Three-Unit Mixed-Use
24 Lake Ave Worcester, MA 01604
24 Lake Ave, Worcester, MA, 01604
Contact for pricing
For Sale
Contact for pricing
Three-unit building with two commercial spaces and one residential apartment, plus on-site parking along a high-traffic corridor.
Property Size4,607 SF
Price / SF$200.78
Days on Market184
Property Features for 24 Lake Ave
General Information
- Standard status
- Active
- Size
- 4,607 SF
- Property subtype
- RETAIL
Listing agency
Kelleher & Sadowsky
(508) 320-7352
Listed by
Madison O'Brien · License #9567655
(508) 320-7352
Source
Moodyscre
Added: Jan 20 Updated: Jul 22 at 9:59PM Checked: Jul 22 at 9:59PM
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 Kelleher & Sadowsky
Investment Insights
Based on property information with market context.
24 Lake Avenue presents a three-unit mixed-use building totaling approximately 3,091 SF, configured with two commercial units and one residential apartment. The property provides diversified in-place income, with the commercial spaces occupied by Designs by Joseph and Hot Set Hair Studio, and the residential unit contributing additional cash flow. On-site parking is included for convenient access.
The property is positioned off the Boston–Worcester Turnpike (Route 9) between two signalized intersections. Traffic counts are reported at 32,863 vehicles per day on Belmont Street and 13,687 vehicles per day on Lake Avenue, supporting strong visibility to passersby.
For sale as a mixed-use asset, it features below-market current rents, creating potential for growth through lease renewals, re-tenanting, or repositioning.
The property is positioned off the Boston–Worcester Turnpike (Route 9) between two signalized intersections. Traffic counts are reported at 32,863 vehicles per day on Belmont Street and 13,687 vehicles per day on Lake Avenue, supporting strong visibility to passersby.
For sale as a mixed-use asset, it features below-market current rents, creating potential for growth through lease renewals, re-tenanting, or repositioning.
Key Highlights
- ±3,091 SF three‑unit mixed‑use building with two commercial units and one residential apartment
- Commercial tenants include Designs by Joseph (tailor) and Hot Set Hair Studio (salon), providing in‑place income
- Current rents are below market, with upside through lease renewals, re‑tenanting, or repositioning to grow NOI
Local Financial Insights For 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 | $96.7k | $21.00 |
| − Vacancy | −$6.3k | −$1.37 |
| EGI | $90.5k | $19.64 |
| − OpEx | −$27.1k | −$5.89 |
| NOI | $63.3k | $13.74 |
4,607 SF · lease $21.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$904.6K
$791.5K – $1.06M
NOI $63,321 @ 7.0% cap · market cap 6.85%
Second Best
Mixed Use
$888.5K
$777.4K – $1.04M
NOI $62,195 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.54M
$1.35M – $1.79M
NOI $107,640 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hot Set Hair ...
Hair Salon
Focus Hair
Hair Salon
Designs By Joseph
(Bike/Boat/Book/etc) Store
Europian Skin & Nail ...
Cosmetic Store
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Three-unit building with two commercial spaces and one residential apartment, plus on-site parking along a high-traffic corridor.
Where is this mixed-use property located?
The property is located at 24 Lake Ave Worcester, MA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: ±3,091 SF three‑unit mixed‑use building with two commercial units and one residential apartment; Commercial tenants include Designs by Joseph (tailor) and Hot Set Hair Studio (salon), providing in‑place income; Current rents are below market, with upside through lease renewals, re‑tenanting, or repositioning to grow NOI
