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    Property profile & analytics

    1673 Main St Leicester, MA 01524-1941

    • Turn key restaurants
    • 1,260 SF
    • 0.73 lot acres
    OFF-MARKET
    Last Sale
    Jan 23, 2023
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0793791
    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

    • Las Cocinas Mexicanas / Mexican Restaurant
    • Las Cocinas y Taqueria Mexicana / Mexican Restaurant / Taco Restaurant

    Property Details for 1673 Main St

    Year built
    1964
    Construction
    FRAME
    Lot size
    0.73 lot acres
    Property size
    1,260 SF
    Zone code
    HB1
    Property type
    Turn key restaurants
    APN
    LEIC M:18A B:00000A1 L:0
    APU
    LEICM18AB00000A1L0

    Description

    This exceptional 41.65-acre industrial land parcel, located at 1673, 1675, 1734 and 1737 Main Street in Leicester, Massachusetts (zip code 01524), presents a significant development opportunity. Situated directly on Route 9, this property boasts convenient access to major roadways including I-90, I-290, I-395, and Route 20, providing excellent connectivity to Worcester, Springfield, Boston, Hartford, CT, and Providence, RI. Currently zoned Highway Business Industrial 1 (HB1), the site allows for a wide range of uses, including warehouse/logistics, manufacturing, retail, and self-storage. The property includes a small restaurant under a short-term lease and a drive-in movie theater operated by the seller. Preliminary plans have been developed for a two-building industrial development totaling 431,000 square feet. Leicester offers a favorable business climate and a supportive environment for companies, with a strong manufacturing and industrial base and a skilled workforce. The proximity to Worcester Airport (12 minutes away) provides access to air freight/logistics. This expansive site is being offered free and clear of debt at an asking price of $6,500,000. The property's generous size and flexible zoning make it an ideal investment in a supply-constrained market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $230,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $344,000
      Market price range: $129k - $370k
      AI Estimate
      $222,000
      Market price range: $86.7k - $229k

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

    Location Insight

    • Map
    • Local Demand
    City
    Leicester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.9423
    Latitude
    42.2499
    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
    $4,184
    $161,300
    $172,100
    $333,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $300,000
      1,836 SF

      1081 Main St

      RESTAURANT • 1,836 SF
      1081 Main St, Leicester, MA 01524-1348
      View Details
    • Value Estimation
      $290,000
      2,552 SF

      1535 Main St

      RESTAURANT • 2,552 SF
      1535 Main St, Leicester, MA 01524
      View Details
    • Value Estimation
      $260,000
      780 SF

      240 Paxton St

      RESTAURANT • 780 SF
      240 Paxton St, Leicester, MA 01524
      View Details
    • Value Estimation
      $305,000
      8,748 SF

      861 Main St

      RESTAURANT • 8,748 SF
      861 Main St, Leicester, MA 01524-1307
      View Details
    • Value Estimation by Request
      8,448 SF

      1230 Main St

      RESTAURANT • 8,448 SF
      1230 Main St, Leicester, MA 01524-1351
      View Details
    • Value Estimation
      $310,000
      2,640 SF

      121 Main St

      FINANCIAL BUILDING • 2,640 SF
      121 Main St, Leicester, MA 01524-1403
      View Details

    Similar Nearby for Sale

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      View Details
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      Leicester Ranch Home with Solar

      Well-maintained Leicester ranch with accessory apartment and solar panels.
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    • $4,000,000
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      Route 9 Leicester Commercial Land

      24.9-acre commercial/industrial land, prime location.
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    • $500,000

      Spacious Leicester Property with Redevelopment Potential

      Large property near Worcester, ideal for multifamily or single-family use.
      997 Main St, Leicester, MA 01524
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    • $1,550,000
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      Leicester Land Parcel on Route 9

      31.160 acres fully permitted for 34 duplexes.
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    • $375,000

      Leicester Land Parcel For Sale

      8.28-acre parcel zoned RIB and RA in Leicester, MA.
      505 Pleasant St, Leicester, MA 01524
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      60,000 SF

      New Mixed-Use Development Retail Space

      Retail space available in a new mixed-use development.
      1430 Main St, Leicester, MA 01524
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space in Mixed-Use Development

      Retail and restaurant spaces available in Leicester, Massachusetts.
      1434 Main St, Leicester, MA 01524
      View Details
    • Contact for pricing
      1,300 SF

      Leicester Retail Space - Main Street

      Prime 1,300 SF Retail Space, Waterfront Access
      1230 Main St, Leicester, MA 01524
      View Details
    • Contact for pricing
      2,100 SF

      Retail Space Near Walmart

      Retail space for rent, located across from Walmart.
      1603 Main St, Leicester, MA 01524
      View Details
    • Contact for pricing
      267,000 SF

      Leicester Warehouse Space Available

      267,000 sq ft warehouse/distribution space in Leicester, MA.
      90 Huntoon Memorial Hwy, Leicester, MA 01524
      View Details
    • Contact for pricing
      1 SF

      Leicester Land for Lease

      1.13 AC land for lease on Route 9/Main Street.
      Main St, Leicester, MA 01524
      View Details
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    Leicester, MA 01524-1941
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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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