658 Pearl StGardner, MA 01440

Property Details for 658 Pearl St

Year built

1995

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.83 AC

Property size (Sq ft)

5,400 SF

Property type

Auto shops

APN

GARD M:W32 B:9 L:3

APU

GARDMW32B9L3

Description

This exceptional investment opportunity presents a 5,020 square foot, single-tenant industrial/retail building situated on a 2.79-acre lot in Gardner, Massachusetts. The property boasts a strong, credit-rated corporate tenant (Monro, Inc.) under an absolute NNN lease with significant remaining term (11.8 years) and four 5-year renewal options. Built in 1995, the building enjoys a prime location near major thoroughfares, ensuring high visibility and accessibility. The lease features annual rent increases and a substantial rent bump in 2033, providing consistent income growth. The property's current Net Operating Income (NOI) is $66,786, yielding a 7.60% cap rate. The tenant, Tire Warehouse, has demonstrated a long-term commitment to the location, having recently extended their lease. Financial performance shows consistently growing sales, resulting in a low rent-to-sales ratio. This offering presents a secure, passive income stream with significant upside potential. The asking price is $879,000, translating to $175.10 per square foot and $156.52 per square foot of land value. The property is offered fee simple.

• CAP approach

  CAP return

  Valuation

  6%

  $1,312,388

  6.5%

  $1,211,436

  7%

  $1,124,904

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,778,021

  Geo Method

  $1,778,021

• Alternative Use

  Use

  Valuation

  Residential

  $1,021,891

  Hospitality

  $936,047

  Educational

  $778,780

  Medical

  $805,563

  Retail

  $1,211,436

Location Insight

City

Gardner

County

Worcester

State

Massachusetts

Latitude

42.5934

Longitude

-71.9618

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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