Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    123 Summer St Worcester, MA 01608-1216

    • Hospitals
    • 669,637 SF
    • 17.46 lot acres
    OFF-MARKET
    Value Estimations
    $41,815,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1323332
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Joseph Sidari, MD / Otolaryngologist / Allergist
    • Montilla Plastic Surgery / Doctor / Skin Care Clinic
    • Worcester Medical Center / Medical Clinic
    • Saint Vincent Physical Therapy at Worcester Medical Center / Pathologist / Pediatric Gastroenterologist
    • Reliant Medical Group Obstetrics & Gynecology Department / Women'S Health Clinic / Hospital Department

    Property Details for 123 Summer St

    Year built
    1999
    Construction
    STEEL FRAME
    Lot size
    17.46 lot acres
    Property size
    669,637 SF
    Zone code
    BG-6
    Property type
    Hospitals
    APN
    WORC M:02 B:020 L:0000B
    APU
    WORCM02B020L0000B

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $66,680,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7966
    Latitude
    42.2649
    CBSA code
    49340
    CBSA name
    WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $3,454,600
    $17,326,900
    $97,673,100
    $115,000,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $8,580,000
      61,002 SF

      1 Eaton Pl

      HOSPITAL - PRIVATE • 61,002 SF
      1 Eaton Pl, Worcester, MA 01608-1232
      View Details
    • Value Estimation by Request
      45,784 SF

      100 Martin Luther King

      Medical offices • 45,784 SF
      100 Martin Luther King, Worcester, MA 01608
      View Details
    • Value Estimation by Request
      0.12 Acres

      84 Lamartine St

      INDUSTRIAL - VACANT LAND • 0.12 Acres
      84 Lamartine St, Worcester, MA 01608-2114
      View Details
    • Value Estimation by Request
      0.52 Acres

      35 Portland St

      PARKING LOT • 0.52 Acres
      35 Portland St, Worcester, MA 01608
      View Details
    • Value Estimation by Request
      1.20 Acres

      19 Quinsigamond Ave

      COMMERCIAL (GENERAL) • 1.20 Acres
      19 Quinsigamond Ave, Worcester, MA 01608
      View Details
    • Value Estimation by Request
      1.27 Acres

      3 Quinsigamond Ave

      COMMERCIAL (GENERAL) • 1.27 Acres
      3 Quinsigamond Ave, Worcester, MA 01608
      View Details

    Similar Nearby for Sale

    • $3,345,000
      0.27 Acres

      Worcester CBD Development Lots

      Prime Worcester parcels, ideal for development.
      61 Pearl St, Worcester, MA 01608
      View Details
    • $180,000

      Established Downtown Bakery & Cafe

      Turnkey bakery/cafe business for sale in downtown Worcester.
      422 Main St, Worcester, MA 01608
      View Details
    • $599,000
      1,680 SF

      Worcester Retail/Automotive Investment Opportunity

      1,680 SF building ideal for retail or vehicle-related businesses.
      51 Summer St, Worcester, MA 01608
      View Details
    • Contact for pricing
      121,195 SF

      Office Space with Ballpark Views

      Office space with floor-to-ceiling windows and rooftop deck.
      50 Washington St, Worcester, MA 01608
      View Details
    • $875,000

      Worcester Specialty Property for Sale

      Specialty property available for purchase in Worcester, Massachusetts.
      69 Oread St, Worcester, MA 01608
      View Details
    • $424,900

      Three-Unit Building Near Polar Park

      Three-unit building near Polar Park, sold as-is for cash or rehab.
      7 Lodi St, Worcester, MA 01608
      View Details

    Similar Nearby for Lease

    • $29 SF/Yr
      32,000 SF

      Worcester Medical & Executive Office

      Prime Worcester location, modern office suites.
      120 Thomas St, Worcester, MA 01608
      View Details
    • $6 SF/Yr
      6,339 SF

      Worcester, MA Office Space Available

      Flexible workspace solutions in prime location.
      370 Main St, Worcester, MA 01608
      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
    • $2,250 /Mo

      Remodeled Retail/Office/Medical Space Downtown

      Remodeled 1,200 SF retail/office/medical space in prime downtown location.
      6 Waldo St, Worcester, MA 01608
      View Details
    • Contact for pricing
      25,649 SF

      Downtown Worcester Office Space Available

      Premier mixed-use property with office and retail space for rent.
      90-110 Front St, Worcester, MA 01608
      View Details
    • $1,400 /Mo
      1,000 SF

      Versatile Retail Space in Worcester

      Modern retail space for lease with ample parking and visibility.
      8-16 Portland St, Worcester, MA 01608
      View Details
    Request Owner's contact information
    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.
    123 Summer St
    Worcester, MA 01608-1216
    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
    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

    Google sign-in failed. Please try again or use another login method.