Freestanding Restaurant and
For Sale
$1,800,000
000 Park Avenue, Worcester, MA 01609
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 Market127
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: May 2
Changed: Sep 4
Last Checked: Sep 4 at 10:44AM
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.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,226
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,544,520
$1.5M
Cap Rate 7%
$1,103,229
$1.1M
Cap Rate 9%
$858,067
$858.1K
Market Conditions
NOI Build-Up for 4,779 SF
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.
Gross rent
$109.0K $22.80/SF
− Vacancy
−$6.0K −$1.25/SF
EGI
$103.0K $21.55/SF
− OpEx
−$25.7K −$5.39/SF
NOI
$77.2K $16.16/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,544,520
Cap Rate 7%
$1,103,229
Cap Rate 9%
$858,067
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 authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
210k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 37%
Groceries 9%
Home Improvements & Furnishings 6%
McDonald's
Dining
33,435 visits/mo
0.3 miles
Price Chopper Supermarkets
Groceries
18,977 visits/mo
0.3 miles
Wendy's
Dining
16,455 visits/mo
0.5 miles
Burger King
Dining
15,444 visits/mo
0.3 miles
Dollar Tree
Shops & Services
13,487 visits/mo
0.1 miles
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Anh Thu II — 91 Stafford St, Worcester, MA 01603
- Maya Lounge — 5 Saugus Pl, Worcester, MA 01603
- Sports Bar — Worcester, MA 01603
- Fat Chops Sports Bar — 225 Canterbury St, Worcester, MA 01603
- Webster Square Package Store — 1014 Main St, Worcester, MA 01603
Frequently Asked Questions
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.
