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    Development Opportunity Near Mt. Wachusett Title is generated by Realmo AI

    240 Worcester Road, Sterling, MA 01564

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    For Sale
    $500,000

    Historic Sterling Inn and adjacent lot offer redevelopment potential.

    Type:Commercial
    Property size:
    12,000 SF
    Lot size:
    5.30 Acres
    Price / SF:
    $41/SF
    Added:
    Apr 25, 2026
    Days on Market:
    27
    Last Refresh:
    Apr 25 at 6:31 am

    Property Features for 240 Worcester Road

    General Information

    Standard status
    Active
    Size
    12,000 SF
    Lot size
    5.30 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1908

    We can help!

    Listing Contact
    Kelly Espinola
    Kelly Espinola

    Listing agent Kelly Espinola License #9046390

    Listing office Keller Williams Realty-Merrimack

    Listing date Apr 25, 2026

    Source Liongatere

    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-Merrimack

    HighLights

    • 5.3 acres of land including 1.6 acres with the Sterling Inn
    • Significant redevelopment or restoration potential for the historic Sterling Inn
    • Prime location at the base of Mt. Wachusett, offering proximity to outdoor activities
    • Nearly 12,000 sq ft of interior space in the Sterling Inn
    • Opportunity to create a mixed‑use community with residential and retail components
    • Both properties (240 & 223 Worcester Road) are deeded together

    Overview

    This offering presents a development opportunity with the historic Sterling Inn, situated at the base of Mt. Wachusett. The property includes the Sterling Inn on 1.6 acres with nearly 12,000 sq ft of interior space, and an adjacent 3.7-acre mixed-use lot at 223 Worcester Road, totaling 5.3 acres. Both 240 and 223 Worcester Road are deeded together. The property is suited for restoration, development of townhomes or condos, or a mixed-use community with residential and retail components. The location is near hiking, skiing, and outdoor activities.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Department Store Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Sterling
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7640087
    Latitude
    42.4339356

    Nearby Similar for Sale

    • $500,000
      12,000 SF

      Mixed-Use Development Opportunity in Sterling

      5.3-acre mixed-use land parcel near Mt. Wachusett.
      223 Worcester Road, Sterling, MA 01564
      View Details
    • Contact for pricing
      15,000 SF

      Sterling Industrial Building For Sale

      15,000 SF industrial building on 2 acres in Sterling, MA.
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    • $500,000
      12,000 SF

      Land, Mixed Use

      223 Worcester Rd, Sterling, MA 01564
      View Details
    • $500,000
      11,934 SF

      Sterling Inn Redevelopment Opportunity

      Historic Sterling Inn with redevelopment potential on 5.3 acres.
      240 Worcester Rd, Sterling, MA 01564
      View Details

    FAQs

    What type of property is this?
    Commercial land - Historic Sterling Inn and adjacent lot offer redevelopment potential.
    Where is this commercial land located?
    The property is located at 240 Worcester Road Sterling, MA.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: 5.3 acres of land including 1.6 acres with the Sterling Inn; Significant redevelopment or restoration potential for the historic Sterling Inn; Prime location at the base of Mt. Wachusett, offering proximity to outdoor activities
    (508) 982-6264
    We can help!
    Listing Contact
    Kelly Espinola
    Kelly Espinola
    Real Estate License ID: 9046390
    Learn More
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    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.

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