Millbury, MA Business Space

This town is located in Worcester County. It had a population of 13,261 in the 2010 U.S. Census. The community has a total area of 16.3 square miles, with water making up 3.2% of the town. Nearby communities are Worcester to the north, Sutton to the south, Grafton to the east, and Auburn to the west. The Blackstone River flows through the town.

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A Great Place for Business Space

The town has a long history of a strong economy. During the early 1800s, it became a textile center with the river powering the community’s mills and factories. Though the mill days have passed, the town continues to be a prime location for businesses. The area is a popular tourist attraction with over 400,000 acres of fall foliage, the Blackstone River Valley National Park, historical landmarks, and challenging whitewater for river enthusiasts. Visitors spend over $881 million each year in Worcester County and nearly 6,000 people are employed by the tourist trade. This translates into $181 million in payroll for these workers annually. This makes the town a good choice in which to purchase or lease business space.

The Neighborhoods of the Community

There are three neighborhoods in the town. The following is a brief description of each one:

Town Center

This neighborhood is located in the heart of the town. It has the lowest property costs, with a median real estate price of $254,463. Many of the buildings were constructed before 1940. The Blackstone River runs through the middle of this area.

Dorothy Pond/Dorothy Manor

This is the northeastern corner of the town. The median real estate price is $288,296. Many of the buildings were constructed from 1970 to 1999. I-90 passes through the northern side of this area.

Old Common/Bramanville

This neighborhood is located in the western side of the town. It has the most expensive property costs in the area, with a median real estate price of $334,277. Much of the construction in this neighborhood occurred from 1970 to 1999.

Leasing Business Space

The following is a brief description of each type of business space recently available on the local market:

Elm Street Storefront Space

This space is in the historic Town Center neighborhood. It is located in a building constructed in 1900 that has a gross leasable area of 12,814 square-feet. The building has three other spaces besides the one offered on the market. The unit is listed for $9.70 a square-foot per year with a triple net lease. The Walk Score of the property is 59, which indicates it is somewhat walkable. Traffic volume on Elm Street was 15,100 in 2016.

Elm Street Mix-Use Space

This space is located in the town’s business district in a 12,000 square-foot building. On-street parking in the front of the building and an open parking lot in the rear of the building is included. A 450 square-foot space and a 1,330 square space are offered. The units have a gross lease with a rental rate of $13.00 a square-foot per year.

Southwest Cutoff Road Property

This freestanding 939 square-foot building is located near I-90 and is situated on a 19,500 square-foot lot. The traffic volume of the interstate was 69,645 in 2016.

Buying Business Space

The business space market has had a tight supply recently. The following is a brief survey of some properties recently on the market:

Worcester-Providence Turnpike Property

This 1,500 square-foot freestanding building was located on Massachusetts Route 146. The business property is a converted ranch-style house that formerly housed an antique store. The location’s traffic volume is 25,000 a day.

Wheelock Avenue Property

This freestanding 6,880 square-foot building is situated a lot with 250 parking spaces. Traffic volume for its location was 3,536 in 2016.

Listing Business Space

This community’s current business climate has made it a sellers’ market for business space. Yet, the one challenge they may face is finding comparable properties to justify the asking price. Experts recommend that owner’s stress the property’s capitalization rate in this situation. “The capitalization rate of your property can be used as an easy way to compare your asset with others available on the market,” advises a commercial property expert.

One resident summed up the reason this community is a good choice for business space: “[Our town] is the gateway to the Blackstone Valley. It is easy access to both Route 146 and the Mass Pike. It is a great location for a commuter traveling to Boston or Providence.”

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Retail Space