Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1398 Main St Worcester, MA 01603-1524

    • Showrooms
    • 19,800 SF
    • 0.74 lot acres
    OFF-MARKET
    Value Estimations
    $3,040,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0217450
    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

    • Anna Marie Donna Kay Rest Home / Nursing Home
    • Washburn House Extended Care / Medical Clinic

    Property Details for 1398 Main St

    Year built
    1972
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.74 lot acres
    Property size
    19,800 SF
    Zone code
    RL-7
    Property type
    Showrooms
    APN
    WORC M:15 B:008 L:00002
    APU
    WORCM15B008L00002

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,455,000
      6.5%
      $4,110,000
      7%
      $3,820,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,005,000
      Market price range: $1.39M - $3.01M
      AI Estimate
      $2,000,000
      Market price range: $831k - $2.00M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,180,000
      Current use
      RESTAURANT
      $4,120,000
      Change: +89% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,385,000
      Change: +55% Conversion: Difficult
      RETAIL STORES
      $2,890,000
      Change: +33% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,500,000
      Change: +15% Conversion: Difficult
      OFFICE BUILDING
      $2,470,000
      Change: +13% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,375,000
      Change: +9% Conversion: Moderate
      WAREHOUSE, STORAGE
      $1,985,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8533
    Latitude
    42.2412
    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
    $89,928
    $437,100
    $2,556,500
    $2,993,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      4,925 SF

      6 Fremont St

      SHOW ROOM, WAREHOUSE • 4,925 SF
      6 Fremont St, Worcester, MA 01603-2305
      View Details
    • Value Estimation by Request
      3,679 SF

      1027 Main St

      SHOW ROOM, WAREHOUSE • 3,679 SF
      1027 Main St, Worcester, MA 01603-2425
      View Details
    • Value Estimation by Request
      1,008 SF

      2 Park Ave Pl

      SHOW ROOM, WAREHOUSE • 1,008 SF
      2 Park Ave Pl, Worcester, MA 01603-2945
      View Details
    • Value Estimation
      $1,025,000
      169,361 SF

      60 Webster Pl

      SHOW ROOM, WAREHOUSE • 169,361 SF
      60 Webster Pl, Worcester, MA 01603-1920
      View Details
    • Value Estimation
      $570,000
      6,935 SF

      219 Ludlow St

      SHOW ROOM, WAREHOUSE • 6,935 SF
      219 Ludlow St, Worcester, MA 01603-1032
      View Details
    • Value Estimation by Request
      6,000 SF

      118 Fremont St

      SHOW ROOM, WAREHOUSE • 6,000 SF
      118 Fremont St, Worcester, MA 01603-3505
      View Details

    Similar Nearby for Sale

    • $495,000

      Versatile Commercial Building in Worcester

      3,026 SF commercial building in Worcester's Main South corridor.
      9 Stafford St, Worcester, MA 01603
      View Details
    • Contact for pricing
      3,576 SF

      Fully Occupied Commercial Property

      Commercial property with high visibility and accessibility in a busy corridor.
      1 Ferdinand St, Worcester, MA 01603
      View Details
    • $1,150,000

      Updated Auto Repair Garage For Sale

      Successful auto repair business with real estate for sale.
      1369 Main St, Worcester, MA 01603
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      68,966 SF

      Worcester Retail Space Available

      Retail space available for lease in Worcester, Massachusetts.
      50 Cambridge St, Worcester, MA 01603
      View Details
    • Contact for pricing
      1,800 SF

      Retail Space Available For Rent

      Retail space available for rent, approximately 1,800 square feet.
      55 Mill St, Worcester, MA 01603
      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
    • Contact for pricing
      5,238 SF

      Worcester Retail Space For Lease

      Prime Webster Square location, 5,200 SF available.
      1125 Main St, Worcester, MA 01603
      View Details
    • $25 SF/Yr

      Retail Space on Park Avenue

      3,650 SF retail space in prime location for rent.
      644 Park Ave, Worcester, MA 01603
      View Details
    • Contact for pricing
      6,000 SF

      Worcester Commercial Land Opportunity

      2.4 Acres, Up to 6,000 SF
      49 James St, Worcester, MA 01603
      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.
    1398 Main St
    Worcester, MA 01603-1524
    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.
    Sign Up Successful!
    You now have access to more from Realmo!