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    Property profile & analytics

    589 Park Ave, Unit D Worcester, MA 01603

    • Retail space
    • 10,840 SF
    • 0.57 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Sep 28, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1373924
    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

    • Tumbao Latin Dance / Training Center
    • Rand Market / Grocery & Convenience Store / Food Market
    • Flamenco Worcester / Training Center
    • Timeless Treasures / Discount Store
    • Quest Archery LLC / Sports Field & Court

    Property Details for 589 Park Ave

    Year built
    1945
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.57 lot acres
    Property size
    10,840 SF
    Zone code
    BG-2
    Property type
    Retail space
    APN
    WORC M:08 B:016 L:00013
    APU
    WORCM08B016L00013

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,289,000
      Market price range: $873k - $2.49M
      AI Estimate
      $877,000
      Market price range: $494k - $1.49M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,585,000
      Current use
      AUTO REPAIR, GARAGE
      $1,855,000
      Change: +17% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,370,000
      Change: -14% Conversion: Moderate
      OFFICE BUILDING
      $1,350,000
      Change: -15% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,300,000
      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
    -71.8318
    Latitude
    42.2488
    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
    $28,078
    $367,600
    $567,100
    $934,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $730,000
      13,582 SF

      23 Curtis St

      RETAIL STORES (PERSONAL SERVICES) • 13,582 SF
      23 Curtis St, Worcester, MA 01603-1921
      View Details
    • Value Estimation by Request
      6,176 SF

      127 Cambridge St

      RETAIL STORES (PERSONAL SERVICES) • 6,176 SF
      127 Cambridge St, Worcester, MA 01603-2258
      View Details
    • Value Estimation by Request
      3,809 SF

      100 Canterbury St

      RETAIL STORES (PERSONAL SERVICES) • 3,809 SF
      100 Canterbury St, Worcester, MA 01603-3251
      View Details
    • Value Estimation
      $745,000
      6,475 SF

      1405 Main St

      RETAIL STORES (PERSONAL SERVICES) • 6,475 SF
      1405 Main St, Worcester, MA 01603-0009
      View Details
    • Value Estimation
      $625,000
      9,947 SF

      1051 Main St

      RETAIL STORES (PERSONAL SERVICES) • 9,947 SF
      1051 Main St, Worcester, MA 01603-2421
      View Details
    • Value Estimation by Request
      1,464 SF

      561 Park Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,464 SF
      561 Park Ave, Worcester, MA 01603-2536
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,200 SF

      Worcester Retail/Flex Building For Sale

      10,200 SF retail/flex building on 0.76 acres in Worcester.
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      3,576 SF

      Fully Occupied Commercial Property

      Commercial property with high visibility and accessibility in a busy corridor.
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      High-visibility restaurant property in Worcester's Webster Square neighborhood.
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      Updated Auto Repair Garage For Sale

      Successful auto repair business with real estate for sale.
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    • $495,000
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      Classic Brick Mill Building

      Two-story brick mill building suitable for retail, office, or industrial.
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    Similar Nearby for Lease

    • $15 SF/Yr
      24,829 SF

      Versatile Retail and Office Space

      Spacious retail unit with office and warehouse potential in Worcester.
      589 Park Ave, Worcester, MA 01603
      View Details
    • Contact for pricing
      68,966 SF

      Worcester Retail Space Available

      Retail space available for lease in Worcester, Massachusetts.
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      View Details
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      5,238 SF

      Worcester Retail Space For Lease

      Prime Webster Square location, 5,200 SF available.
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      View Details
    • Contact for pricing
      5,700 SF

      Worcester Retail Pad Site Opportunity

      Prime 2.24-acre lot, build-to-suit options.
      29 James St, Worcester, MA 01603
      View Details
    • $17 SF/Yr
      3,650 SF

      Park Ave Office Space - To Be Built

      New 3,650 sq ft Office, Prime Park Ave Location
      644 Park Ave, Worcester, MA 01603
      View Details
    • Contact for pricing
      6,000 SF

      Worcester Commercial Land Opportunity

      2.4 Acres, Up to 6,000 SF
      49 James St, Worcester, MA 01603
      View Details
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    Worcester, MA 01603
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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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