Sign Up Successful!
You now have access to more from Realmo!
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

    300 Grove St Worcester, MA 01605

    • Hospitals
    • 19,376 SF
    • 1.39 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Last Sale
    Jul 29, 2022
    $9,500,000
    Value Estimations
    $7,935,000
    Cap Rate Potential
    4.2%
    Hospitals
    Location Intelligence
    Property ID
    US38-1248973
    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

    • Worcester Dental Arts / Dental Clinic / Dental Implants Periodontist
    • Worcester Surgical Center / Surgical Center
    • Narayan Vikram P MD / Anesthesiologist
    • APURVA ASHOK SHAH / Obstetrician-Gynecologist
    • Michael A Geffin / Urologist

    Property Details for 300 Grove St

    Year built
    1955
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.39 lot acres
    Property size
    19,376 SF
    Zone code
    MG-.5
    Property type
    Hospitals
    APN
    WORC M:13 B:032 L:10+11
    APU
    WORCM13B032L1011

    Description

    This exceptional 1,700 square foot medical office space is located at 300 Grove Street in Worcester, Massachusetts, 01605. The building, a Class C property totaling 20,076 square feet, underwent a complete renovation in 2023. The space is part of a single-tenant building and offers a prime location directly across from the new Trolley Yard retail development, ensuring high visibility and accessibility. The building itself is a well-established medical office building, previously home to the Worcester Surgical Center. This location provides easy access to a variety of amenities, including restaurants, banks, and retail shops along Gold Star Boulevard, all within walking distance. Furthermore, its strategic position offers unparalleled highway access to I-190, I-290, I-495, and I-90 (Mass Pike), making commuting for both staff and clients exceptionally convenient. Built in 1955, this property offers a blend of history and modern updates, providing a fresh and professional environment for medical practices. The available space is ideal for medical professionals seeking a well-situated and recently renovated office in Worcester County. This is a single-tenant occupancy opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,780,000
      ML approach
      $7,915,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,405,000
      6.5%
      $4,990,000
      7%
      $4,635,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8063
    Latitude
    42.2835
    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
    $200,649
    $2,115,900
    $4,563,500
    $6,679,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,980,000
      40,022 SF

      25 Oriol Dr

      HOMES (RETIRED, NURSING) • 40,022 SF
      25 Oriol Dr, Worcester, MA 01605-1911
      View Details
    • Value Estimation by Request

      287 Floors

      Office space
      287 Floors, Worcester, MA 01605
      View Details
    • Value Estimation by Request
      4,498 SF

      24 Chester St

      HOMES (RETIRED, NURSING) • 4,498 SF
      24 Chester St, Worcester, MA 01605-3121
      View Details
    • Value Estimation by Request
      52,385 SF

      300 Main St

      Coworking space • 52,385 SF
      300 Main St, Worcester, MA 01605
      View Details
    • Value Estimation by Request
      2.82 Acres

      99 Cres St

      INDUSTRIAL (GENERAL) • 2.82 Acres
      99 Cres St, Worcester, MA 01605-2406
      View Details
    • Value Estimation by Request
      4.13 Acres

      130 Prescott St

      INDUSTRIAL (GENERAL) • 4.13 Acres
      130 Prescott St, Worcester, MA 01605-1710
      View Details

    Similar Nearby for Sale

    • $4,153,016
      11,382 SF

      451 Lincoln St

      Individual retail properties • 11,382 SF
      451 Lincoln St, Worcester, MA 01605
      View Details
    • $749,900

      Large Multifamily Property Near Hospital

      Three-family property with updates, convenient location, and parking.
      24 Catharine St, Worcester, MA 01605
      View Details
    • $849,900

      Spacious Three-Family Home with Updates

      Impressive three-family home with modern updates and desirable amenities.
      12 Windsor St, Worcester, MA 01605
      View Details
    • $1,000,000

      Prime Parking Lot Opportunity

      13,721 SF parking lot in the heart of Worcester.
      107 E Central St, Worcester, MA 01605
      View Details
    • $549,000

      Well-Maintained Worcester Triplex For Sale

      Meticulously maintained Worcester triplex with city views and tenant history.
      35 Shelby St, Worcester, MA 01605
      View Details
    • $485,000

      Worcester Three-Family Investment Opportunity

      Well-located Worcester three-family with development potential near city center.
      35 Stanton St, Worcester, MA 01605
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      6,249 SF

      Worcester Office Space Available

      Flexible workspace solutions in prime location.
      287 Floors, Worcester, MA 01605
      View Details
    • $16 SF/Yr
      20,076 SF

      Worcester Medical Office Space

      Prime location, renovated space available.
      300 Grove St, Worcester, MA 01605
      View Details
    • $22 SF/Yr
      20,530 SF

      Worcester Medical Office Building

      Prime Medical Office Space Available
      116 Belmont St, Worcester, MA 01605
      View Details
    • Contact for pricing
      30,000 SF

      Lab and Office Space Available

      Located near UMass Chan Medical School, ideal for science-related businesses.
      373 Plantation St, Worcester, MA 01605
      View Details
    • $21 SF/Yr
      72,000 SF

      Refurbished Office Property in Worcester

      72,000 square foot office property in a prime location.
      108 Grove Street Ter, Worcester, MA 01605
      View Details
    • $28 SF/Yr
      2,750 SF

      Professional Office Suites for Sublease

      Two office suites available for sublease in Worcester, MA.
      385 Grove 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.
    300 Grove 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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.