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    284 Boston Tpke Shrewsbury, MA 01545-2646
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    Property profile & analytics

    284 Boston Tpke Shrewsbury, MA 01545-2646

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    • Investment properties
    • 3,320 SF
    • 0.11 lot acres
    Off-Market
    Property ID
    US38-1707382
    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

    • Matt's Shoes Inc / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store
    • Ike's Den / Clothing & Fashion Store
    • Duke's Collectibles / (Bike/Boat/Book/etc) Store

    Property Details for 284 Boston Tpke

    Year built
    1978
    Construction
    FRAME
    Lot size
    0.11 lot acres
    Property size
    3,320 SF
    Zone code
    LB
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    SHRE M:32 B:505000
    APU
    SHREM32B505000

    Description

    This exceptional Shrewsbury business opportunity presents a newly renovated 1,000 square foot basement space available for lease at $1000 per month. Located on the highly visible Route 9 east, directly across from Hooters, this space benefits from exceptional foot and vehicle traffic. The unit, situated in a mixed-use building, offers convenient access via a first-floor lobby entrance or a rear building staircase. Recent renovations include new flooring and walls, as well as a completely updated bathroom, making it ideal for a variety of professional services. Previously occupied by Matt's Shoes for over two decades, this space boasts a proven track record of successful retail operations. The 0.11-acre lot provides ample visibility and accessibility. The property is perfect for a resale shop, beauty services (facials, waxing, or body services), or a service industry headquarters. A one-year lease is required. Don't miss this chance to establish your business in a prime Shrewsbury location with high traffic volume and excellent visibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Shrewsbury
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7386
    Latitude
    42.2753
    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
    $4,899
    $189,400
    $206,300
    $395,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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    • Value Estimation by Request
      0.65 Acres

      152 Boston Tpke

      OFFICE/RESIDENTIAL (MIXED USE) • 0.65 Acres
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    • Value Estimation by Request
      1,886 SF

      865 Boston Tpke

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      310 Boston Tpke

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    • Value Estimation by Request
      2,270 SF

      250 Boston Tpke

      OFFICE/RESIDENTIAL (MIXED USE) • 2,270 SF
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    Similar Nearby for Sale

    • Contact for pricing

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      Flex/Industrial Building For Sale

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      0.26 Acres

      Shrewsbury Commercial Duo - Prime Location

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      Prime Development Land on Route 9

      25 acres of mixed-use land with high visibility.
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    Similar Nearby for Lease

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      Retail/Restaurant Space Available For Lease

      Retail or restaurant space available for lease.
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      3,000 SF

      Grocery Anchored Shopping Center Space

      Retail space available in a prominent shopping center.
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      Worcester County Restaurant Space

      Prime Retail Location, Redevelopment Potential.
      7 Boston Tpke, Shrewsbury, MA 01545
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      Prime Commercial Land For Rent

      Commercial land on Route 9, ideal for retail/office.
      630 Boston Tpke, Shrewsbury, MA 01545
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    • Contact for pricing
      20,689 SF

      Grocery Anchored Shopping Center Space

      Prominent retail space in a high-traffic shopping center.
      50 Boston Tpke, Shrewsbury, MA 01545
      View Details
    • Contact for pricing
      17,645 SF

      Retail Space in High-Traffic Plaza

      17,645 SF available in Shrewsbury, strong co-tenancy.
      1000 Boston Tpke, Shrewsbury, MA 01545
      View Details
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    Shrewsbury, MA 01545-2646
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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.

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