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89 Green St, Worcester, MA 01604
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Property summary
AI-generated overview
This exceptional 2,000-square-foot retail space is located at 89 Green Street in Worcester, Massachusetts, within the highly anticipated Cove Development. Situated in the bustling Canal District, this property offers unparalleled visibility with 75 feet of impressive window frontage on a street known for its high pedestrian traffic. The space is part of a mixed-use development encompassing 173 market-rate apartments, a 16,000-square-foot Flatbread Pizza/Bowling Alley, and a rooftop bar, creating a dynamic and vibrant environment. The entire Cove Development totals 113,926 square feet and sits on a 1.01-acre lot, providing ample space and opportunity. The building features 99 total parking spaces for convenient customer access. This single-suite retail space is currently vacant and ready for immediate occupancy. The property is classified as Commercial, Special Purpose, and School, offering flexibility for a variety of uses. Anticipated completion and pre-leasing are slated for the second quarter of 2024. This location offers stunning views of Polar Park, further enhancing its appeal and attracting a diverse customer base. The property's prime location and the surrounding development's amenities make this an exceptional opportunity for a business seeking high visibility and a thriving community. The address is 89 Green Street, Worcester, MA 01604, in Worcester County.
Property profile
Verified
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Year built
1910
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
12,740 SF
Lot
0.08 ac (3,543 SF)
Zoning code
MG-2
APN
WORC M:05 B:004 L:00002
UPID
US38-2450933
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.03M
Blend (final)
Blend
$1.08M
Owner & transaction history
since 2020
Last sale
$1
7 recorded transactions
Zoning & alternative use
MG-2 · Worcester, MA
Top alternative use upside
Neighborhood: shopping center
$1.6M
+13.9%
Office building
$1.6M
+12.5%
Apartment house (5+ units)
$1.5M
+8.3%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 13 comparables with addresses
5 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
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Summary
1
Valuation conclusion
Included free
Estimated market value
$1.08M
Value range
$968k – $1.18M
±10% around blend
Estimated value / SF
$84 / SF
Confidence
High
13 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
100
Income certainty
100
$968k
blend $1.08M
$1.18M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
12,740 SF
Lot area
0.08 ac
Year built
1910
Stories
4
APN
WORC M:05 B:004 L:00002
Zoning
MG-2
Assessed value
$201,000
Annual tax
$6,038
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$6,038
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$3.73M
Weighted, 13 comps · high confidence
Evidence
13 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
12.1 mi away · 13,376 SF
12.2 mi away · 16,320 SF
14.1 mi away · 10,756 SF
14.9 mi away · 12,388 SF
14.9 mi away · 9,343 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.08M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 52 sales
$111
-24%
Submarket 212 sales
$110
-23%
County 740 sales
$110
-23%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $84/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Neighborhood: Shopping Center
Gross theoretical uplift
+14%
vs current-use indication
Office Building
Apartment House (5+ Units)
Commercial (general) · current use
Warehouse, Storage
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 13 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$393k
Move the market yield to see immediate price impact.
Value / SF
$31
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$25k
$495k
$353k
$275k
$27k
$550k
$393k
$305k
$30k
$605k
$432k
$336k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
13 found
High confidence · county-verified
Closest comparable
$3.90M
1.0 mi · Apr 2026 · $327/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$6,038
Tax year 2024
Assessed value
$201,000
Assessed 2024
Previous assessed
$174,800
+15.0% YoY
Effective rate
3.00%
On assessed value
Assessed land
$201,000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial land
Use group
VACANT COMMERCIAL LAND
Status
For Lease
Year built
1910
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
STEAM
Stories
4
Total area
12,740 SF
Lot
0.08 ac (3,543 SF)
Zoning code
MG-2
APN
WORC M:05 B:004 L:00002
UPID
US38-2450933
Jurisdiction
WORCESTER
Zoning & alternative use
MG-2 · Worcester, MAZoning MG-2 · permitted uses
MG-2 · Worcester, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1910
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
STEAM
Stories
4
Lot
0.08 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
MG-2
Jurisdiction
Worcester, MA
Recorded code
MG-2
Ownership Intelligence
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Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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