71.3834
    Latitude
    42.0813

    Comparable in this City

    • Value Estimation
      $2,060,000
      9,070 SF

      648 Old W Central St

      RETAIL STORES (PERSONAL SERVICES) • 9,070 SF
      648 Old W Central St, Franklin, MA 02038-3826
      View Details
    • Value Estimation by Request
      5,432 SF

      138 Central St

      RETAIL STORES (PERSONAL SERVICES) • 5,432 SF
      138 Central St, Franklin, MA 02038-1463
      View Details
    • Value Estimation by Request
      5,460 SF

      19 Dean Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,460 SF
      19 Dean Ave, Franklin, MA 02038-1947
      View Details
    • Value Estimation by Request
      600 SF

      357 Un St

      RETAIL STORES (PERSONAL SERVICES) • 600 SF
      357 Un St, Franklin, MA 02038-2437
      View Details
    • Value Estimation
      $1,660,000
      12,876 SF

      34 Main St, Unit 40

      RETAIL STORES (PERSONAL SERVICES) • 12,876 SF
      34 Main St, Franklin, MA 02038-1917
      View Details
    • Value Estimation
      $2,360,000
      10,113 SF

      272 Central St

      RETAIL STORES (PERSONAL SERVICES) • 10,113 SF
      272 Central St, Franklin, MA 02038-1319
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Franklin Office Building For Sale

      8,500 sq ft rentable space, updated and maintained.
      3 Bent St, Franklin, MA 02038
      View Details
    • $1,450,000
      0.45 Acres

      55 Central St, Franklin, MA 02038

      Commercial real estate • 0.45 Acres
      55 Central St, Franklin, MA 02038
      View Details
    • Contact for pricing

      Franklin Office/Medical Space Available

      Office and medical space for sale in Franklin, Massachusetts.
      440 East Central St, Franklin, MA 02038
      View Details
    • Contact for pricing

      Franklin Land Near Downtown

      Half-acre vacant land near retail, hospital, and public transport.
      26-28 W Central St, Franklin, MA 02038
      View Details
    • Contact for pricing
      20,000 SF

      Modern Flex Industrial Building

      20,000 SF flex industrial building in Forge Park.
      28 Forge Pkwy, Franklin, MA 02038
      View Details
    • Contact for pricing

      Downtown Franklin Commercial Property

      Commercial property in downtown Franklin, near Dean College and I-495.
      55 W Central St, Franklin, MA 02038
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,488 SF

      Retail/Office Space Near I-495

      Highly visible retail/office space with high traffic volume.
      470 King St, Franklin, MA 02038
      View Details
    • Contact for pricing

      Class A Office/Retail Building

      Two-story Class A building with professional office and retail tenants.
      500 Franklin Village Dr, Franklin, MA 02038
      View Details
    • $18 SF/Yr
      1,872 SF

      Downtown Franklin Retail/Office Space

      Prime retail/office space with patio in downtown Franklin.
      9 Summer St, Franklin, MA 02038
      View Details
    • $17 SF/Yr

      Downtown Retail/Office Space Available

      895 SF retail/office space in central business district.
      16 Cottage St, Franklin, MA 02038
      View Details
    • $1,000 /Mo

      ATM Space in Retail Corridor

      ATM space available in high-traffic retail area near I-495.
      435 W Central St, Franklin, MA 02038
      View Details
    • $1,000 /Mo
      200 SF

      Prime ATM Space Available

      ATM space in high-traffic retail area near I-495.
      435 W Central St, Franklin, MA 02038
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    303 Central St
    Franklin, MA 02038
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!