Industrial Manufacturing
For Sale
Contact for pricing
120 Goddard Memorial Dr, Worcester, MA 01603
Zoned ML for industrial, warehouse, and production uses, with clear-span production space and a high-bay warehouse office component.
Property Size40,725 SF
Lot Size3.36 Acres
Price / SF$135.05
Days on Market194
Property Features for 120 Goddard Memorial Dr
General Information
Standard status
Active
Size
40,725 SF
Lot size
3.36 Acres
Property subtype
INDUSTRIAL
Zoning
ML
Additional Details
Highway Access
Yes
Listing Agency:
Kelleher & Sadowsky
(508) 846-8800
Listed By:
Paul A. Matt
(508) 846-8800
Source:
Moodyscre
Added: Jan 19
Changed: Jul 25
Last Checked: Jul 31 at 11:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kelleher & Sadowsky
Investment Insights
Based on property information with market context.
120 Goddard Memorial Drive is a functional industrial/manufacturing facility within the Worcester Airport Industrial Park. The property totals 40,725 square feet on 3.36 acres and is zoned Manufacturing – Light (ML), supporting a range of industrial, warehouse, distribution, and production-related uses. The building is laid out to accommodate both single-user occupancy and multi-tenant configurations.
The facility includes two distinct components: a 12,000-square-foot clear-span production area with no interior columns, and a 28,000-square-foot Class A high-bay warehouse and office component. The warehouse portion is described as having modern clear heights, efficient loading capabilities, and an integrated sales/office area, supporting logistics, distribution, or hybrid sales/operations functions while maintaining an overall Class A configuration.
Located in the Worcester area, the property provides access to major transportation routes including I-90 and I-290, and is noted as offering convenient proximity to Worcester Regional Airport. The surrounding area is also described as near Worcester Polytechnic Institute (WPI) and the University of Massachusetts Medical School.
The facility includes two distinct components: a 12,000-square-foot clear-span production area with no interior columns, and a 28,000-square-foot Class A high-bay warehouse and office component. The warehouse portion is described as having modern clear heights, efficient loading capabilities, and an integrated sales/office area, supporting logistics, distribution, or hybrid sales/operations functions while maintaining an overall Class A configuration.
Located in the Worcester area, the property provides access to major transportation routes including I-90 and I-290, and is noted as offering convenient proximity to Worcester Regional Airport. The surrounding area is also described as near Worcester Polytechnic Institute (WPI) and the University of Massachusetts Medical School.
Key Highlights
- 120 Goddard Memorial Drive is a 120,725 SF industrial/manufacturing facility on 3.36 acres in the Worcester Airport Industrial Park.
- Zoned Manufacturing – Light (ML), allowing a wide range of industrial, warehouse, distribution, and production‑related uses.
- 12,000 SF clear‑span production area with unobstructed floor area and no interior columns for flexible layouts.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $733.1k | $18.00 |
| − Vacancy | −$55.7k | −$1.37 |
| EGI | $677.3k | $16.63 |
| − OpEx | −$203.2k | −$4.99 |
| NOI | $474.1k | $11.64 |
40,725 SF · lease $18.00/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Uses
Best Use
Warehouse
$8.22M
$7.20M – $9.60M
NOI $575,737 @ 7.0% cap · market cap 10.47%
Second Best
Industrial
$6.77M
$5.93M – $7.90M
NOI $474,137 @ 7.0% cap · market cap 8.62%
Theoretical Best
Office A
$13.59M
$11.89M – $15.86M
NOI $951,518 @ 7.0% cap · market cap 17.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Zoned ML for industrial, warehouse, and production uses, with clear-span production space and a high-bay warehouse office component.
Where is this manufacturing property located?
The property is located at 120 Goddard Memorial Dr Worcester, MA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 120 Goddard Memorial Drive is a 120,725 SF industrial/manufacturing facility on 3.36 acres in the Worcester Airport Industrial Park.; Zoned Manufacturing – Light (ML), allowing a wide range of industrial, warehouse, distribution, and production‑related uses.; 12,000 SF clear‑span production area with unobstructed floor area and no interior columns for flexible layouts.
