115 Main St Millbury, MA 01527
- Warehouses
- 40,684 SF
- 8.00 lot acres
Current Use by Public Records
- Warehouses
Property Details for 115 Main St
- Year built
- 1800
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 8.00 lot acres
- Property size
- 40,684 SF
- Zone code
- I1
- Property type
- Warehouses
- APN
- MILB M:070 B:0000099 L:
- APU
- MILBM070B0000099L
Description
This exceptional redevelopment opportunity presents a unique chance to transform the historic Singletary Arms property in Millbury, Massachusetts. Located at 115 W Main St, this 12.33-acre site encompasses a three-story, 62,244 square foot building, originally constructed in 1800, and includes additional parcels at 119 West Main Street, and 3 & 4 Burbank Street. The property currently has approved permits for the construction of 180 residential units, including 18 affordable units (80% AMI), and over 6,000 square feet of commercial space in two new buildings. This mixed-use development project benefits from its strategic location in the highly desirable West Millbury area, offering convenient access to major transportation arteries including Route 146, the Mass Pike, and Routes 20, 120, 290, and 395. The strong rental market in Worcester, the second largest city in New England, and its proximity to Millbury, further enhance the investment potential. This fully approved project represents a rare and compelling opportunity for significant returns in a thriving market. The existing building, with its rich history dating back to the American Revolution, offers a unique blend of historical charm and modern development potential. This is a turnkey project ready for immediate development.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $540,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $600,000
- 6.5%
- $570,000
- 7%
- $640,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $545,000
- Geo Method
- $710,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $570,000
- Retail
- $590,000
- Mixed-Use
- $710,000
- Hospitality
- $555,000
- Educational
- $565,000
- Residential Income
- $695,000
- Energy
- $520,000
- Income-Based Land
- $635,000
- Food Service
- $525,000
Location Insight
- Map
- Local Demand
- City
- Millbury
- County
- Worcester
- State
- Massachusetts
- Longitude
- -71.7726
- Latitude
- 42.1774
- CBSA code
- 49340
- CBSA name
- WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA
