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    Property profile & analytics

    388 Palmer Rd Ware, MA 01082

    • Retail space
    • 1,200 SF
    • 2.86 lot acres
    For Sale
    View listing
    $318,000
    Last Sale
    Sep 18, 2020
    $180,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1132162
    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

    • Retail space

    Property Details for 388 Palmer Rd

    Year built
    1977
    Construction
    FRAME
    Lot size
    2.86 lot acres
    Property size
    1,200 SF
    Zone code
    CI
    Property type
    Retail space
    APN
    WARE M:00009 B:00000 L:00171
    APU
    WAREM00009B00000L00171

    Description

    This unique mixed-use property in Ware, MA, presents a compelling investment or owner-occupant opportunity. Situated on a high-traffic section of Route 32, near the Palmer town line, this property boasts excellent visibility and convenient access. The offering includes two buildings: a +/- 1,200 square foot retail/office building and a +/- 861 square foot warehouse featuring an overhead door and loading platform. The combined buildings sit on approximately 2.86 acres of land, providing ample space for expansion or future development. Its strategic location offers proximity to key amenities, including Gibbs Crossing, a large shopping center anchored by Walmart and Lowe's, located just a quarter-mile away. Furthermore, the property enjoys convenient access to major transportation arteries, being only 5.5 miles from the Palmer, MA Pike interchange and 2.8 miles from downtown Ware. Adding to its appeal is its proximity to the Ware Mass Central Rail Trail entrance, part of a planned 104-mile recreational trail extending from Boston to Northampton. This presents a unique opportunity for redevelopment, owner-occupancy, or investment in a thriving commercial corridor. The property's versatility and prime location make it an attractive proposition for a wide range of potential uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Ware
    County
    Hampshire
    State
    Massachusetts
    Longitude
    -72.2862
    Latitude
    42.238
    CBSA code
    44140
    CBSA name
    SPRINGFIELD, MA 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
    2023
    $2,836
    $94,700
    $69,600
    $164,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,545,000
      13,080 SF

      104 Ww St

      RETAIL STORES (PERSONAL SERVICES) • 13,080 SF
      104 Ww St, Ware, MA 01082-1588
      View Details
    • Value Estimation
      $710,000
      1,820 SF

      142 Ww St

      RETAIL STORES (PERSONAL SERVICES) • 1,820 SF
      142 Ww St, Ware, MA 01082-1448
      View Details
    • Value Estimation by Request
      5,750 SF

      60-64 Main St

      RETAIL STORES (PERSONAL SERVICES) • 5,750 SF
      60-64 Main St, Ware, MA 01082
      View Details
    • Value Estimation by Request
      1,640 SF

      14 Ww St

      RETAIL STORES (PERSONAL SERVICES) • 1,640 SF
      14 Ww St, Ware, MA 01082-1414
      View Details
    • Value Estimation
      $550,000
      9,328 SF

      82 Main St

      RETAIL STORES (PERSONAL SERVICES) • 9,328 SF
      82 Main St, Ware, MA 01082-1318
      View Details
    • Value Estimation
      $2,760,000
      14,262 SF

      171 Ww St

      RETAIL STORES (PERSONAL SERVICES) • 14,262 SF
      171 Ww St, Ware, MA 01082-1458
      View Details

    Similar Nearby for Sale

    • $1,625,000
      26,033 SF

      Versatile Commercial/Light Industrial Complex

      Multi-building complex with retail, warehouse, and light industrial spaces.
      277 Palmer Rd, Ware, MA 01082
      View Details
    • $318,000
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      Rt. 32 Ware Mixed-Use Property

      Two buildings, high visibility, great investment.
      388 Palmer Rd, Ware, MA 01082
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    • $799,000

      Mixed-Use Property on Route 9

      Mixed-use property with auto business, tenant, showroom, and apartment.
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    • $325,000

      Highway Commercial Property For Sale

      Highway commercial property with renovation potential and high traffic exposure.
      35 West St, Ware, MA 01082
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    • $280,000

      Multi-Use Building with Garages

      Multi-use brick building featuring office space, garages, and acreage.
      26 Crescent St, Ware, MA 01082
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    • $750,000
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      Main Street Ware Redevelopment Opportunity

      Prime 30,000 SF Mixed-Use Property
      73-75 Main St, Ware, MA 01082
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    Similar Nearby for Lease

    • Contact for pricing
      4,255 SF

      Ware, MA Retail Space For Lease

      Prime 4,255 SF Retail Space Available
      139 West St, Ware, MA 01082
      View Details
    • Contact for pricing

      Retail Space in Ware, MA

      Retail space available in Ware, MA near Route 32.
      139 West St, Ware, MA 01082
      View Details
    • $1,400 /Mo

      Remodeled Two Bedroom Apartment

      Bright, sunny two-bedroom apartment near downtown and shopping.
      93 Pleasant St, Ware, MA 01082
      View Details
    • $2 SF/Yr

      Industrial Property with High Ceilings

      Industrial property for lease with redevelopment potential and easy access.
      Maple St, Ware, MA 01082
      View Details
    • $1,750 /Mo

      Spacious 3-Bedroom Apartment in Hardwick

      Updated 3-bedroom apartment for rent in a quiet neighborhood.
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      View Details
    • $1,850 /Mo

      Spacious 4-Bedroom Duplex for Rent

      1900 sq ft, 4-bedroom duplex with laundry hookups.
      77 West Main St, Ware, MA 01082
      View Details
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    388 Palmer Rd
    Ware, MA 01082
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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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