115 Water St - Office FOR SALE


Milford, MA 01757
$5,300,000 USD
617-896-7237
115 Water St, Milford, MA for Sale
$5,300,000 USD
Office - FOR SALE
1/9
null | 8.87% Cap Rate

115 Water St
Milford, MA 01757


HIGHLIGHTS

  • 0.5 Miles From 148 Bed Milford Regional Medical Center
  • Milford Regional backed by Umass Medical Credit
  • Ample Parking Allows For Full Medical Tenanting

OVERVIEW

The Hill Medical Offices consist of three office buildings situated on 3.48 acres. Located .5 miles from Milford Regional Medical Center(UMass Medical), and the Dana Farber / Brigham and Women’s Cancer Center, this property has consistently hosted medical tenants for decades. MRMC is a 149 bed, University of Massachusetts teaching hospital. This property has a strong synergy with MRMC. Two thirds of the property is directly occupied by the hospital or hospital-controlled practices. This relationship began in the 1980s and has only expanded over the years. The remaining medical tenants are all multi-doctor practices, most with at least two or three locations. While the credit and duration of these leases provide a stable investment, significant upside can be realized by increasing rents and repurposing some of the professional spaces for medical use. Located three miles from Interstate 495, the property is within a thirty-minute drive of more than one million people, including the cities of Worcester and Providence. The location provides ample amenities, including six restaurants within one mile. The assets have been extremely well maintained. The parking lots have been refinished in recent years along with the roofs. Modern entry systems and security have also been added in the past five years.

FOR SALE DETAILS

PRICE

$5,300,000 USD

PRICE/SF

$408 USD /SF

CAP RATE

8.87%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1983

SPRINKLERS

-

PARKING SPACES

183

LAND DETAILS

LAND ACRES

3.48 AC

LAND SF

151,589 SF

ZONING

CC

APN/PARCEL ID

MILF-000049-000000-000060

ASK ABOUT THIS PROPERTY

Harrison KleinMarcus & Millichap: The Klein GroupMore Info
617-896-7237

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Harrison KleinMarcus & Millichap: The Klein GroupMore Info
617-896-7237

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.