Multi-Suite Office
For Sale
$599,000
4 Lancaster Terrace, Worcester, MA 01609
Flexible layout includes private work areas, meeting space, kitchen areas, and restrooms across multiple levels.
Property Size3,225 SF
Days on Market104
Property Features for 4 Lancaster Terrace
General Information
Standard status
Active
Size
3,225 SF
Class
B
Property subtype
Office
Building Details
Building Size
3,225 SF
Listing Agency:
Kelleher & Sadowsky Associates Inc
Listed By:
Joe Laursen · License #9571029
(508) 353-9275
Source:
Kelleher-sadowsky
Added: Jul 8
Changed: Oct 19
Last Checked: Oct 19 at 5:11AM
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 Kelleher & Sadowsky Associates Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property is an office building arranged with multiple private work areas, conference space, kitchen areas, and restrooms. An upper floor adds further office capacity and may function as either an extension of the primary occupancy or a separate suite, subject to the intended configuration.
Off-street parking supports the building’s professional office use. The property is located at 4 Lancaster Terrace in Worcester, Massachusetts, providing a central setting with access described as convenient in the source information.
Off-street parking supports the building’s professional office use. The property is located at 4 Lancaster Terrace in Worcester, Massachusetts, providing a central setting with access described as convenient in the source information.
Key Highlights
- Multiple private offices with conference space
- Upper level provides additional office capacity
- Upper floor can function as a separate suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,551
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,071,020
$1.1M
Cap Rate 7%
$765,014
$765.0K
Cap Rate 9%
$595,011
$595.0K
Market Conditions
NOI Build-Up for 3,225 SF
Gross rent
$87.1K $27.00/SF
− Vacancy
−$15.7K −$4.86/SF
EGI
$71.4K $22.14/SF
− OpEx
−$17.9K −$5.54/SF
NOI
$53.6K $16.61/SF
Area
Worcester, MA
Vacancy
18.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,071,020
Cap Rate 7%
$765,014
Cap Rate 9%
$595,011
Alternative Uses
Best Use
Office B
$765.0K
$669.4K – $892.5K
NOI $53,551 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$941.9K – $1.26M
NOI $75,350 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,869
Businesses Nearby
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
Frequently Asked Questions
What type of property is this?
Office building - Flexible layout includes private work areas, meeting space, kitchen areas, and restrooms across multiple levels.
Where is this office building located?
The property is located at 4 Lancaster Terrace Worcester, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Multiple private offices with conference space; Upper level provides additional office capacity; Upper floor can function as a separate suite
