Sturbridge, MA Commercial Real Estate for Sale and Lease
This area has existed for centuries, but the town remains a vibrant community in the modern age. Today, real estate investors can find commercial properties, office space and other options within the area. While the first industrial properties were primarily gristmills and sawmills, the modern community now includes new shops, top restaurants and modern industries.
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With the easy access to Route 20, the Massachusetts Turnpike, Interstate 84 and Route 131, the town is a regular attraction for tourists. For commercial enterprises, this means that the town is ideally placed for an investment property.
Retail shops can cater to travelers who pass through the town every day. In particular, investors can look at properties within the Old Sturbridge Village. This area is the site of restaurants like the Publick House. Since this restaurant has existed since 1771, it is a top draw for tourists. The shops around it enjoy better foot traffic because of their location. Meanwhile, other parts of the downtown area offer craft shops, comfortable hotels and antique stores. For commercial companies who want to start this kind of business, the downtown area is the place to be.
This downtown area is also a regular attraction for history buffs. The village hosts a living history museum that regularly draws in tourists from around the state. For companies that specialize in history and tourism, this makes the town an ideal investment opportunity.
Other investors are drawn to the area because of the top schools, strong employment and vibrant community. This area is known for being a top investment site for industries like fiber optics, environmental products and laser technology. There is also a strong presence from the machining and plastics industries. Whether companies want to work in high-tech industries or cater to tourists, this town offers a number of investment properties.
Within this area, investors can find a number of real estate options. In the last year, the median home price has declined by 2 percent. This is a decrease of $5,250. For investors, this represents a good opportunity. The area is known for its many shops and vibrant commerce, so now is the time to invest in the marketplace. Since the average price per square foot has increased from $152 to $187 in the last year, the lower median prices will probably not remain low for long.
This year, the median property sold for $278,750. This is down slightly from last year's median price of $284,000. A one-bedroom home currently gets a median price of $165,023. Meanwhile, a two-bedroom property achieves a sales price of $252,450. For a three-bedroom property, buyers can expect to pay a median cost of $271,000. Four-bedroom units bring the median price for all hoes up significantly since they get a median price of $370,000.
In January 2018, the town had 45 homes listed for sale. These included just two foreclosures as well as several condominium properties. Larger homes are quite common with architectural styles ranging from Colonial design to split-level ranches. Residents can find basic, single-family homes as well as luxurious, contemporary mansions. Amenity options include things like finished basements, stainless steel appliances, granite counters, fireplaces, cathedral ceilings and hot tubs.
Whether investors are looking for a rental property or want to buy their first home, there are a number of options available in the area. Office spaces, retail shops and commercial facilities are also available. Residents can find properties available in nearly any size and with a variety of amenities.
Office Space Market
One of the top locations for office space is in the Sturbridge Marketplace. This area was once a historic cotton mill. Since then, it has been completely renovated to include more than a dozen restaurants, retail shops and offices. Renters can find elevators, free parking and loading dock access at the site. The on-site owner offers free trash removal and free wi-fi.
This property was originally purchased by the company in 2007. Since then, it has been continuously renovated and updated. The on-site management offers personalized service and support. Many of the units offer 700 to 1,400 square feet of office space. Some of the tenants at the location include Core Fitness, Subway, Metta Yoga, Mass Motion Dance, Soup to Nuts, the Gypsy's Cauldron and the Sturbridge Flea Market. Some of the office spaces that are currently rented out are to counseling services, mortgage companies, marketing businesses and insurance companies.
There are also a number of office spaces for sale in the area. One of the largest examples can be found at 216 Charlton Road. Placed across from Wendy's and Cracker Barrel, the site includes three office spaces for an asking price of $1,550,000. The three units include 438 square feet of frontage placed on three acres. The entire property is made up of three lots, so the lots can be purchased individually or separately. The property has expired engineering permits for 22,000 square feet of building space, so the lots could also be transformed into a warehouse or a hotel. From the property, it is only 800 feet to the Interstate 84 and Interstate 90 ramps.
Placed at the crossroads of New England, this city offers a number of office spaces for rent or for sale. Many of these spaces can be converted to suit the renter's needs. With many retail shops and attractions located nearby, the offices are well-situated for attracting drivers and foot traffic.
Retail Space Market
One popular location for retail shops is the Center at Hobbs Brook. Located at 100 Charlton Road, this property is anchored by Walmart. It is one of the largest, open-air retail centers in all of Central Massachusetts. Because of its closeness to Interstate 84, Route 20 and Interstate 90, it has a wide customer base. Spanning a total of 93,000 square feet, the Center at Hobbs Brook rarely has open spaces available for lease.
Different retail options can be found at locations like 479 Main Street. This space was previously a coffee shop, so it still includes some commercial equipment. On the first floor, there is 1,350 square feet of space. Meanwhile, the second floor includes an additional 645 square feet. Boasting of plenty of parking options, the retail shop is centered in a busy retail and office area.
Many retail shops set up within the Sturbridge Marketplace. It is filled with dozens of different retail stores and offers free parking. At 69-71 Main Street, residents can find a similar shopping mall. Fishe Hill Plaza offers retail spaces on the street level. Because of its Main Street location, the signage easily catches the eye of drivers along the roadway. Rentals at this complex currently include spaces that were formally used by a nail salon, an office space and a karate studio. Ranging in size from 400 to 2,400 square feet, these units can be modified by future tenants.
Real Estate News
In the last few years, the Southbridge Savings Bank made a commitment to help the Blacksmith Shop in the city's historic area. This was done as a part of the adopt-a-building program. The adopt-a-building was created to help preserve early American history. Operated through the town's museum, the program oversees 40 historic structures and buildings. These buildings include barns, mills, sheds and historic homes.
Southbridge Savings Bank is one of the local businesses that has committed to preserving and improving the town. The Blacksmith Shop was originally built in 1810 and was moved to the historic village in 1957. Through preservation activities like these, the historic village has managed to retain its charming character while making room for modern commercial and investment properties.
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Commercial Property List