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    115 Main St Millbury, MA 01527
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    Property profile & analytics

    115 Main St Millbury, MA 01527

    View on Map
    • Warehouses
    • 40,684 SF
    • 8.00 lot acres
    For Sale
    View Listing →
    Millbury Mixed-Use Redevelopment For Sale
    Contact for pricing
    62,244 SF

    Millbury Mixed-Use Redevelopment

    180 Units, 62,244 SF, Prime Location

    115 Main St, Millbury, MA 01527
    View Listing
    Property ID
    US38-0965829
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    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 Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $805,000
      Market price range: $805k - $2.31M

    Get a detailed, property-specific estimation — fast and free

    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

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $7,347
    $375,000
    $180,300
    $555,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      79 Latti Farm Rd

      WAREHOUSE, STORAGE • 163,281 SF
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      28 Wales St

      WAREHOUSE, STORAGE • 21,652 SF
      28 Wales St, Millbury, MA 01527-2110
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    • Value Estimation
      $1,975,000
      24,665 SF

      1521 Grafton Rd

      WAREHOUSE, STORAGE • 24,665 SF
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      View Details
    • Value Estimation
      $900,000
      32,360 SF

      32 Howe Ave

      WAREHOUSE, STORAGE • 32,360 SF
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      View Details
    • Value Estimation by Request
      11,690 SF

      93 Main St

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      View Details

    Similar Nearby for Sale

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      25,000 SF

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    • $11,950,000
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      Prime Millbury Industrial Facility

      84,000 SF Warehouse, $11.95M
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      Millbury Three-Family Investment Opportunity

      Three-family property in Millbury with income potential.
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      View Details
    • $249,900
      20.73 Acres

      Millbury Land For Sale

      20+ acres of developable land in Millbury, Massachusetts.
      Auburn Rd, Millbury, MA 01527
      View Details
    • New
      $775,000
      4,048 SF

      Mixed-Use Building in Downtown Millbury

      Prime mixed-use property with commercial space and residential units.
      122 Elm St, Millbury, MA 01527
      View Details

    Similar Nearby for Lease

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      120,000 SF

      Millbury Warehouse Space Available

      120,000 square foot warehouse space for lease in Millbury.
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      View Details
    • Contact for pricing

      Medical/Retail Space in Downtown Millbury

      4,440 SF medical/retail space in Millbury's downtown district.
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      View Details
    • Contact for pricing
      1,890 SF

      Turn-Key Retail Space Available

      Retail space in Millbury, MA, ideal for food-related businesses.
      97 Elm St, Millbury, MA 01527
      View Details
    • Contact for pricing
      3,000 SF

      Restaurant Opportunity in Millbury

      3000 sq ft restaurant space with turnkey equipment available.
      56 Canal St, Millbury, MA 01527
      View Details
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    Millbury, MA 01527
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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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