🏢 Fully Leased 2017 Retail Strip Center | NNN Leases | Green Meadows Cannabis Dispensary Anchor | 8% Cap Rate | 7.33-Year WALT

📊 Investment Highlights

• Asking Price: $3,050,000

• Cap Rate: 8.00%

• Net Operating Income (NOI): $243,966

• Building Size: 7,987 SF (Net Rentable)

• Lot Size: 0.62 Acres

• Occupancy: 100%

• Tenancy: Multi-Tenant (3 Tenants)

• Tenants:

  • Simply Pediatric Dentistry & Orthodontics

  • Green Meadows Dispensary (Cannabis)

  • First Class Hair Design

• Weighted Average Lease Term (WALT): 7.33 Years

• Lease Type: True NNN (Triple Net) – Tenants reimburse all expenses including CAM, HVAC, Roof/Structure, and Management Fees

• Lease Commencement: June 14, 2018

• Lease Expiration: June 13, 2033

• Lease Options: 1 × 5-Year Renewal

• Annual Rent Increases: 1%

• Tenant Commitment: Two of three tenants exercised their renewal options three years early (April 2025)

• Year Built: 2017 (Modern Construction)

• Parking: 54 Spaces

• Submarket Vacancy: 3.5% (Highly stable)

• Ownership: Fee Simple

• Class: B (Institutional-Grade Suburban Retail)

🧾 Executive Summary

Marcus & Millichap is proud to exclusively present 50 Whalon Street, a fully leased, Class B retail strip centerlocated in Fitchburg, Massachusetts. Built in 2017, the property offers 7,987 square feet of high-quality retail and medical office space on a 0.62-acre parcel, strategically positioned near the Leominster/Fitchburg line with convenient access to Route 2 and key area retailers.

The center is 100% occupied by three strong tenants:

• Simply Pediatric Dentistry & Orthodontics — a trusted medical anchor offering full pediatric and orthodontic care, providing essential community healthcare services.

• Green Meadows Dispensary — a premium, family-owned Massachusetts cannabis brand with deep historical roots and strong retail performance.

• First Class Hair Design — a growing full-service salon and spa with a loyal customer base.

All tenants operate under true triple-net (NNN) leases, ensuring a completely passive income stream for ownership with no landlord responsibilities. Each tenant funded its own buildout at significant cost, underscoring their long-term commitment to the location.

Two tenants have already exercised their five-year renewal options three years early (as of April 2025), further demonstrating stability and confidence in the site’s future.

With a WALT of 7.33 years, 1% annual rent escalations, and a submarket vacancy rate of just 3.5%, this property offers investors predictable, durable cash flow in one of Central Massachusetts’ strongest retail corridors.

🏢 Property Overview

• Property Type: Retail / Medical Office

• Subtype: Multi-Tenant Neighborhood Center

• Investment Type: Stabilized | Passive NNN

• Total Building Area: 7,987 SF

• Lot Size: 0.62 Acres

• Tenants: 3 (Fully Leased)

• Lease Type: Triple Net (NNN)

• WALT: 7.33 Years

• Cap Rate: 8.00%

• NOI: $243,966

• Annual Rent Bumps: 1%

• Lease Terms:

  • Commencement: June 14, 2018

  • Expiration: June 13, 2033

  • Renewal Option: 1 × 5 Years

• Year Built: 2017

• Stories: 1

• Parking: 54 Spaces (Ample)

• Lot Condition: Flat, improved with modern utilities

• Ownership: Fee Simple

📍 Location Advantage

50 Whalon Street sits in a vibrant Fitchburg retail corridor, surrounded by major national and regional tenants such as Outback Steakhouse, Cricket Wireless, Great Clips, Verizon, and Fidelity Bank. The property benefits from strong traffic flow, proximity to Route 2, and public transit access via the Montachusett Regional Transit Authority (MART) bus network.

The surrounding Fitchburg–Leominster submarket continues to see steady population and employment growth, supporting resilient retail demand. With direct access to I-190, I-290, and I-495, Fitchburg connects easily to the Worcester and Boston metros, making it a strategic location for long-term retail and medical tenants alike.

This asset’s combination of stable tenancy, passive NNN structure, and prime cannabis-friendly retail mix make it a best-in-class suburban investment for investors seeking both yield and stability.