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

    340 Shrewsbury St Worcester, MA 01604

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime Worcester location, 3,648 sq ft.

    Lot size:
    3,648 SF

    Property Features for 340 Shrewsbury St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,648 SF
    Total Rate
    7600

    Building Details

    Year Built
    1920

    Spaces For Lease

    at 340 Shrewsbury St, Worcester, MA 01604 Contact us
    Unit Available Space

    $25 /Mo

    Size
    3,648 SF
    Contact us

    We can help!

    Listing Contact
    Tom Bodden
    Tom Bodden

    Listing Agency: Kelleher & Sadowsky Associates Inc Listing Agent: Tom Bodden

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

    Learn more

    Property Insight Report

    Overview

    This exceptional 3,648-square-foot executive office space at 340 Shrewsbury Street in Worcester, Massachusetts, presents a unique investment or lease opportunity. Situated on a 0.27-acre lot, this single-tenant property boasts a convenient location in the heart of Shrewsbury Street, a vibrant area known for its numerous amenities. Built in 1920, the building offers ample onsite parking with 30 spaces, a significant advantage in this desirable location. The property is zoned BG-2 and is readily accessible to major transportation arteries, including Route 9 and I-290, as well as Worcester's Central Business District. The entire 3,648 square feet is currently vacant, providing a blank canvas for a discerning tenant or buyer to customize the space to their specific needs. Previously utilized as a retail printing shop, the building offers excellent potential for a variety of executive office uses. This property represents a rare chance to acquire a well-located, sizable space in a thriving Worcester neighborhood. The ample parking and convenient access to major roadways make this an attractive option for businesses seeking a prominent and easily accessible location. The property's zoning designation (BG-2) should be verified with Worcester County for specific permitted uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    -71.778533
    Latitude
    42.2700624

    Nearby Similar for Lease

    • $2,500 /Mo
      1,700 SF

      Worcester Commercial Space For Rent

      Storefront property with ample space, suitable for various businesses.
      488 Grafton St, Worcester, MA 01604
      View Details
    • $2,500 /Mo
      1,268 SF

      Vacant Salon & Barber Shop

      Vacant salon and barber shop in densely populated area.
      438 Park Avenue Pl, Worcester, MA 01610
      View Details
    • $15 SF/Yr
      24,829 SF

      Versatile Retail and Office Space

      Spacious retail unit with office and warehouse potential in Worcester.
      589 Park Ave, Worcester, MA 01603
      View Details
    • $800 /Mo
      5,001 SF

      Downtown Worcester Office Space

      Customizable office space in downtown Worcester with ample parking.
      11 Pleasant St, Worcester, MA 01609
      View Details
    • Contact for pricing

      MA, Worcester - Grove St

      Discover many ways to work your way in One Liberty Place
      287 Floors, Worcester, MA 01605
      View Details
    • Sponsored
      Contact for pricing

      MA, Worcester - 370 Main Street

      Discover many ways to work your way in Downtown
      370 Main St 11 &, Worcester, MA 01608
      View Details
    • $22 SF/Yr
      20,530 SF

      Worcester Medical Office Space Available

      Medical office suites for lease near UMass Memorial Medical Center.
      116 Belmont St, Worcester, MA 01605
      View Details
    • Contact for pricing
      30,000 SF

      Retail Space Near Polar Park

      Street-level retail space in a redeveloped apartment building near Polar Park.
      120 Washington St, Worcester, MA 01608
      View Details
    • Contact for pricing
      6,607 SF

      Retail/Warehousing Space with Secured Yard

      7,019 SF retail/warehouse space with secured yard for sublease.
      462 Pleasant St, Worcester, MA 01609
      View Details
    • $35 SF/Yr
      113,926 SF

      Corner Retail Space Overlooking Polar Park

      2,000 SF retail space in vibrant Canal District development.
      89 Green St, Worcester, MA 01604
      View Details
    • $2,250 /Mo
      1,200 SF

      Remodeled Retail/Office/Medical Space

      1,200 SF remodeled space in downtown location for lease.
      25 Exchange St, Worcester, MA 01608
      View Details
    • $35 SF/Yr
      2,000 SF

      Prime Corner Retail Space Available

      2,000 SF corner retail in vibrant Canal District.
      85-103 Green St, Worcester, MA 01604
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - Prime Worcester location, 3,648 sq ft.
    Where is this office property / space located?
    The property is located at 340 Shrewsbury St Worcester, MA.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: 3,648 SF retail/office building available for sale or lease in Worcester, MA.; Single-tenant occupancy.; Located on Shrewsbury Street with ample on-site parking (30 spaces).
    (508) 755-0707 Call to check price and availability
    Request Owner's contact information
    340 Shrewsbury St Worcester, MA 01604
    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.
    340 Shrewsbury St
    Worcester, MA 01604
    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
    340 Shrewsbury St Worcester, MA 01604
    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!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tom Bodden
    Tom Bodden
    Real Estate License ID: 9566018
    (508) 755-0707
    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!