Freestanding Restaurant
New
For Sale
$1,190,000
139 Green St, Worcester, MA 01604
Leased restaurant property with basement space and tandem parking.
Property Size3,342 SF
Price / SF$356.07
Days on Market7
Property Features for 139 Green St
General Information
Standard status
Active
Size
3,342 SF
Property subtype
Commercial
Zoning
BG-4
Net Operating Income
$80,145
Taxes and HOA fees
Annual Taxes
$16,585
Building Details
Building Size
3,342 SF
Year Built
1925
Listing Agency:
Keller Williams Realty Boston Northwest
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 24 at 7:34AM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
This freestanding restaurant building contains 3,342 square feet along with a full basement and 2+ tandem parking spaces. Constructed in 1925, the property is leased to a long-term restaurant tenant and is zoned BG-4.
Located at 139 Green St in Worcester’s Canal District, the property is within walking distance of Polar Park and surrounded by residential and mixed-use development. Its restaurant configuration, basement area, and on-site parking support continued commercial use.
Located at 139 Green St in Worcester’s Canal District, the property is within walking distance of Polar Park and surrounded by residential and mixed-use development. Its restaurant configuration, basement area, and on-site parking support continued commercial use.
Key Highlights
- 3,342‑square‑foot freestanding restaurant building
- Leased to a long‑term restaurant tenant
- Full basement included
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
$54,005
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
4.54%
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%
$1,080,100
$1.1M
Cap Rate 7%
$771,500
$771.5K
Cap Rate 9%
$600,056
$600.1K
Market Conditions
NOI Build-Up for 3,342 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
$76.2K $22.80/SF
− Vacancy
−$4.2K −$1.25/SF
EGI
$72.0K $21.55/SF
− OpEx
−$18.0K −$5.39/SF
NOI
$54.0K $16.16/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,080,100
Cap Rate 7%
$771,500
Cap Rate 9%
$600,056
Alternative Uses
Best Use
Specialty Retail
$771.5K
$675.1K – $900.1K
NOI $54,005 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$976.1K – $1.30M
NOI $78,084 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,150
Businesses Nearby
88k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Shops & Services 34%
Groceries 17%
Hotels & Casinos 3%
Burger King
Dining
19,049 visits/mo
0.1 miles
Gala Foods Supermarket
Groceries
15,286 visits/mo
0.4 miles
Dunkin' Donuts
Dining
13,113 visits/mo
0.2 miles
Speedway
Shops & Services
9,299 visits/mo
0.1 miles
Shell
Shops & Services
8,050 visits/mo
0.3 miles
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Leased restaurant property with basement space and tandem parking.
Where is this conventional restaurant located?
The property is located at 139 Green St Worcester, MA.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 3,342‑square‑foot freestanding restaurant building; Leased to a long‑term restaurant tenant; Full basement included
