82 Prospect St
Milford, MA 01757
Retail Property For Sale

Marcus & Millichap is pleased to exclusively offer for sale this 2,400 square foot Bank of America Financial Center on a .46 acre parcel in Milford, Massachusetts. The building features a 2-lane drive-thru and signage on a well maintained lot. Bank of America’s original 10-year lease began in 1998, and the first 5-year option was not only exercised but extended to 10 years in 2008. There are five additional 5-year options that extend the lease through 2043, the first of which goes into effect in November of 2018 and was exercised early by the tenant. There are healthy 15% rent escalations in each option period, and the lease carries a corporate guarantee with zero landlord responsibilities. The property is located on Route 140, a state highway that runs from the southeast part of the state through central Massachusetts, ending near the New Hampshire border. The site sees traffic counts in excess of 15,000 vehicles per day, and is surrounded by a mix of other retail properties, including a Santander Bank, UniBank, Shaw’s Supermarket and Walgreens, as well as a number of office buildings, medical facilities, and more. Milford is a suburban town in Worcester County, less than 20 miles from Worcester and 40 miles from downtown Boston, making it a commutable distance from either city. There are more than 64,000 residents within a five-mile radius of the property, and the area boasts an affluent population, with an average annual household income of greater than $124,000 within five miles of the site.