Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    31-35 Park Ave Worcester, MA 1605

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    11,000 SF retail strip in sought-after commercial area.

    Type:Retail
    Property size:
    11,000 SF
    Added:
    Nov 21, 2025
    Days on Market:
    134
    Last Refresh:
    Dec 3 at 5:41 am

    Property Features for 31-35 Park Ave

    General Information

    Standard status
    Active
    Size
    11,000 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1970

    Spaces For Lease

    at 31-35 Park Ave Contact us

    We can help!

    Listing Contact
    ERIC ANDREWS

    Listing agent ERIC ANDREWS

    Listing office REALTY WORLD CAROLINA PROP

    Listing date Nov 21, 2025

    Source Naiglobal

    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 REALTY WORLD CAROLINA PROP

    Overview

    Retail Strip in Prime Location

    This retail building is situated in the heart of the Gold Star Blvd/Grove Street area, a sought-after commercial sector. The property involves the redevelopment of an old retail building into a new 11,000 square foot retail strip, which is subdividable down to 1,500 square feet. It is directly adjacent to The Trolley Yard, a new 68,000 square foot retail center. The immediate neighborhood includes five new commercial developments currently under construction, totaling over 150,000 square feet of new retail, medical, and office space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8079402
    Latitude
    42.2829667

    Nearby Similar for Lease

    • Contact for pricing

      Vacant Salon & Barber Shop

      Vacant salon and barber shop in densely populated area.
      438 Park Avenue unit: 1, Worcester, MA 01610
      View Details
    • Contact for pricing

      Worcester Commercial Space For Rent

      Commercial space with storefront, suitable for various businesses.
      488 Grafton St, Worcester, MA 01604
      View Details
    • Contact for pricing

      Downtown Worcester Office Space

      Customizable office space in downtown Worcester with ample parking.
      11 Pleasant Street, Worcester, MA 01609
      View Details
    • $15/mo

      Versatile Retail and Office Space

      Spacious retail unit with office and warehouse potential in Worcester.
      589 Park Ave unit: D, Worcester, MA 01603
      View Details
    • Sponsored
      Contact for pricing

      MA, Worcester - 370 Main Street

      370 Main St 11 &, Unit 12TH, Worcester, MA 01608
      View Details
    • Contact for pricing

      Auto Repair Shop For Rent

      3,700 Sq Ft auto repair shop with lifts.
      585 Park Ave, Worcester, MA 01610
      View Details
    • $9/mo

      Functional Office Space Available

      6,500+-sf office space with functional layout, good condition.
      54 Rockdale St, Worcester, MA 01606
      View Details
    • Contact for pricing

      Turnkey Barber Shop Opportunity

      Fully built-out barber shop space available for rent.
      170 Prescott Street, Worcester, MA 01608
      View Details
    • $12/mo

      Versatile Industrial Space in Worcester

      Adaptable space for manufacturing, warehouse, R&D, and office uses.
      100 Prescott Street, Worcester, MA 01605
      View Details
    • $21/mo

      Refurbished Office Property in Worcester

      72,000 SF office property in a prime Worcester location.
      108 Grove Street, Worcester, MA 01605
      View Details
    • $22/mo

      Medical Office Space on Route 9

      Medical office spaces for lease near UMass Memorial Medical Center.
      116 Belmont Street, Worcester, MA 01605
      View Details
    • Contact for pricing

      Retail Unit on Franklin Street

      Versatile retail space in high-traffic Worcester location, ready for customization.
      590 Franklin St, Worcester, MA 01604
      View Details

    FAQs

    What type of property is this?
    Strip mall - 11,000 SF retail strip in sought-after commercial area.
    Where is this strip mall located?
    The property is located at 31-35 Park Ave Worcester, MA.
    What are key features of this property?
    This property features: Prime location in the highly desirable Gold Star Blvd/Grove Street commercial area.; New 11,000 sf retail strip after redevelopment.; Subdividable space, down to 1500 sf.
    (919) 545-9911
    We can help!
    Listing Contact
    ERIC ANDREWS
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!