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

    424 Hartford Tpke Shrewsbury, MA 01545-4480

    • Retail space
    • 6,000 SF
    • 3.02 lot acres
    OFF-MARKET
    Value Estimations
    $1,070,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0381835
    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

    • Turnpike Smoke Shop CBD & Kratom / Vaporizer Store / Battery Store
    • Shrewsbury House of Pizza / Pizza Restaurant
    • Vip Space Events / Event Venue
    • Shri Gita Mandir / Hindu Temple

    Property Details for 424 Hartford Tpke

    Year built
    2007
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.02 lot acres
    Property size
    6,000 SF
    Zone code
    LI
    Property type
    Retail space
    APN
    SHRE M:54 B:014001
    APU
    SHREM54B014001

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,480,000
      6.5%
      $1,365,000
      7%
      $1,265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,044,000
      Market price range: $422k - $1.53M
      AI Estimate
      $796,000
      Market price range: $245k - $1.11M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $940,000
      Current use
      RESTAURANT
      $1,130,000
      Change: +20% Conversion: Easy
      AUTO REPAIR, GARAGE
      $920,000
      Change: -2% Conversion: Difficult
      OFFICE BUILDING
      $815,000
      Change: -13% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $755,000
      Change: -20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Shrewsbury
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7057
    Latitude
    42.2517
    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
    $13,036
    $384,000
    $669,000
    $1,053,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,925,000
      8,654 SF

      84 Boston Tpke

      RETAIL STORES (PERSONAL SERVICES) • 8,654 SF
      84 Boston Tpke, Shrewsbury, MA 01545-3601
      View Details
    • Value Estimation
      $750,000
      2,280 SF

      288 Boston Tpke

      RETAIL STORES (PERSONAL SERVICES) • 2,280 SF
      288 Boston Tpke, Shrewsbury, MA 01545-2641
      View Details
    • Value Estimation
      $2,000,000
      15,520 SF

      900 Boston Tpke

      RETAIL STORES (PERSONAL SERVICES) • 15,520 SF
      900 Boston Tpke, Shrewsbury, MA 01545-3303
      View Details
    • Value Estimation
      $1,415,000
      10,800 SF

      507 Boston Tpke

      RETAIL STORES (PERSONAL SERVICES) • 10,800 SF
      507 Boston Tpke, Shrewsbury, MA 01545-5976
      View Details
    • Value Estimation by Request
      2,784 SF

      117 Clinton St

      RETAIL STORES (PERSONAL SERVICES) • 2,784 SF
      117 Clinton St, Shrewsbury, MA 01545-1231
      View Details
    • Value Estimation by Request
      1,536 SF

      874 Hartford Tpke

      RETAIL STORES (PERSONAL SERVICES) • 1,536 SF
      874 Hartford Tpke, Shrewsbury, MA 01545-4107
      View Details

    Similar Nearby for Sale

    • $700,000

      Retail Property and Business Included

      Turnkey retail property and business for sale in Shrewsbury.
      117 Clinton St, Shrewsbury, MA 01545
      View Details
    • $6,950,000
      36,900 SF

      Shrewsbury Flex Space - Route 9

      Class A industrial building, 36,900 SF, excellent location.
      910 Boston Tpke, Shrewsbury, MA 01545
      View Details
    • $999,999

      Shrewsbury Multi-Family Opportunity

      Rare multi-family property with bonus unit in desirable Shrewsbury neighborhood.
      6 Selina St, Shrewsbury, MA 01545
      View Details
    • $12,500,000

      Shrewsbury Route 9 Development Opportunity

      25 acres of land with commercial and residential zoning.
      701 Boston Tpke, Shrewsbury, MA 01545
      View Details
    • $525,000
      1,520 SF

      Shrewsbury Multifamily Property For Sale

      Multifamily property in Shrewsbury, MA, with 1520 square feet.
      45-45A Kinglet Dr, Shrewsbury, MA 01545
      View Details
    • $729,900
      2,421 SF

      Shrewsbury Waterfront Office Building

      Lakefront Office, 8 Units, Great Location
      105 Hartford Tpke, Shrewsbury, MA 01545
      View Details

    Similar Nearby for Lease

    • $3,200 /Mo
      36,590 SF

      Commercial Space in Shrewsbury, MA

      New commercial space for lease in Shrewsbury, Massachusetts.
      34-36 Harrington Ave, Shrewsbury, MA 01545
      View Details
    • $15 SF/Yr
      720 SF

      Prime Commercial Space on Route 9

      High-visibility commercial spaces ideal for retail or office use.
      624 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
    • $15 SF/Yr
      7,500 SF

      Prime Commercial Space on Route 9

      High-visibility retail/office space on Boston Turnpike Rd, Shrewsbury, MA.
      620 Boston Tpke, Shrewsbury, MA 01545
      View Details
    • Contact for pricing

      Restaurant Opportunity with Redevelopment Potential

      Second-generation restaurant with redevelopment potential in high-traffic location.
      7 Boston Tpke, Shrewsbury, MA 01545
      View Details
    • Contact for pricing
      4,682 SF

      Grocery Anchored Shopping Center Space

      Retail space in a prominent, high-traffic shopping center.
      20-50 Boston Tpke, Shrewsbury, MA 01545
      View Details
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    424 Hartford Tpke
    Shrewsbury, MA 01545-4480
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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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