Building Details

Year Built 1998

Construction Cape-style

Listing Agency: Evergreen Realty Assoc., Inc. Show Phone

Listed By: Judith Reynolds · License #453000421 Show Phone

Source: Lockandkeyre

Added: Sep 29 Changed: Oct 4 Last Checked: Oct 4 at 9:35AM

Report an Issue

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 Evergreen Realty Assoc., Inc.

Investment Insights

Based on property information with market context.

This 2,120-square-foot office property has seven or more offices, a conference room, reception area, and additional adaptable interior space. Original details include wide-plank pine flooring and exposed beams, alongside custom improvements. The property is set on more than half an acre with landscaped grounds, a patio, and a large on-site parking lot.

Located within the Sterling Center Historic District at 235 Worcester Road, the building carries Town Center zoning. Any future use or configuration remains subject to applicable regulations and approvals.

Key Highlights

• 2,120 square feet with seven or more offices
• Conference room, reception area, and additional flexible interior spaces
• Town Center zoning; changes remain subject to applicable regulations and approvals

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,637

Cap Rate

6.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$772,740 $772.7K

Cap Rate 7%

$551,957 $552.0K

Cap Rate 9%

$429,300 $429.3K

Market Conditions

NOI Build-Up for 2,120 SF

Gross rent

$63.6K $30.00/SF

− Vacancy

−$12.1K −$5.70/SF

EGI

$51.5K $24.30/SF

− OpEx

−$12.9K −$6.08/SF

NOI

$38.6K $18.23/SF

Area

Worcester County, MA

Vacancy

19.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$772,740

Cap Rate 7%

$551,957

Cap Rate 9%

$429,300

Alternative Uses

Best Use

Office B

$552.0K

$483.0K – $644.0K (±1% cap)

NOI $38,637 @ 7.0% cap · market cap 6.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$723.9K

$633.5K – $844.6K (±1% cap)

NOI $50,676 @ 7.0% cap · market cap 8.11%

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

Office buildings

Suggested Use

Top Pick Building Supply HVAC Service Law Firm Hair Salon Plumbing Service Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

156

Businesses Nearby

Explore this area Business Placement

Demographics for 01564, MA

7,985

Population

3,298

Households

2.4

Avg Household Size

48

Median Age

53%

College-Educated

95%

High-School Grad

30.6 sq mi

ZIP Area

261

Density / Sq Mi

$136,027

Median Household Income

$78,506

Median Earnings

$1,606

Median Rent

$467,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Day Care Center with Parking

1 Beverly Drive, Sterling, MA 01564

$959,000

2,600 SF

View details

Mixed-Use Property with Office Space

28 Worcester Rd, Sterling, MA 01564

$350,000

2,500 SF

View details

Frequently Asked Questions

What type of property is this?

Office building - Town Center zoning and a flexible office layout support a range of potential configurations, subject to applicable approvals.

Where is this office building located?

The property is located at 235 Worcester Road Sterling, MA.

What is the asking price?

The asking price for this property is $625,000.

What are key features of this property?

This property features: 2,120 square feet with seven or more offices; Conference room, reception area, and additional flexible interior spaces; Town Center zoning; changes remain subject to applicable regulations and approvals