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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    231 East Main St Milford, MA 01757

    • Super regional malls
    • 16,512 SF
    • 1.28 lot acres
    For Lease
    View listing
    Value Estimations
    $705,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0157036
    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.

    Current Use by Public Records

    • Super regional malls

    Property Details for 231 East Main St

    Year built
    1988
    Construction
    STEEL FRAME
    Lot size
    1.28 lot acres
    Property size
    16,512 SF
    Zone code
    IC
    Property type
    Super regional malls
    APN
    MILF M:32 B:072 L:4
    APU
    MILFM32B072L4

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $570,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $839,000
      Market price range: $379k - $894k

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

    Location Insight

    • Map
    • Local Demand
    City
    Milford
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.4927
    Latitude
    42.1517
    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
    $56,238
    $602,800
    $1,731,700
    $2,334,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $805,000
      18,000 SF

      340 Main St

      REGIONAL SHOPPING CENTER, MALL • 18,000 SF
      340 Main St, Milford, MA 01757-2839
      View Details
    • Value Estimation
      $965,000
      42,200 SF

      138th S Main St

      REGIONAL SHOPPING CENTER, MALL • 42,200 SF
      138th S Main St, Milford, MA 01757-3254
      View Details
    • Value Estimation
      $1,035,000
      48,674 SF

      194 Ww St

      REGIONAL SHOPPING CENTER, MALL • 48,674 SF
      194 Ww St, Milford, MA 01757-2274
      View Details
    • Value Estimation
      $405,000
      8,255 SF

      178 Main St

      REGIONAL SHOPPING CENTER, MALL • 8,255 SF
      178 Main St, Milford, MA 01757-2824
      View Details
    • Value Estimation
      $405,000
      12,033 SF

      189 Ww St

      REGIONAL SHOPPING CENTER, MALL • 12,033 SF
      189 Ww St, Milford, MA 01757-2276
      View Details
    • Value Estimation
      $455,000
      11,376 SF

      130 Cedar St

      REGIONAL SHOPPING CENTER, MALL • 11,376 SF
      130 Cedar St, Milford, MA 01757-5117
      View Details

    Similar Nearby for Sale

    • $5,900,000
      82,350 SF

      Retail Plaza on Route 140

      Neighborhood shopping center on a busy street with recognizable tenants.
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    • $97,000

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      400 SF retail/office space in downtown Milford, Massachusetts.
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    • $989,900

      Restaurant Ready Commercial Space

      Turnkey restaurant space on Rt. 16 with high visibility.
      198 E Main St, Milford, MA 01757
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    • $399,000

      Versatile Milford Two-Family with Garage

      Two-family property with detached four-car garage in Milford, MA.
      15 Free St, Milford, MA 01757
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    • $1,300,000

      Turn-Key Auto Body Shop Opportunity

      Established auto body shop with equipment, inventory, and living suite.
      60 West St, Milford, MA 01757
      View Details
    • $589,900
      1,795 SF

      Milford Storefront Business Sale

      Established Flooring Business w/Real Estate
      40 Main St, Milford, MA 01757
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,800 SF

      Retail Space in Milford Plaza

      Retail space available in updated Milford Plaza shopping center.
      91 Medway Rd, Milford, MA 01757
      View Details
    • Contact for pricing
      11,500 SF

      Retail Space Near Downtown Milford

      Retail space in shopping center anchored by Shaw’s Supermarket.
      93 Prospect St, Milford, MA 01757
      View Details
    • Contact for pricing

      Retail Space in Milford Center

      6,364 SF retail space available immediately in Milford, MA.
      Milford, MA 01757
      View Details
    • Contact for pricing
      12,000 SF

      Retail Space in Milford Center

      Retail space available in a busy Milford shopping center.
      161 E Main St, Milford, MA 01757
      View Details
    • Contact for pricing
      5,000 SF

      Prime Retail Space in Milford

      Built-to-suit retail opportunity in a high-traffic Milford plaza.
      350 E Main St, Milford, MA 01757
      View Details
    • Contact for pricing
      6,364 SF

      Prime Milford Retail Space

      6,364 SF Free-Standing Retail Building
      5 Medway Rd, Milford, MA 01757
      View Details
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    231 East Main St
    Milford, MA 01757
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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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