Freestanding Restaurant and
000 Park Avenue Worcester, MA 01609
000 Park Avenue, Worcester, MA, 01609
$1,800,000
For Sale
$1,800,000
Turn-key restaurant and bar in a three-story mixed-use building with a private patio and an upstairs residential unit.
Property Size4,779 SF
Price / SF$376.65
Days on Market109
Property Features for 000 Park Avenue
General Information
- Standard status
- Active
- Size
- 4,779 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1955
Listing agency
Century 21 North East
Listed by
Elizabeth Cruz
(508) 287-2695
Source
Demakis
Added: Apr 5 Updated: Jul 21 at 4:21PM Checked: Jul 21 at 4:21PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 North East
Investment Insights
Based on property information with market context.
This freestanding, turn-key restaurant and bar is built out on the first floor with a 96-seat dining area and direct access to a 20-seat outdoor patio. The property also includes a private function space on the second floor for approximately 52 guests. The third floor features a three-bedroom residential unit, allowing for either owner occupancy or additional rental income.
The building sits on a high-traffic commercial corridor in Worcester and offers ample parking for customers and employees, with over 12 parking spaces available.
For tenants and buyers seeking a dedicated restaurant operation, the property is described as a single-tenant structure on an NNN lease structure, with the combined restaurant, patio, event space, and residential unit supporting flexible use within the same asset.
The building sits on a high-traffic commercial corridor in Worcester and offers ample parking for customers and employees, with over 12 parking spaces available.
For tenants and buyers seeking a dedicated restaurant operation, the property is described as a single-tenant structure on an NNN lease structure, with the combined restaurant, patio, event space, and residential unit supporting flexible use within the same asset.
Key Highlights
- Three‑story mixed‑use building with approx. 5,316 SF on approx. 0.17 acres (built in 1955).
- 1st‑floor fully equipped restaurant and bar with 96 seats plus access to a 20‑seat outdoor patio.
- 2nd‑floor private function space for approx. 52 guests for events, parties, and corporate gatherings.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $109.0k | $22.80 |
| − Vacancy | −$6.0k | −$1.25 |
| EGI | $103.0k | $21.55 |
| − OpEx | −$25.7k | −$5.39 |
| NOI | $77.2k | $16.16 |
4,779 SF · lease $22.80/SF/yr · vacancy 5.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.10M
$965.3K – $1.29M
NOI $77,226 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,659 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bars & Pubs
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Similar Off Market Nearby
- Sports Bar — Worcester, MA 01603
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- Maya Lounge — 5 Saugus Pl, Worcester, MA 01603
- Fat Chops Sports Bar — 225 Canterbury St, Worcester, MA 01603
FAQs
What type of property is this?
Bar & Pub - Turn-key restaurant and bar in a three-story mixed-use building with a private patio and an upstairs residential unit.
Where is this bar & pub located?
The property is located at 000 Park Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Three‑story mixed‑use building with approx. 5,316 SF on approx. 0.17 acres (built in 1955).; 1st‑floor fully equipped restaurant and bar with 96 seats plus access to a 20‑seat outdoor patio.; 2nd‑floor private function space for approx. 52 guests for events, parties, and corporate gatherings.
