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Property profile & analytics
OFF-MARKET
Estimated value
$1,665,000
Office buildings
242 Ml St Worcester, MA 01602-3111
Individually Owned
19-yr Hold
Free & Clear
Property ID
US38-1089645
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
12,155 SF
Lot
0.94 ac (41,087 SF)
Zoning code
BL-1
APN
WORC M:51 B:016 L:00001
UPID
US38-1089645
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
Current use
Occupant on record · Public records
-
Ibew Local 96 Advocacy Group
-
Walmart way Shopping Center & Mall
-
Gigueres Dance Training Center
-
Dance Progressions Training Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$1.67M
Owner & transaction history
Local 96 Ibew Building · 19 yrs held
Local 96 Ibew Building
since 2006
3 recorded transactions
Zoning & alternative use
BL-1 · Worcester, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.5M
+66.8%
Auto repair, garage
$2.1M
+37.1%
Retail stores
$1.8M
+17.2%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,515,000
Current use
RESTAURANT
$2,530,000
Change: +67% · Conversion: Moderate
AUTO REPAIR, GARAGE
$2,080,000
Change: +37% · Conversion: Difficult
RETAIL STORES
$1,775,000
Change: +17% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$1,535,000
Change: +1% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,460,000
Change: -4% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,335,000
Change: -12% · Conversion: Easy
WAREHOUSE, STORAGE
$1,220,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$1.67M
Range $1.50M – $1.83M · ±10%
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
$137 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$41,095
Tax year 2024
Assessed value
$1,368,000
Assessed 2024
Previous assessed
$1,308,400
+4.6% YoY
Effective rate
3.00%
On assessed value
Assessed land
$608,600
Assessed improvement
$759,400
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Buildings
1
Stories
1
Units
3
Total area
12,155 SF
Lot
0.94 ac (41,087 SF)
Zoning code
BL-1
APN
WORC M:51 B:016 L:00001
UPID
US38-1089645
Jurisdiction
WORCESTER
Zoning & alternative use
BL-1 · Worcester, MA
Zoning BL-1 · permitted uses
BL-1 · Worcester, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Worcester. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.5M
RESTAURANT
Est. value
$2.5M
AUTO REPAIR, GARAGE
Est. value
$2.1M
RETAIL STORES
Est. value
$1.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.3M
WAREHOUSE, STORAGE
Est. value
$1.2M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
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
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
SPACE
Stories
1
Buildings
1
Units
3
Lot
0.94 ac
Current owner
From public records · entity-resolved
Local 96 Ibew Building
Individual
Free & Clear · 19 yrs held
Mailing address
242 ML ST, WORCESTER, MA 01602-3111
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 21, 2010
—
Local 96 I Bew Buil Corp
—
Deed Of Trust
related
$500,000 · Sovereign Bank
Nov 30, 2006
$950,000
Local 96 Ibew Building
Mrj Realty LLC
Grant Deed
—
Jun 6, 2001
$425,000
Mrj Rlty LLC
Nonantum Rlty Corp
Grant Deed
$340,000 · Bay State Savings Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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