Add Listing
    For Sale
    • 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

    520 Park Ave Worcester, MA 01603

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

    7.33 acres for mixed-use development near downtown Worcester.

    Property size:
    8,558 SF
    Lot size:
    7.33 Acres

    Property Features for 520 Park Ave

    General Information

    Standard status
    Active
    Zoning
    BG-2.0
    Size
    8,558 SF
    Lot size
    7.33 Acres

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Will Kelleher
    Will Kelleher
    Source: Crexi

    Listing Agency: Kelleher & Sadowsky Associates Inc Listing Agent: Will Kelleher

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Prime Worcester Development Opportunity

    This prime development opportunity is comprised of approximately 7.33 acres in aggregate, improved with an approximately 8,558 square foot automotive service garage. Park Avenue is a heavily traveled route in the City of Worcester, providing north to south access along Route 9/Route 12. The site offers nearby retail amenities and excellent access to colleges and universities, including Clark University, Worcester Polytechnic Institute, MCPHS University, and The College of the Holy Cross. The land is currently zoned BG-2.0, allowing for a myriad of uses including retail, residential, and office related development. It is a perfect site for a mixed-use development project, car dealership, graduate student housing, or senior living. The property is located minutes from Downtown Worcester and all major thoroughfares (I-90, I-190, I-290, and Route 146). The area surrounding this property offers convenient access to major highways and public transportation, making it an ideal location for businesses. Nearby, the Worcester Art Museum and Hanover Theatre provide cultural enrichment, while popular dining and retail destinations like Shrewsbury Street and The Shoppes at Blackstone Valley offer amenities for employees.
    Location Intelligence

    Current Use by Public Records

    Clark University West ... Private University

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8292833
    Latitude
    42.252372

    Nearby Similar for Sale

    • $749,900
      2,940 SF

      Worcester Duplex Near UMass Med

      Well-maintained duplex in desirable location near UMass Medical School.
      28 Nonquit St, Worcester, MA 01604
      View Details
    • New
      $730,000
      3,536 SF

      Worcester Multifamily Investment Opportunity

      Spacious three-unit property with updated features and income potential.
      31 Boardman St, Worcester, MA 01606
      View Details
    • $699,900
      2,854 SF

      Renovated Multi-Family in Worcester

      Completely renovated multi-family property with in-unit laundry hookups.
      256 Belmont St, Worcester, MA 01604
      View Details
    • $750,000
      2,694 SF

      Income-Producing Rooming House Near WPI

      Turnkey investment property near WPI with immediate income potential.
      60 Fruit St, Worcester, MA 01609
      View Details
    • $800,000
      4,940 SF

      Worcester Multifamily and Single Family

      Multifamily and single family homes near downtown Worcester.
      49 Dorchester St, Worcester, MA 01610
      View Details
    • $1,049,000
      4,870 SF

      Renovated Three-Family in Worcester

      Fully renovated three-family property with modern amenities and convenient location.
      139 Lincoln St, Worcester, MA 01605
      View Details
    • New
      $1,650,000
      6,885 SF

      Worcester Multifamily Investment Opportunity

      Two well-maintained buildings near WPI and Elm Park.
      9-11 Dover St, Worcester, MA 01609
      View Details
    • $695,000

      Renovated Office Building For Sale

      3,577 SF renovated office building in Worcester, MA.
      105 Merrick St, Worcester, MA 01609
      View Details
    • $795,000

      Worcester Commercial Building For Sale

      3,900 SF building in prime Worcester location.
      76 Mill St, Worcester, MA 01603
      View Details
    • $920,000

      Worcester Automotive/Industrial Opportunity

      Versatile space ideal for automotive or industrial businesses.
      27-29 Canterbury St, Worcester, MA 01610
      View Details
    • $4,200,000
      11,940 SF

      Medical Office Building For Sale

      11,940 SF medical office building in retail corridor.
      267 Shrewsbury St, Worcester, MA 01604
      View Details
    • $495,000
      Pending

      Classic Brick Mill Building

      Two-story brick mill building suitable for retail, warehouse, or industrial.
      110 Webster St, Worcester, MA 01603
      View Details

    FAQs

    What type of property is this?
    Commercial land - 7.33 acres for mixed-use development near downtown Worcester.
    Where is this commercial land located?
    The property is located at 520 Park Ave Worcester, MA.
    What are key features of this property?
    This property features: - Prime development opportunity with ±7.33 acres in aggregate.; - Located on Park Avenue, a heavily traveled route.; - Zoned BG-2.0, allowing for retail, residential, and office development (mixed-use potential).
    Request Owner's contact information
    520 Park Ave Worcester, MA 01603
    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.
    520 Park Ave
    Worcester, MA 01603
    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
    520 Park Ave Worcester, MA 01603
    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

    We can help!
    Listing Contact
    Will Kelleher
    Will Kelleher
    Real Estate License ID: 9585154
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!