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    172 Shrewsbury St Worcester, MA 01604-4636
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    Property profile & analytics

    172 Shrewsbury St Worcester, MA 01604-4636

    View on Map
    • Office buildings
    • 21,381 SF
    • 0.44 lot acres
    Off-Market
    Last Sale Oct 6, 2023
    $2,300,000
    Property ID
    US38-1135647
    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.
    Value Estimations
    $2,320,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kenny Exteriors / Roofing Company / General Contractor
    • Just Paint Studio / Training Center / (Bike/Boat/Book/etc) Store
    • The Imagery Studio / Photography Service / (Bike/Boat/Book/etc) Store
    • Park Place Realty Enterprises / Real Estate Agency
    • Worm County Motor Club / Motoring Club

    Property Details for 172 Shrewsbury St

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.44 lot acres
    Property size
    21,381 SF
    Zone code
    BG-3
    Property type
    Office buildings
    APN
    WORC M:16 B:015 L:15+19
    APU
    WORCM16B015L1519

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,380,000
      ML approach
      $2,310,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,850,000
      Market price range: $1.75M - $4.00M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,665,000
      Current use
      AUTO REPAIR, GARAGE
      $3,655,000
      Change: +37% Conversion: Difficult
      RETAIL STORES
      $3,125,000
      Change: +17% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $2,700,000
      Change: +1% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,565,000
      Change: -4% Conversion: Easy
      COMMERCIAL (GENERAL)
      $2,370,000
      Change: -11% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,145,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7867
    Latitude
    42.266
    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
    $52,291
    $309,300
    $1,431,400
    $1,740,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,975,000
      13,300 SF

      1331 Grafton St

      OFFICE BUILDING • 13,300 SF
      1331 Grafton St, Worcester, MA 01604-2703
      View Details
    • Value Estimation
      $2,050,000
      8,994 SF

      338 Plantation St

      OFFICE BUILDING • 8,994 SF
      338 Plantation St, Worcester, MA 01604-1696
      View Details
    • Value Estimation
      $895,000
      6,120 SF

      51 Providence St

      OFFICE BUILDING • 6,120 SF
      51 Providence St, Worcester, MA 01604-4258
      View Details
    • Value Estimation
      $2,735,000
      20,727 SF

      435 Shrewsbury St

      OFFICE BUILDING • 20,727 SF
      435 Shrewsbury St, Worcester, MA 01604-1689
      View Details
    • Value Estimation
      $925,000
      5,884 SF

      898 Grafton St

      OFFICE BUILDING • 5,884 SF
      898 Grafton St, Worcester, MA 01604-2054
      View Details
    • Value Estimation
      $835,000
      15,192 SF

      360 Franklin St

      OFFICE BUILDING • 15,192 SF
      360 Franklin St, Worcester, MA 01604-4916
      View Details

    Similar Nearby for Sale

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      11,940 SF

      Medical Office Building For Sale

      11,940 SF medical office building in retail corridor.
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      Commercial Land for Sale

      Approximately 0.87 acres of commercial land available for sale.
      405 Grafton St, Worcester, MA 01604
      View Details
    • $1,600,000

      Multifamily Development Opportunity on Shrewsbury

      Permitted 24-unit multifamily complex with commercial space in Worcester.
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    • $869,000

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      Multifamily and single-family units across from CVS Pharmacy.
      509 Grafton St, Worcester, MA 01604
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    • New
      $225,000
      0.20 Acres

      Worcester Land Ready to Build

      Desirable lot to build your ideal home with sewer permit.
      13 Pocasset St, Worcester, MA 01604
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    • $799,000
      4,050 SF

      Three-Family Home with Modern Upgrades

      Turn-key three-family home with modern upgrades and low-maintenance exterior.
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    Similar Nearby for Lease

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      10,825 SF

      Medical Facility Near UMass Chan

      Medical office space available near UMass Chan Medical School.
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      View Details
    • Contact for pricing

      High-Quality Office Space Available

      25,533 SF office space for sublease in Worcester, MA.
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      View Details
    • Contact for pricing

      Prime Worcester Retail/Office Opportunity

      Located on popular Shrewsbury Street with parking and easy access.
      340 Shrewsbury St, Worcester, MA 01604
      View Details
    • Contact for pricing
      9,500 SF

      Worcester Warehouse and Office Space

      21,000 SF warehouse with 3,480 SF office space.
      72 Shrewsbury St, Worcester, MA 01604
      View Details
    • Contact for pricing

      Prime Retail/Office Space Available

      Divisible retail/office space in Worcester's best location.
      490 Shrewsbury St, Worcester, MA 01604
      View Details
    • $18 SF/Yr

      Worcester Commercial Space For Lease

      Commercial space available for lease in Worcester, Massachusetts.
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      View Details
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    Worcester, MA 01604-4636
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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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