Former Fast-Food Retail
342 West Boylston Street Worcester Worcester, MA 01606
342 West Boylston Street Worcester, Worcester, MA, 01606
$775,000
For Sale
$775,000
A former fast-food retail building needing renovation, suited for restaurant, retail, or office redevelopment with existing multifamily approvals.
Property Size3,360 SF
Price / SF$230.65
Days on Market44
Property Features for 342 West Boylston Street Worcester
General Information
- Standard status
- Active
- Size
- 3,360 SF
Building Details
- Year Built
- 1970
Listing Agency
(508) 501-1443
Listed by
Stephen Rose
(508) 501-1443
Source
Milestonerealtyinc
Added: Jun 3 Checked: Jul 16 at 2:40 am
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 Stephen Rose
Investment Insights
Based on property information with market context.
This former fast-food retail building offers a flexible footprint for investors, developers, or owner-users, with the structure requiring renovation. At approximately 3,360 square feet, the property is described as well suited for restaurant, retail, or office use, depending on how an operator or developer plans the interior and exterior improvements. It also includes completed approvals and development proposals for a 24-unit multifamily project.
The property is located at 342 West Boylston Street in Worcester, Massachusetts, in an affluent commercial corridor with convenient access to a major highway. The surrounding area is described as supported by prominent employers and retailers, including an Amazon distribution center, Chase Bank, and numerous national and regional food franchises.
For tenants or buyers seeking a redevelopment site with multiple end-use directions, the asset’s current condition and indicated program flexibility can support a range of plans, including restaurant, retail, or office repositioning. For developers, the presence of completed approvals and proposed multifamily development provides a defined path to pursue residential conversion alongside the renovation of the existing building.
The property is located at 342 West Boylston Street in Worcester, Massachusetts, in an affluent commercial corridor with convenient access to a major highway. The surrounding area is described as supported by prominent employers and retailers, including an Amazon distribution center, Chase Bank, and numerous national and regional food franchises.
For tenants or buyers seeking a redevelopment site with multiple end-use directions, the asset’s current condition and indicated program flexibility can support a range of plans, including restaurant, retail, or office repositioning. For developers, the presence of completed approvals and proposed multifamily development provides a defined path to pursue residential conversion alongside the renovation of the existing building.
Key Highlights
- 3,360 SF former fast‑food retail building built in 1970, needing renovation
- Suitable redevelopment for restaurant, retail, or office use based on existing structure
- Completed approvals and development proposals for a 24‑unit multifamily project
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 | $76.6k | $22.80 |
| − Vacancy | −$4.2k | −$1.25 |
| EGI | $72.4k | $21.55 |
| − OpEx | −$18.1k | −$5.39 |
| NOI | $54.3k | $16.16 |
3,360 SF · lease $22.80/SF/yr · vacancy 5.50% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - A former fast-food retail building needing renovation, suited for restaurant, retail, or office redevelopment with existing multifamily approvals.
Where is this retail space located?
The property is located at 342 West Boylston Street Worcester 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 SF former fast‑food retail building built in 1970, needing renovation; Suitable redevelopment for restaurant, retail, or office use based on existing structure; Completed approvals and development proposals for a 24‑unit multifamily project
