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    424 Main St Leicester, MA 01611
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    424 Main St, Leicester, MA 01611

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    • Warehouses
    • 44,100 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
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    Current Use by Public Records

    • Warehouses

    Property Details for 424 Main St

    Year built
    2003
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional 15,000-square-foot warehouse space, part of a larger 44,100-square-foot multi-tenant industrial building, presents a fantastic leasing opportunity in Worcester County. Built in 2003, the property sits on a 3.17-acre lot and is zoned for factory use, offering convenient access to major roadways including Route 9, Route 56, Route 20, and I-90. The warehouse boasts impressive ceiling heights ranging from 24 to 32 feet, providing ample vertical space for various business needs. Four drive-in doors (two 14' high and two 12' high) ensure efficient loading and unloading. The space includes six dedicated parking spaces with the potential for expansion. The building is equipped with oil-fired heaters and a sprinkler system for safety and climate control. Town water and sewer services are readily available. Bathrooms are roughed-in and ready for tenant customization. This property is ideal for businesses requiring substantial storage and easy access to regional transportation networks. The clear-span design maximizes usable space and operational efficiency. This is a prime opportunity to secure a well-located, functional warehouse space in a thriving industrial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Leicester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8749
    Latitude
    42.2361

    Comparable in this City

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    • Value Estimation by Request
      3.17 Acres

      424 Main St

      INDUSTRIAL (GENERAL)
      424 Main St, Cherry Valley, MA 01611-3032
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    • Value Estimation
      $1,275,000
      17,500 SF

      490 Stafford St

      MANUFACTURING (LIGHT)
      490 Stafford St, Cherry Valley, MA 01611-3307
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    • Value Estimation
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      7,396 SF

      488 Stafford St

      MANUFACTURING (LIGHT)
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    • Value Estimation
      $1,310,000
      69,349 SF

      69 Main St

      MANUFACTURING (LIGHT)
      69 Main St, Cherry Valley, MA 01611-3151
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    • Value Estimation by Request

      651 Main St

      Land
      651 Main St, Leicester, MA 01611
      View Details

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      5,250 SF

      New Flex Building For Sale

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      Development Opportunity in Cherry Valley

      0.87-acre parcel for development in a convenient location.
      147 Main St, Leicester, MA 01611
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      Chapel Hill Senior Housing Development

      29.7-acre site permitted for 88 senior housing units.
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    Leicester, MA 01611
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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.

    More about this property
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