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Property profile & analytics
OFF-MARKET
Estimated value
$2,325,000
Specialty properties
2 Ionic Ave Worcester, MA 01608-2208
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US38-0155427
Property profile
Verified
Property type
Specialty properties
Use group
CHARITABLE ORGANIZATION
Year built
1914
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
25,700 SF
Lot
0.49 ac (21,287 SF)
Zoning code
BG-3
APN
WORC M:03 B:009 L:00020
UPID
US38-0155427
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.19M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.33M
Owner & transaction history
Creative Hub Worcester Ll · 1 yrs held
Creative Hub Worcester Ll
since 2025
Last sale
$2.3M
7 recorded transactions
Zoning & alternative use
BG-3 · Worcester, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.8M
+43.7%
Neighborhood: shopping center
$3.2M
+24.2%
Office building
$3.2M
+22.7%
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
$2,325,000
ML approach
$2,190,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
$2,610,000
Current use
RETAIL STORES
$3,755,000
Change: +44% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$3,245,000
Change: +24% · Conversion: Difficult
OFFICE BUILDING
$3,205,000
Change: +23% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,085,000
Change: +18% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,825,000
Change: +8% · Conversion: Difficult
Blend value · Realmo final
$2.33M
Range $2.09M – $2.56M · ±10% · vs last sale $2.25M (May 25 2023)
Last sale anchor
$2.25M
May 25 2023
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
$90 / 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 2020Property tax & assessments
Tax year 2020
Tax billed
$26,099
Tax year 2020
Assessed value
$784,100
Assessed 2024
Previous assessed
$784,100
+0.0% YoY
Effective rate
3.33%
On assessed value
Assessed land
$212,600
Assessed improvement
$571,500
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
Specialty properties
Use group
CHARITABLE ORGANIZATION
Status
Off-Market
Year built
1914
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
BASEBOARD
Buildings
1
Stories
3
Units
20
Total area
25,700 SF
Lot
0.49 ac (21,287 SF)
Zoning code
BG-3
APN
WORC M:03 B:009 L:00020
UPID
US38-0155427
Jurisdiction
WORCESTER
Zoning & alternative use
BG-3 · Worcester, MAZoning BG-3 · permitted uses
BG-3 · Worcester, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS Current
Est. value
$2.6M
RETAIL STORES
Est. value
$3.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.2M
OFFICE BUILDING
Est. value
$3.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.1M
COMMERCIAL (GENERAL)
Est. value
$2.8M
CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS Current
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
1914
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
BASEBOARD
Stories
3
Buildings
1
Units
20
Lot
0.49 ac
Current owner
From public records · entity-resolved
Creative Hub Worcester Ll
Individual
Mailing address
2 IONIC AVE, WORCESTER, MA 01608-2208
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
20 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 20, 2025
—
Creative Hub Worcester
—
Deed
related
$3,015,612 · Life Insurance Cmnty Inv Inititative LLC
Mar 31, 2025
—
Creative Hub Worcester Ll
Creative Hub Worcester In
Quitclaim Deed
related
$1,300,000 · Worcester, City Of
May 25, 2023
$2,250,000
Creative Hub Worcester In
Arts & Bus Council Of Gre
Quit Claim Arm's Length For Ne States
$2,300,000 · Country Bank
Jun 18, 2020
—
Arts & Business Council
—
Deed
related
$250,000 · Umass Memoridal Healt
Feb 27, 2020
—
Arts & Business Council
Arts & Business Council Re
Quit Claim Deed
related
—
Dec 29, 2017
—
Arts & Business Council Re
Arts & Business Council
Quit Claim Deed
related
—
Mar 31, 2017
$990,000
Arts & Business Council
Heaney,peter
Quit Claim Deed
$1,055,000 · Community Dev Commission
Nov 12, 2015
$130,000
Peter Heaney
Whiz Kids Dev LLC
Quit Claim Deed
—
Mar 27, 2012
—
Whiz Kids Dev LLC
—
Deed Of Trust
related
$350,000 · Worcester City
Sep 7, 2011
$1
Whiz Kids Dev LLC
Rcap Solutions Fincl Svcs
Grant Deed
related
—
Jul 26, 2011
$1
Rcap Solutions Financial
Whiz Kids Dev LLC
Grant Deed
—
Feb 7, 2011
—
Whiz Kids Dev LLC
—
Deed Of Trust
related
$600,000 · Levine Group
Dec 29, 2010
$250,000
Whiz Kids Dev LLC
Whiz Kids Dev LLC
One Of Committee, Strict Foreclosure, Sheriff, Or Redemption Deeds
related
—
Mar 24, 2008
—
Ionic Development LLC
—
Deed Of Trust
related
$100,000 · John R Butler
Feb 14, 2008
—
Ionic Dev LLC
—
Deed Of Trust
related
$400,000 · Sage Advisors LLC
Oct 5, 2007
—
Ionic Dev LLC
—
Deed Of Trust
related
$345,000 · 4 Pleasant Street LLC
Sep 28, 2007
—
Ionic Dev LLC
—
Deed Of Trust
related
$65,000 · Revf 1 LLC
Jul 27, 2007
—
Ionic Dev LLC
—
Deed Of Trust
related
$196,575 · Revf1 LLC
Mar 2, 2007
$425,000
Ionic Dev LLC
Boys&girls Club Of Worc
Grant Deed
$450,000 · Revf 1 LLC
—
—
Arts & Business Council
—
Deed Of Trust
related
$250,000 · Umass Memoridal Healt
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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