Redevelopment Retail and Office
For Sale
$775,000
342 West Boylston Street, Worcester, MA 01606
Former fast-food storefront building needing renovation, positioned for restaurant, retail, or office conversion and multifamily redevelopment.
Property Size3,360 SF
Price / SF$230.65
Days on Market182
Property Features for 342 West Boylston Street
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Commercial
Zoning
BL-1
Additional Details
Highway Access
Yes
Multifamily Units
24
Taxes and HOA fees
Annual Taxes
$17,936
Building Details
Building Size
3,360 SF
Year Built
1970
Listing Agency:
Boston Hub Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 12
Changed: Sep 8
Last Checked: Aug 14 at 7:09AM
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 Boston Hub Real Estate
Investment Insights
Based on property information with market context.
This former fast-food retail building offers a 3,360-square-foot footprint and is well suited for conversion to restaurant, retail, or office use. The structure requires renovation, giving investors and owner-users flexibility to reposition the space around their specific concept and operating needs. The property is supported by completed approvals and existing development proposals for a 24-unit multifamily project.
The site is located along an affluent commercial corridor with convenient access to a major highway. The surrounding area includes established commercial uses and national and regional food franchises, with nearby economic drivers identified as an Amazon distribution center and Chase Bank.
For tenants and buyers looking for a property with both immediate reuse options and a supported redevelopment path, this asset provides multiple avenues to evaluate. Owner-users can assess the space for a hospitality- or storefront-style operation, while developers can review the stated approvals and proposed multifamily plan as part of a long-term strategy.
The site is located along an affluent commercial corridor with convenient access to a major highway. The surrounding area includes established commercial uses and national and regional food franchises, with nearby economic drivers identified as an Amazon distribution center and Chase Bank.
For tenants and buyers looking for a property with both immediate reuse options and a supported redevelopment path, this asset provides multiple avenues to evaluate. Owner-users can assess the space for a hospitality- or storefront-style operation, while developers can review the stated approvals and proposed multifamily plan as part of a long-term strategy.
Key Highlights
- 3,360 sq. ft former fast‑food retail building (Year Built: 1970) needing renovation
- Existing structure is suited for conversion to restaurant, retail, or office use
- Completed approvals and development proposals for a 24‑unit multifamily project
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
$54,296
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
7.01%
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%
$1,085,920
$1.1M
Cap Rate 7%
$775,657
$775.7K
Cap Rate 9%
$603,289
$603.3K
Market Conditions
NOI Build-Up for 3,360 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
$76.6K $22.80/SF
− Vacancy
−$4.2K −$1.25/SF
EGI
$72.4K $21.55/SF
− OpEx
−$18.1K −$5.39/SF
NOI
$54.3K $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%
$1,085,920
Cap Rate 7%
$775,657
Cap Rate 9%
$603,289
Alternative Uses
Best Use
Specialty Retail
$775.7K
$678.7K – $904.9K
NOI $54,296 @ 7.0% cap · market cap 7.01%
Second Best
Retail
$659.7K
$577.3K – $769.7K
NOI $46,182 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.12M
$981.3K – $1.31M
NOI $78,505 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
8k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 94%
Home Improvements & Furnishings 6%
TD Bank
Shops & Services
5,627 visits/mo
0.2 miles
Sullivan Tire
Shops & Services
1,864 visits/mo
0.4 miles
United Rentals
Home Improvements & Furnishings
516 visits/mo
0.4 miles
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
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
- Holmes-Shusas Florist — 1 Ararat St, Worcester, MA 01606
Frequently Asked Questions
What type of property is this?
Storefront property - Former fast-food storefront building needing renovation, positioned for restaurant, retail, or office conversion and multifamily redevelopment.
Where is this storefront property located?
The property is located at 342 West Boylston Street Worcester, MA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 3,360 sq. ft former fast‑food retail building (Year Built: 1970) needing renovation; Existing structure is suited for conversion to restaurant, retail, or office use; Completed approvals and development proposals for a 24‑unit multifamily project
