Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    623 Chandler St Worcester, MA 01602-1776

    • Retail space
    • 3,896 SF
    • 0.41 lot acres
    OFF-MARKET
    Last Sale
    Apr 05, 2024
    $750,000
    Value Estimations
    $745,000
    Show details
    Cap Rate Potential
    7.1%
    Retail space
    Location Intelligence
    Property ID
    US38-1722465
    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

    • JJM Insurance / Notary Public / Insurance Agency
    • Rojcewicz Jr Walter A / Attorney
    • Steve Brady Law LLC / Attorney / Criminal Justice Attorney
    • The Knowledge Quest Massachusetts / Tutoring Service
    • Verrell carpet Installers / Carpet Installer

    Property Details for 623 Chandler St

    Year built
    1990
    Construction
    FRAME
    Lot size
    0.41 lot acres
    Property size
    3,896 SF
    Zone code
    BL-1
    Property type
    Retail space
    APN
    WORC M:30 B:002 L:10+7A
    APU
    WORCM30B002L107A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $750,000
      ML approach
      $750,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $890,000
      6.5%
      $825,000
      7%
      $765,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $575,000
      Market price range: $314k - $896k

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8519
    Latitude
    42.2762
    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
    $13,719
    $273,400
    $183,300
    $456,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $315,000
      1,641 SF

      363 Chandler St

      RETAIL STORES (PERSONAL SERVICES) • 1,641 SF
      363 Chandler St, Worcester, MA 01602-3325
      View Details
    • Value Estimation
      $275,000
      1,141 SF

      376 Chandler St

      RETAIL STORES (PERSONAL SERVICES) • 1,141 SF
      376 Chandler St, Worcester, MA 01602-3334
      View Details
    • Value Estimation
      $475,000
      5,064 SF

      254 Ml St

      RETAIL STORES (PERSONAL SERVICES) • 5,064 SF
      254 Ml St, Worcester, MA 01602-3111
      View Details
    • Value Estimation
      $325,000
      3,705 SF

      1130 Pleasant St

      RETAIL STORES (PERSONAL SERVICES) • 3,705 SF
      1130 Pleasant St, Worcester, MA 01602-1618
      View Details
    • Value Estimation
      $330,000
      3,708 SF

      4 Richmond Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,708 SF
      4 Richmond Ave, Worcester, MA 01602-1537
      View Details
    • Value Estimation
      $330,000
      2,941 SF

      347 Chandler St

      RETAIL STORES (PERSONAL SERVICES) • 2,941 SF
      347 Chandler St, Worcester, MA 01602-3441
      View Details

    Similar Nearby for Sale

    • $2,500,000

      Oversized Commercial Garage For Sale

      Commercial garage with redevelopment potential for business owners and investors.
      22 Richmond Ave, Worcester, MA 01602
      View Details
    • $1,600,000

      Freestanding Restaurant NNN Investment Opportunity

      Turnkey restaurant, fully leased, strong traffic, stable returns.
      414 Chandler St, Worcester, MA 01602
      View Details
    • $219,000

      Worcester County Floor Refinishing Franchise

      Established Franchise, High Growth Potential
      0 Fl Refinishing Franchise, Worcester, MA 01602
      View Details
    • $799,900

      Turnkey Multifamily in Worcester's West Side

      Updated 3-family property near Worcester State University.
      2 Carlisle St, Worcester, MA 01602
      View Details
    • $620,000

      Spacious West Side Two-Family Home

      Two spacious units with potential for expansion and increased rental income.
      6 Newton Ave, Worcester, MA 01602
      View Details
    • $874,900

      Charming Triplex in Tatnuck Neighborhood

      Meticulously maintained 3-family home with ADU potential.
      12-14 Copperfield Rd, Worcester, MA 01602
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      800 SF

      Retail Space in Tatnuck Square

      Retail space for lease in well-maintained building with parking.
      1096-1102 Pleasant St, Worcester, MA 01602
      View Details
    • $2,600 /Mo
      1,285 SF

      Renovated Retail Space on Chandler

      Recently renovated retail/office space in a high-traffic location.
      376 Chandler St, Worcester, MA 01602
      View Details
    • $5,500 /Mo

      Restaurant Space in Tatnuck Neighborhood

      Turn-key restaurant opportunity in Worcester's Tatnuck neighborhood.
      643 Chandler St, Worcester, MA 01602
      View Details
    • $1,250 /Mo
      150 SF

      Worcester Office Space For Lease

      Office spaces available in well-maintained Worcester building with parking.
      100 June St, Worcester, MA 01602
      View Details
    • Contact for pricing
      10,000 SF

      Versatile Building Near Worcester Airport

      10,000 SF building suitable for office, medical, or industrial use.
      170 Goddard Memorial Dr, Worcester, MA 01602
      View Details
    • $500 /Mo

      Garage or Workshop for Rent

      Private garage/workshop for storage; no auto repair or maintenance.
      27 Dawson Rd, Worcester, MA 01602
      View Details

    Property Visit Statistics

    • Visits by month
      30.8k
    • Visitors by month
      13.6k
    • Avg Time on site
      6 min
    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.
    623 Chandler St
    Worcester, MA 01602-1776
    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.