Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    393-397 Shrewsbury St Worcester, MA 01604

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,600,000

    Permitted 24-unit multifamily with commercial space in prime location.

    We can help!

    Listing Contact
    Alexis Brissette
    Source: Naiglobal

    Listing Agent: Alexis Brissette

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Shrewsbury Street Multifamily Development Opportunity

    Located at 393, 395, and 397 Shrewsbury Street in Worcester, MA, this 0.39-acre parcel is fully permitted for a 24-unit multifamily apartment complex. The development features market-rate residential units and includes a commercial space on the first floor, adding value for business operators. Residents will benefit from underground parking. The property is situated on Shrewsbury Street, a vibrant commercial hub known for its restaurant scene, diverse local businesses, and rich cultural history. The location offers high visibility and convenient access to major routes like I-290 and Route 9. Its proximity to downtown Worcester and Union Station makes it a prime location for those seeking a dynamic and accessible business environment. The area features a mix of dining, entertainment, and retail options, all within a walkable neighborhood that attracts significant foot traffic. The property is close to downtown Worcester, with dining, retail, and entertainment options nearby.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.774979
    Latitude
    42.2709865

    Nearby Similar for Sale

    • $800,000
      4,940 SF

      Worcester Multifamily and Single Family

      Multifamily and single family homes near downtown Worcester.
      49 Dorchester St, Worcester, MA 01610
      View Details
    • $1,650,000
      6,885 SF

      Worcester Multifamily Investment Opportunity

      Two well-maintained buildings near WPI and Elm Park.
      9-11 Dover St, Worcester, MA 01609
      View Details
    • $950,000
      4,567 SF

      Worcester Multi-Family Investment Opportunity

      Well-maintained three-family near UMass Chan Medical School.
      311 Plantation St, Worcester, MA 01604
      View Details
    • $699,900
      2,854 SF

      Renovated Multi-Family in Worcester

      Completely renovated multi-family property with in-unit laundry hookups.
      256 Belmont St, Worcester, MA 01604
      View Details
    • $850,000
      5,581 SF

      Worcester Multifamily Property For Sale

      Four-unit property with two buildings on one lot.
      6 Oliver St, Worcester, MA 01603
      View Details
    • $599,900
      4,815 SF

      Worcester Triplex Near Highways

      Three-family home near I-190 and 290 with upgraded features.
      65 Paine St, Worcester, MA 01605
      View Details
    • $1,124,999
      4,870 SF

      Renovated Three-Family in Worcester

      Three renovated units near I-290, shops, and Green Hill Park.
      139 Lincoln St, Worcester, MA 01605
      View Details
    • $589,900
      3,042 SF

      Worcester Three-Family Home For Sale

      Three-unit residential property with original features, delivered vacant.
      91 Fox St, Worcester, MA 01604
      View Details
    • $750,000
      2,694 SF

      Income-Producing Rooming House Near WPI

      Turnkey investment property near WPI with immediate income potential.
      60 Fruit St, Worcester, MA 01609
      View Details
    • $1,200,000
      8,898 SF

      Worcester Multifamily Investment Opportunity

      Well-maintained 7-unit multifamily near Clark University.
      476 Park Ave, Worcester, MA 01610
      View Details
    • $740,000
      3,780 SF

      Worcester Multifamily with Garage

      Well-maintained three-family property in desirable Greendale neighborhood.
      15 Ericsson St, Worcester, MA 01606
      View Details
    • $4,000,000

      Worcester Multifamily Development Opportunity

      Five residential properties ready to be finished in Worcester.
      47 4Th St, Worcester, MA 01602
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Permitted 24-unit multifamily with commercial space in prime location.
    Where is this mixed-use property located?
    The property is located at 393-397 Shrewsbury St Worcester, MA.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: - Fully permitted for a 24-unit multifamily apartment complex, reducing development time and risk.; - Prime location on Shrewsbury Street, a bustling commercial hub with high visibility and foot traffic.; - Mixed-use development with commercial space on the first floor, creating potential revenue streams and convenience.
    (508) 868-6182
    Request Owner's contact information
    393-397 Shrewsbury St Worcester, MA 01604
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    393-397 Shrewsbury St
    Worcester, MA 01604
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    393-397 Shrewsbury St Worcester, MA 01604
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Alexis Brissette
    (508) 868-6182
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.