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Property profile & analytics
OFF-MARKET
Estimated value
$705,000
Office buildings
10 Institute Rd Worcester, MA 01609-2756
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US38-0571526
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1900
Construction
FRAME
Total area
7,925 SF
Lot
0.24 ac (10,360 SF)
Zoning code
BG-6
APN
WORC M:02 B:036 L:00121
UPID
US38-0571526
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Sullivan Garrity & Donnelly Insurance SG&D Insurance Agency
-
Robert P. Powers Insurance Agency Inc. Insurance Agency
-
Marshall & Diggins Insurance Insurance Agency
-
Insurance Agency Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$955k
Blend (final)
Blend
$705k
Owner & transaction history
Institute Properties LLC · 1 yrs held
Institute Properties LLC
since 2025
6 recorded transactions
Zoning & alternative use
BG-6 · Worcester, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.2M
+17.2%
Neighborhood: shopping center
$1.0M
+1.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Worcester submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Worcester submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$990,000
Current use
RETAIL STORES
$1,160,000
Change: +17% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$1,000,000
Change: +1% · Conversion: Difficult
COMMERCIAL (GENERAL)
$960,000
Change: -3% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$950,000
Change: -4% · Conversion: Easy
WAREHOUSE, STORAGE
$795,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$705k
Range $635k – $776k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$89 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$24,179
Tax year 2024
Assessed value
$804,900
Assessed 2024
Previous assessed
$804,900
+0.0% YoY
Effective rate
3.00%
On assessed value
Assessed land
$399,300
Assessed improvement
$405,600
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1900
Construction
FRAME
Heating
STEAM
Buildings
1
Stories
3
Total area
7,925 SF
Lot
0.24 ac (10,360 SF)
Zoning code
BG-6
APN
WORC M:02 B:036 L:00121
UPID
US38-0571526
Jurisdiction
WORCESTER
Zoning & alternative use
BG-6 · Worcester, MA
Zoning BG-6 · permitted uses
BG-6 · Worcester, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Worcester. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$990,000
RETAIL STORES
Est. value
$1.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$960,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$950,000
WAREHOUSE, STORAGE
Est. value
$795,000
OFFICE BUILDING Current
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Construction
FRAME
Heating
STEAM
Stories
3
Buildings
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
Institute Properties LLC
Entity
Mailing address
10 INSTITUTE RD, WORCESTER, MA 01609-2756
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 30, 2025
$700,000
Institute Properties LLC
10 Institute Road LLC
Deed
$525,000 · Cornerstone Bank
Feb 18, 2022
—
10 Institute Road LLC
George F Sullivan
Quit Claim Deed
related
—
Oct 8, 2020
—
George F Sullivan
—
Deed
related
$300,000 · Bay State Savings Bank
Nov 15, 2011
—
John R Curran
—
Deed Of Trust
related
$175,000 · United Bank
Jun 12, 2006
—
George F Sullivan JR.
—
Deed Of Trust
related
$175,000 · Commonwealth National Bank
Nov 20, 1992
—
George Sullivan JR.
—
Deed Of Trust
related
$155,000 · Hudson National Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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