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    21-23 Turnpike Rd Southborough, MA 01772

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    21-23 Turnpike Rd Southborough, MA 01772

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    • Warehouses
    • 12,998 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 21-23 Turnpike Rd

    Year built
    1987
    Property size
    12,998 SF
    Property type
    Warehouses
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional commercial property, located at 21-23 Turnpike Road in Southborough, Massachusetts, offers a unique opportunity for businesses seeking warehouse or retail space. The 12,998 square foot building sits on a 3.15-acre lot and was constructed in 1987. Currently, 8,708 square feet of space is available for lease, divisible into units ranging from a minimum of 1,208 square feet to a maximum contiguous space of 7,500 square feet. The property is zoned BH and is ideally situated in Worcester County, offering excellent visibility and accessibility. Its prime location along Route 9 provides exceptional exposure, with the added benefit of proximity to major transportation arteries: just one mile from I-90 and 3.5 miles from I-495. The property's versatile layout caters to a variety of business needs, and the availability of signage opportunities on the building and a pylon sign along Route 9 further enhances its marketing potential. This is an excellent opportunity to establish a strong presence in a thriving commercial area. The property is classified as both retail and industrial, offering flexibility for various business types. The zip code is 01772.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Southborough
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.4963
    Latitude
    42.2967

    Comparable in this City

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      $4,265,000
      41,504 SF

      150 Cordaville Rd

      WAREHOUSE, STORAGE • 41,504 SF
      150 Cordaville Rd, Southborough, MA 01772-1847
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    • Value Estimation
      $14,905,000
      160,993 SF

      155 Northboro Rd

      WAREHOUSE, STORAGE • 160,993 SF
      155 Northboro Rd, Southborough, MA 01772-1033
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    • Value Estimation
      $34,890,000
      347,607 SF

      325 Tpke Rd

      WAREHOUSE, STORAGE • 347,607 SF
      325 Tpke Rd, Southborough, MA 01772-1708
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    • Value Estimation
      $2,255,000
      10,730 SF

      30 Southville Rd

      WAREHOUSE, STORAGE • 10,730 SF
      30 Southville Rd, Southborough, MA 01772-4026
      View Details
    • Value Estimation
      $12,515,000
      148,615 SF

      153 Northboro Rd

      WAREHOUSE, STORAGE • 148,615 SF
      153 Northboro Rd, Southborough, MA 01772-1034
      View Details
    • Value Estimation
      $14,925,000
      168,288 SF

      9 Crystal Pond Rd

      WAREHOUSE, STORAGE • 168,288 SF
      9 Crystal Pond Rd, Southborough, MA 01772-1758
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Route 9 Industrial Investment

      15,500 SF light industrial building on 3.81 acres.
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      Route 9 Industrial Building

      15,500 SF light industrial building on 3.81 acres.
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      3,148 SF

      Route 9 Office Buildings

      Two standalone buildings with high-visibility signage on Route 9.
      71-73 Turnpike Rd, Southborough, MA 01772
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    Similar Nearby for Lease

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      29,906 SF

      Southborough Warehouse Space Available

      Industrial warehouse space for lease in Southborough, Massachusetts.
      153 Northboro Rd, Southborough, MA 01772
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      Flex, Industrial, and Office Space

      Flex, industrial, and office spaces available for lease.
      200 Turnpike Rd, Southborough, MA 01772
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      166,604 SF

      Southborough Warehouse Space Available

      166,604 SF warehouse space available for lease.
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      Southborough Warehouse Space for Lease

      Warehouse space with highway access and convenient amenities.
      21 Turnpike Rd, Southborough, MA 01772
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    • Contact for pricing

      Available Warehouse Space

      166,604 SF of warehouse space available for lease.
      Southborough, MA 01772
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      192,018 SF

      Southborough Flex/Industrial Space Available

      Large flex/industrial property available for lease in Southborough, MA.
      32 Coslin Dr, Southborough, MA 01772
      View Details
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    Southborough, MA 01772
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    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
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    21-23 Turnpike Rd, Southborough, MA, 01772

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