1191 Millbury StWorcester, MA 01607

Property Details for 1191 Millbury St

Year built

1998

Construction

STEEL FRAME

Lot size

1.38 AC

Property size (Sq ft)

9,723 SF

Zone code

MG-1

Property type

Retail properties

Property subtype

Retail space

APN

WORC M:31 B:003 L:002+3

APU

WORCM31B003L0023

Description

This exceptional investment opportunity presents a 9,723-square-foot flex space building located at 1191 Millbury Street in Worcester, Massachusetts. The property, built in 1998, is a Class B, two-story structure situated on a 1.38-acre lot and zoned MG-1. Currently 100% occupied by a single tenant under a Net Net Net (NNN) lease expiring May 30, 2029, this property offers a secure, long-term investment. The lease includes rent bumps, ensuring consistent income growth. The building features 20 parking spaces and benefits from excellent highway access, less than half a mile from Route 146, with easy access to I-90, Route 20, and I-290. This prime location boasts a strong demographic profile, serving a 10-mile population of 400,000 with an average household income of $104,000. The tenant, Resinate Dispensary, has operated successfully at this location since 2019, benefiting from the proximity to major retailers like Walmart, Gamestop, GNC, and Greatclips. The asking price for this fee-simple ownership opportunity is $3,100,000. This is a core NNN investment with a five-year lease term providing stability and potential for appreciation.

• CAP approach

  CAP return

  Valuation

  6%

  $2,363,028

  6.5%

  $2,181,257

  7%

  $2,025,453

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,201,426

  Geo Method

  $3,201,426

• Alternative Use

  Use

  Valuation

  Residential

  $1,839,972

  Hospitality

  $1,685,404

  Educational

  $1,402,237

  Medical

  $1,450,462

  Retail

  $2,181,257

Location Insight

City

Worcester

County

Worcester

State

Massachusetts

Latitude

42.2214

Longitude

-71.7837

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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