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    Property profile & analytics

    373 Plantation St Worcester, MA 01605

    • Specialty properties
    • 90,051 SF
    • 3.46 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0932731
    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

    • Biotech Two / Research Institute
    • Guertin Lab / Laboratory
    • Ruizdeluzuriag Katherine F MD / Physician

    Property Details for 373 Plantation St

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.46 lot acres
    Property size
    90,051 SF
    Zone code
    ML-.5
    Property type
    Specialty properties
    APN
    WORC M:57 B:04A L:00009
    APU
    WORCM57B04AL00009

    Description

    This exceptional 90,000-square-foot industrial building, located at 373 Plantation Street in Worcester, Massachusetts, presents a unique opportunity for research and development companies. Built in 1988, this three-story facility sits on a 3.5-acre lot and offers flexible space options, with a minimum divisible unit of 30,000 square feet and the potential to lease the entire 90,000 square feet contiguously. Currently, the entire building is vacant and available for occupancy in the fourth quarter of 2024, making it ideal for a company seeking immediate move-in. The property boasts ample parking, with 2.5 spaces per 1,000 square feet, and features robust power infrastructure including a 1500 kVA pad-mounted unit with a 1200A 3-phase service. Elevators are available for convenient access to all three floors. The property is zoned ML-0.5 (R&D w/ Manufacturing), allowing for a variety of uses. This prime location in Worcester, MA (zip code 01605) offers excellent access to transportation and amenities. The building's size and features make it particularly well-suited for a company headquarters. Contact us today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,157,000
      Market price range: $3.22M - $13.3M
      AI Estimate
      $8,594,000
      Market price range: $1.60M - $11.1M

    • Alternative Use

      Use
      Estimation
      CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
      $9,155,000
      Current use
      AUTO REPAIR, GARAGE
      $15,390,000
      Change: +68% Conversion: Difficult
      RETAIL STORES
      $13,155,000
      Change: +44% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $11,465,000
      Change: +25% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $11,365,000
      Change: +24% Conversion: Difficult
      OFFICE BUILDING
      $11,230,000
      Change: +23% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $10,805,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7654
    Latitude
    42.2794
    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
    $3,455,700
    $14,276,200
    $17,731,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,750,000
      25,280 SF

      25 Sagamore Rd

      CHARITABLE ORGANIZATION • 25,280 SF
      25 Sagamore Rd, Worcester, MA 01605-3914
      View Details
    • Value Estimation
      $3,960,000
      195,432 SF

      137 Belmont St

      CHARITABLE ORGANIZATION • 195,432 SF
      137 Belmont St, Worcester, MA 01605-2903
      View Details
    • Value Estimation
      $1,725,000
      65,410 SF

      51 Gage St

      CHARITABLE ORGANIZATION • 65,410 SF
      51 Gage St, Worcester, MA 01605-3014
      View Details
    • Value Estimation
      $5,810,000
      29,550 SF

      605 Lincoln St

      CHARITABLE ORGANIZATION • 29,550 SF
      605 Lincoln St, Worcester, MA 01605-1901
      View Details
    • Value Estimation by Request
      1,224 SF

      200 Lincoln St Ste, Unit 5

      CHARITABLE ORGANIZATION • 1,224 SF
      200 Lincoln St Ste, Worcester, MA 01605-2528
      View Details
    • Value Estimation
      $1,085,000
      8,293 SF

      367 Plantation St

      CHARITABLE ORGANIZATION • 8,293 SF
      367 Plantation St, Worcester, MA 01605-2323
      View Details

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      Industrial Unit with Highway Access

      5,000 SF industrial unit with convenient highway access.
      240 Barber Ave, Worcester, MA 01605
      View Details
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    Worcester, MA 01605
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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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