Completely Renovated Medical Office
For Sale
Contact for pricing
105 Merrick St, Worcester, MA 01609
3,577 SF medical office with exam rooms, private offices, and extensive on-site parking.
Property Size3,577 SF
Price / SF$194.30
Days on Market524
Property Features for 105 Merrick St
General Information
Standard status
Active
Size
3,577 SF
Property subtype
OFFICE
Building Details
Buildings
1
Stories
2
Listing Agency:
NAI Glickman Kovago & Jacobs
(508) 753-9100
Listed By:
Jonah D. Glickman · License #9566848
(508) 868-3765
Source:
Moodyscre
Added: Apr 11, 2025
Changed: Aug 16
Last Checked: Sep 15 at 9:30AM
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 NAI Glickman Kovago & Jacobs
Investment Insights
Based on property information with market context.
105 Merrick St is a 3,577 SF office building that was completely renovated and is in excellent condition. The property has a historic exterior look and an interior layout designed for medical or clinical use, including numerous private offices and exam rooms.
The first floor is built out with 8 exam rooms, two bathrooms, a primary lobby facing Merrick Street, a secondary lobby access via Sever Street, and a large nurses work station and break area. The second floor includes five individual offices, two bathrooms, and two conference rooms.
Parking is supported through the parcel located at 29-31 Sever St, with 40+ lined parking spaces available. A number of the spaces are utilized by neighboring properties, with potential to capitalize on additional rental income.
The first floor is built out with 8 exam rooms, two bathrooms, a primary lobby facing Merrick Street, a secondary lobby access via Sever Street, and a large nurses work station and break area. The second floor includes five individual offices, two bathrooms, and two conference rooms.
Parking is supported through the parcel located at 29-31 Sever St, with 40+ lined parking spaces available. A number of the spaces are utilized by neighboring properties, with potential to capitalize on additional rental income.
Key Highlights
- 3,577 SF completely renovated medical office building
- First floor: 8 exam rooms plus nurses work station and break area
- Second floor: five private offices and two conference rooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$59,879
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,197,580
$1.2M
Cap Rate 7%
$855,414
$855.4K
Cap Rate 9%
$665,322
$665.3K
Market Conditions
NOI Build-Up for 3,577 SF
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.
Gross rent
$107.3K $30.00/SF
− Vacancy
−$7.5K −$2.10/SF
EGI
$99.8K $27.90/SF
− OpEx
−$39.9K −$11.16/SF
NOI
$59.9K $16.74/SF
Area
Worcester, MA
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,197,580
Cap Rate 7%
$855,414
Cap Rate 9%
$665,322
Alternative Uses
Best Use
Healthcare Medical
$855.4K
$748.5K – $998.0K
NOI $59,879 @ 7.0% cap · market cap 8.62%
Second Best
Office B
$848.5K
$742.5K – $989.9K
NOI $59,396 @ 7.0% cap · market cap 8.55%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,575 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,145
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Similar Off Market Nearby
- Worcester Cat Hospital & Bird Clinic — 347 Park Ave, Worcester, MA 01610
Frequently Asked Questions
What type of property is this?
Medical Office Space - 3,577 SF medical office with exam rooms, private offices, and extensive on-site parking.
Where is this medical office space located?
The property is located at 105 Merrick St Worcester, MA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 3,577 SF completely renovated medical office building; First floor: 8 exam rooms plus nurses work station and break area; Second floor: five private offices and two conference rooms
