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

    131 Millbury St Worcester, MA 01610

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $18 SF/Yr

    Versatile, updated office/retail space near Polar Park. Move-in ready.

    Lot size:
    0.08 Acres

    Property Features for 131 Millbury St

    General Information

    Lot size
    0.08 Acres

    Building Details

    Year built
    1925

    We can help!

    Listing Contact
    Brandon O'neal
    Brandon O'neal
    Source: Elliman

    Listing Agent: Brandon O'neal

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

    Learn more

    Property Insight Report

    Overview

    Updated Office or Retail Space

    This property offers office or retail space available for lease in a location near Polar Park. The unit includes three private offices, a bullpen area, a bathroom, and a kitchenette. It is suitable for various business uses. The space features updated natural gas forced air heating and cooling, neutral decor, and modern lighting. The location provides convenient access to Rte. 146, I-290/190, and is less than 10 minutes from the Mass Pike. The property is move-in ready.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    St Onge Insurance ... Insurance Agency Zawada Insurance Agency Insurance Agency William R. Campbell ... Insurance Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7993946
    Latitude
    42.2519837

    Nearby Similar for Lease

    • $1.20 SF/Yr
      2,075 SF

      Worcester Retail Space Available

      High-traffic location, 2075 sq ft.
      5 Massasoit Rd Worcester, MA 01604, Worcester, MA 01604
      View Details
    • $500 /Mo

      Worcester Offices for Lease

      Four individual offices in the heart of Worcester for lease.
      51 Union St, Worcester, MA 01608
      View Details
    • $1,400 /Mo

      Updated Retail Space on Pleasant

      Move-in ready retail space with excellent visibility in Worcester.
      244 Pleasant St, Worcester, MA 01609
      View Details
    • $800 /Mo
      5,001 SF

      Downtown Worcester Office Space

      Customizable office space in downtown Worcester with ample parking.
      11 Pleasant St, Worcester, MA 01609
      View Details
    • $2,500 /Mo
      1,268 SF

      Vacant Salon & Barber Shop

      Vacant salon and barber shop in densely populated area.
      438 Park Avenue Pl, Worcester, MA 01610
      View Details
    • $18 SF/Yr
      12,001 SF

      Worcester Commercial Space For Rent

      1,750 SF first-floor suite ideal for medical or retail/office.
      352 Belmont St, Worcester, MA 01604
      View Details
    • $1,600 /Mo

      Loft Style Office Space

      Office space with open layout, exposed brick, utilities included.
      51 Union St, Worcester, MA 01608
      View Details
    • $20 SF/Yr
      2,400 SF

      Worcester Medical Office Suite

      Prime Worcester medical space, flexible layout, ample parking.
      130 Lincoln St Worcester, MA 01605, Worcester, MA 01605
      View Details
    • $900 /Mo

      Loft Style Office Space

      Loft-style office space with open layout and included utilities.
      51 Union St, Worcester, MA 01608
      View Details
    • $800 /Mo

      Loft Style Office Space

      Two-room loft office with utilities included, available 9/1/24.
      51 Union St, Worcester, MA 01608
      View Details
    • $15 SF/Yr
      24,829 SF

      Versatile Retail and Office Space

      Spacious retail unit with office and warehouse potential in Worcester.
      589 Park Ave, Worcester, MA 01603
      View Details
    • $15 SF/Yr
      24,829 SF

      Versatile Retail Space in Worcester

      Spacious retail unit with office and warehouse potential.
      589 Park Ave, Worcester, MA 01603
      View Details

    FAQs

    What type of property is this?
    Office space - Versatile, updated office/retail space near Polar Park. Move-in ready.
    Where is this office space located?
    The property is located at 131 Millbury St Worcester, MA.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: - Prime location near Polar Park; - Move-in ready condition with recent updates; - Versatile space suitable for office or retail use
    (774) 287-7398
    Request Owner's contact information
    131 Millbury St Worcester, MA 01610
    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.
    131 Millbury St
    Worcester, MA 01610
    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
    131 Millbury St Worcester, MA 01610
    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
    Brandon O'neal
    Brandon O'neal
    Real Estate License ID: 453009247
    (774) 287-7398
    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.