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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23 Institute Rd Worcester, MA 01609-2713

    • Investment properties
    • 4,391 SF
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0414274
    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

    • Spillane & Spillane LLP / Law Firm

    Property Details for 23 Institute Rd

    Year built
    1890
    Construction
    FRAME
    Lot size
    0.19 lot acres
    Property size
    4,391 SF
    Zone code
    RG-5
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    WORC M:02 B:043 L:00074
    APU
    WORCM02B043L00074

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $583,000
      Market price range: $357k - $740k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $535,000
      Current use
      AUTO REPAIR, GARAGE
      $750,000
      Change: +41% Conversion: Difficult
      RETAIL STORES
      $640,000
      Change: +20% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $555,000
      Change: +4% Conversion: Difficult
      OFFICE BUILDING
      $550,000
      Change: +3% Conversion: Easy
      WAREHOUSE, STORAGE
      $440,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8034
    Latitude
    42.2722
    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
    $0.00
    $172,700
    $304,500
    $477,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.32 Acres

      266 Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 0.32 Acres
      266 Park Ave, Worcester, MA 01609-1927
      View Details
    • Value Estimation
      $1,320,000
      13,636 SF

      270 Pleasant St

      OFFICE/RESIDENTIAL (MIXED USE) • 13,636 SF
      270 Pleasant St, Worcester, MA 01609-2022
      View Details
    • Value Estimation
      $765,000
      8,062 SF

      21 Institute Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 8,062 SF
      21 Institute Rd, Worcester, MA 01609-2799
      View Details
    • Value Estimation
      $1,600,000
      0.30 Acres

      244 Pleasant St

      OFFICE/RESIDENTIAL (MIXED USE) • 0.30 Acres
      244 Pleasant St, Worcester, MA 01609-4000
      View Details
    • Value Estimation by Request
      0.19 Acres

      18 Winslow St

      OFFICE/RESIDENTIAL (MIXED USE) • 0.19 Acres
      18 Winslow St, Worcester, MA 01609-2387
      View Details
    • Value Estimation
      $2,840,000
      0.41 Acres

      37 Fruit St

      OFFICE/RESIDENTIAL (MIXED USE) • 0.41 Acres
      37 Fruit St, Worcester, MA 01609-2184
      View Details

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    Similar Nearby for Lease

    • $2,999 /Mo

      Pleasant Street Retail/Office Space

      Highly visible, flexible retail/office space in Worcester corridor.
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      View Details
    • $800 /Mo
      5,001 SF

      Downtown Worcester Office Space

      Customizable office space in downtown Worcester with ample parking.
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      View Details
    • Contact for pricing
      7,019 SF

      Worcester Warehouse: 7,019 SF

      Spacious Worcester warehouse, ideal for retail/industrial use.
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      View Details
    • Contact for pricing
      2,106 SF

      Worcester Office Space For Rent

      Attractive office space near courthouse, convenient location off I-290.
      10-12 Harvard St, Worcester, MA 01609
      View Details
    • $17 SF/Yr
      26,117 SF

      Worcester Office Space Available

      Modern office suites, coworking spaces.
      43 Harvard St, Worcester, MA 01609
      View Details
    • $750 /Mo

      Professional Shared Office Facility

      Shared office facility with included amenities and flexible lease terms.
      255 Park Ave, Worcester, MA 01609
      View Details
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    23 Institute Rd
    Worcester, MA 01609-2713
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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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