Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    278 Grv St Worcester, MA 01605

    • Commercial land
    • 19,937 SF
    • 1.41 lot acres
    OFF-MARKET
    Last Sale
    Dec 28, 2022
    $2,000,000
    Value Estimations
    $1,805,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1517863
    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

    • Commercial land

    Property Details for 278 Grv St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.41 lot acres
    Property size
    19,937 SF
    Zone code
    MG-2
    Property type
    Commercial land
    APN
    WORC M:09 B:026 L:0000C
    APU
    WORCM09B026L0000C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,640,000
      ML approach
      $1,690,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,699,000
      Market price range: $1.70M - $3.28M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,540,000
      Current use
      RETAIL STORES
      $2,910,000
      Change: +15% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,515,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $2,485,000
      Change: -2% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $2,390,000
      Change: -6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8055
    Latitude
    42.282
    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
    $21,034
    $700,200
    $0.00
    $700,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $840,000
      0.28 Acres

      604 Lincoln St

      VACANT COMMERCIAL LAND • 0.28 Acres
      604 Lincoln St, Worcester, MA 01605-1902
      View Details
    • Value Estimation by Request
      0.09 Acres

      17 Topsfield Rd

      VACANT COMMERCIAL LAND • 0.09 Acres
      17 Topsfield Rd, Worcester, MA 01605-1221
      View Details
    • Value Estimation by Request
      0.18 Acres

      99 Prescott St

      VACANT COMMERCIAL LAND • 0.18 Acres
      99 Prescott St, Worcester, MA 01605-1702
      View Details
    • Value Estimation by Request
      0.07 Acres

      100 Belmont St

      VACANT COMMERCIAL LAND • 0.07 Acres
      100 Belmont St, Worcester, MA 01605
      View Details
    • Value Estimation by Request
      1.93 Acres

      32 Prescott St

      VACANT COMMERCIAL LAND • 1.93 Acres
      32 Prescott St, Worcester, MA 01605-2613
      View Details
    • Value Estimation by Request
      0.13 Acres

      39 Gdn St

      VACANT COMMERCIAL LAND • 0.13 Acres
      39 Gdn St, Worcester, MA 01605-2635
      View Details

    Similar Nearby for Sale

    • $4,153,016
      11,382 SF

      451 Lincoln St

      Retail space • 11,382 SF
      451 Lincoln St, Worcester, MA 01605
      View Details
    • $1,049,000
      4,870 SF

      Renovated Three-Family in Worcester

      Fully renovated three-family property with modern amenities and convenient location.
      139 Lincoln St, Worcester, MA 01605
      View Details
    • $2,000,000
      6,852 SF

      Nine-Unit Multifamily Property

      Three buildings with nine units, renovated in 2023.
      31 North St, Worcester, MA 01605
      View Details
    • $100,000

      Worcester Public Market Business Opportunity

      Business opportunity in Worcester Public Market with high foot traffic.
      160 Green St, Worcester, MA 01605
      View Details
    • Contact for pricing
      11,584 SF

      Highly Visible Retail Space

      Retail space with high visibility and strong traffic counts.
      173 Grove St, Worcester, MA 01605
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      MA, Worcester - Grove St

      Discover many ways to work your way in MA, Worcester - Grove St
      287 Floors, Worcester, MA 01605
      View Details
    • Contact for pricing
      28,568 SF

      Industrial Unit with Highway Access

      5,000 SF industrial unit with convenient highway access.
      240 Barber Ave, Worcester, MA 01605
      View Details
    • Contact for pricing
      1,224 SF

      Worcester Office/Medical Suites for Lease

      Office and medical suites available for lease in Worcester, MA.
      200 Lincoln St, Worcester, MA 01605
      View Details
    • Contact for pricing

      Industrial Unit with Highway Access

      5,000 SF industrial unit with convenient highway access.
      240 Barber Ave, Worcester, MA 01605
      View Details
    • Contact for pricing
      11,835 SF

      Renovated Flex Space Near I-290

      Multi-use building with customizable suites near I-290 and WPI.
      95-99 Prescott St, Worcester, MA 01605
      View Details
    • $22 SF/Yr

      Medical Office Space on Route 9

      Medical office spaces for lease near UMass Memorial Medical Center.
      116 Belmont St, Worcester, MA 01605
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    278 Grv St
    Worcester, MA 01605
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!