Investment Summary

• Approximately $55,500 in current annual income from in-place tenancy and billboard revenue
• Majority of building (~61%–64%) delivered in clean shell condition
• New Carlisle roofing system w/ 25 year warranty and two HVAC systems installed post-loss
• Two-building configuration separating stabilized income and value-add component
• Rear lower-level (~1,300 SF) substantially built out and suitable for occupancy
• Approximately 18–22 on-site surface parking spaces
• Additional municipal parking in close proximity
• Flexible BG-3.0 zoning with CCOD-C overlay supporting commercial, mixed-use, and residential uses
• Offered at a basis consistent with value-add assets and below stabilized pricing benchmarks

Property Overview

• The property consists of approximately 22,400 square feet across interconnected front and rear buildings and is effectively divided between a semi-stabilized rear building and a reconstruction ready front building.
• The front building (~13,700–14,300 SF) is a multi-story structure delivered in clean shell condition following remediation, allowing for efficient buildout without demolition. Capital improvements include a new roofing system and two newly installed furnaces, reducing near-term system risk.
• The rear building (~8,100–8,700 SF) remains intact and supports an in-place dance studio tenancy, providing immediate income, along with a lease-ready lower-level space of approximately 1,300 SF suitable for near-term occupancy.
• The site includes approximately 18–22 on-site surface parking spaces and benefits from additional nearby municipal parking.

Zoning

• The property is located within the BG-3.0 (General Business, 3.0 FAR) zoning district, permitting a broad range of commercial, retail, office, and mixed-use uses, including residential subject to compliance. The property is also within the Commercial Corridors Overlay District – Canal District (CCOD-C), which reduces parking requirements and supports higher-density, pedestrian-oriented development. Buyers should independently verify zoning.

Building Systems and Condition

• The front building has been remediated and cleared to clean shell condition. A new roofing system and two new furnaces have been installed. Primary electrical service is functional. HVAC and plumbing distribution will require completion depending on future use. The property includes an ADA lift, and the existing passenger elevator is presumed non-operational.

Location Summary

• The property is located in Worcester, Massachusetts, one of New England’s fastest-growing secondary markets and a regional hub for healthcare, education, and life sciences. The asset is situated within the Canal District, a highly active mixed-use neighborhood.
• Immediate proximity to Polar Park, home of the Worcester Red Sox
• Near the Fidelity Bank Worcester Ice Center (Worcester Railers practice facility)
• Surrounded by restaurants, breweries, and adaptive reuse developments
• Strong underlying Worcester market fundamentals with continued public and private investment
• Convenient access to major highways including I-290, I-90 (Mass Pike), and Route 146
• Proximity to downtown Worcester and regional transit connections