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

    369 Main St Northborough, MA 01532-2153

    • Super regional malls
    • 14,251 SF
    • 2.01 lot acres
    OFF-MARKET
    Last Sale
    Jun 27, 2024
    $2,400,000
    Value Estimations
    $2,485,000
    Show details
    Cap Rate Potential
    9.4%
    Super regional malls
    Location Intelligence
    Property ID
    US38-1438902
    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

    • Monti's Pizza Plus / Pizza Restaurant / Caterer
    • Sir Loin Catering / Caterer
    • Yama Zakura / Sushi Restaurant / Asian Fusion Restaurant
    • Honey Farms / Farm
    • The Cellar Bar & Grille / American Restaurant / Restaurant

    Property Details for 369 Main St

    Year built
    1979
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.01 lot acres
    Property size
    14,251 SF
    Zone code
    BW
    Property type
    Super regional malls
    APN
    NBOR M:0810 L:0019
    APU
    NBORM0810L0019

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,400,000
      ML approach
      $2,400,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,765,000
      6.5%
      $3,475,000
      7%
      $3,225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,017,000
      Market price range: $1.14M - $2.40M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,800,000
      Current use
      RESTAURANT
      $2,685,000
      Change: +49% Conversion: Difficult
      RETAIL STORES
      $2,235,000
      Change: +24% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,185,000
      Change: +22% Conversion: Difficult
      OFFICE BUILDING
      $1,940,000
      Change: +8% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $1,710,000
      Change: -5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,570,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Northborough
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.6656
    Latitude
    42.3052
    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
    $22,398
    $324,000
    $1,244,500
    $1,568,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,530,000
      14,120 SF

      292 Main St

      REGIONAL SHOPPING CENTER, MALL • 14,120 SF
      292 Main St, Northborough, MA 01532-1667
      View Details
    • Value Estimation
      $975,000
      33,860 SF

      318 Main St

      REGIONAL SHOPPING CENTER, MALL • 33,860 SF
      318 Main St, Northborough, MA 01532-3609
      View Details
    • Value Estimation
      $600,000
      25,560 SF

      290 Main St

      REGIONAL SHOPPING CENTER, MALL • 25,560 SF
      290 Main St, Northborough, MA 01532-2164
      View Details
    • Value Estimation
      $330,000
      3,200 SF

      20 Allen Ct

      SHOW ROOM, WAREHOUSE • 3,200 SF
      20 Allen Ct, Northborough, MA 01532-1616
      View Details
    • Value Estimation
      $330,000
      4,664 SF

      25 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,664 SF
      25 Main St, Northborough, MA 01532-1909
      View Details
    • Value Estimation
      $395,000
      3,280 SF

      5 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,280 SF
      5 Main St, Northborough, MA 01532-1909
      View Details

    Similar Nearby for Sale

    • $1,500,000
      7,632 SF

      Mixed-Use Property with Residential Units

      Versatile property with retail space and townhouse-style condominiums.
      90 W Main St, Northborough, MA 01532
      View Details
    • $333,336
      4.34 Acres

      Northborough Land For Sale

      Residential land available in Northborough, Massachusetts.
      343 Newton St, Northborough, MA 01532
      View Details
    • $1,395,000

      Mixed-Use Flex Space Available

      Fully leased mixed-use property with flex, retail, office, apartment.
      94 Main St, Northborough, MA 01532
      View Details
    • $525,000
      5.37 Acres

      Residential Land in Castle Subdivision

      Buildable lot in Northborough's sought-after Castle neighborhood.
      25 Castle Rd, Northborough, MA 01532
      View Details
    • $425,000
      2.47 Acres

      Northborough Buildable Lot Near Mt. Pisgah

      Buildable lot in desirable location with convenient access to amenities.
      429 Howard St, Northborough, MA 01532
      View Details
    • $850,000

      Industrial Land For Sale

      1.65 acres of industrial land available for sale.
      460 Whitney St, Northborough, MA 01532
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,115 SF

      Retail Space in Northborough Center

      Retail spaces available in a power shopping center.
      9102-9114 Shops Way, Northborough, MA 01532
      View Details
    • Contact for pricing
      4,442 SF

      Northborough Crossing Retail Space

      Retail space available in a large, open-air shopping center.
      8104-8120 Shops Way, Northborough, MA 01532
      View Details
    • $10,000 /Mo
      14,810 SF

      New Retail Space Available

      Brand new 4000 sq ft retail space for lease.
      89 Main St, Northborough, MA 01532
      View Details
    • Contact for pricing
      646,902 SF

      Northborough Crossing Retail Space

      Prime Worcester County retail space available.
      0 Shops Way & Rte 20, Northborough, MA 01532
      View Details
    • Contact for pricing
      645,785 SF

      Northborough Crossing Retail Space

      Prime Retail Space, Multiple Units Available
      9012 Shops Way, Northborough, MA 01532
      View Details
    • Contact for pricing
      6,745 SF

      Northborough Office Space Available

      Prime Office Space, Build-to-Suit Option
      300 Main St, Northborough, MA 01532
      View Details
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    369 Main St
    Northborough, MA 01532-2153
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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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