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Property profile & analytics
FOR LEASE
Commercial real estate
21 Turnpike Rd Southborough, MA 01772
Entity Owned
33-yr Hold
Free & Clear
Property ID
US38-0390639
For Lease
1 / 9
$20 SF/Yr
21 Turnpike Rd, Southborough, MA 01772
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Property summary
AI-generated overview
This exceptional industrial property at 21 Turnpike Rd, Southborough, offers 12,998 square feet of warehouse and distribution space, situated on a 3.15-acre lot. Currently, 15,000 square feet is available for lease, divisible into units as small as 500 square feet, with a maximum contiguous space of 7,500 square feet. The building, constructed in 1897, is zoned BH and located in Worcester County. Its strategic location provides outstanding visibility along Route 9, offering easy access to major transportation arteries. The property is just one mile from I-90 (Mass Pike) and 3.5 miles from I-495, ensuring efficient logistics and distribution. Available spaces include options with added features; one 3,000 square foot unit includes a private office and bathroom, while a 4,000 square foot unit boasts an automatic backup generator. This versatile property is ideal for businesses seeking flexible warehouse solutions with excellent accessibility and visibility. The property's size and location make it a highly desirable option for a variety of industrial and distribution needs. Contact us to learn more about leasing opportunities and to schedule a viewing.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1987
Construction
CONCRETE
Total area
6,000 SF
Lot
6.3 ac (274,428 SF)
Zoning code
BH
APN
SBOR M:039.0 B:0000 L:0022.0
UPID
US38-0390639
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Fayville Gutter Cleaning G.G Hardware & Home Improvement General Contractor
-
Horner Millwork Building Supply Industrial Manufacturer
-
Southborough Dental Partners Dental Office
-
Dr. Rana Abood Dental Office
-
Subway Take-out & Catering Catering Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$835k
Comparable Approach
Comparable
$1.03M
Blend (final)
Blend
$935k
Owner & transaction history
Zealand Corp · 33 yrs held
Zealand Corp
since 1992
6 recorded transactions
Zoning & alternative use
BH · Southborough, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.1M
+71.3%
Retail stores
$940,000
+42.6%
Auto repair, garage
$920,000
+39.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Southborough submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Southborough submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$900,000
6.5%
$835,000
7%
$775,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$660,000
Current use
RESTAURANT
$1,130,000
Change: +71% · Conversion: Difficult
RETAIL STORES
$940,000
Change: +43% · Conversion: Easy
AUTO REPAIR, GARAGE
$920,000
Change: +39% · Conversion: Difficult
OFFICE BUILDING
$815,000
Change: +24% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$755,000
Change: +15% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$720,000
Change: +9% · Conversion: Moderate
WAREHOUSE, STORAGE
$600,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$935k
Range $842k – $1.03M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$156 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$60,745
Tax year 2024
Assessed value
$4,367,000
Assessed 2024
Previous assessed
$4,008,700
+8.9% YoY
Effective rate
1.39%
On assessed value
Assessed land
$711,100
Assessed improvement
$3,655,900
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
For Lease
Year built
1987
Construction
CONCRETE
Heating
NONE
Cooling
YES
Buildings
2
Units
10
Rooms
3
Total area
6,000 SF
Lot
6.3 ac (274,428 SF)
Zoning code
BH
APN
SBOR M:039.0 B:0000 L:0022.0
UPID
US38-0390639
Jurisdiction
SOUTHBOROUGH
Zoning & alternative use
BH · Southborough, MA
Zoning BH · permitted uses
BH · Southborough, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Southborough. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$660,000
RESTAURANT
Est. value
$1.1M
RETAIL STORES
Est. value
$940,000
AUTO REPAIR, GARAGE
Est. value
$920,000
OFFICE BUILDING
Est. value
$815,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$755,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$720,000
WAREHOUSE, STORAGE
Est. value
$600,000
COMMERCIAL (GENERAL) Current
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Construction
CONCRETE
Heating
NONE
Cooling
Yes
Buildings
2
Units
10
Rooms
3
Lot
6.3 ac
Current owner
From public records · entity-resolved
Zealand Corp
Entity
Free & Clear · 33 yrs held
Mailing address
44 SPG ST STE #6, WATERTOWN, MA 02472-3481
Ownership since
1992
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 30, 2004
—
Amy J Styles
—
Deed Of Trust
related
$130,000 · Ne Moves Mortgage Co
Feb 17, 2000
—
Zealand Corp
—
Deed Of Trust
related
$775,000 · Gary Needham
Feb 11, 1993
—
Zealand Corp
—
Deed Of Trust
related
$750,000 · Cecil S Rose
Dec 24, 1992
$750,000
Zealand Corp
Federal Dep Insur Corp
Grant Deed
—
Feb 19, 1992
$1,435
Fdic
Bates Brook RT
Grant Deed
related
—
Jun 3, 1987
—
Brook RT Bates
—
Deed Of Trust
related
$1,800,000 · Guaranty Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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