Wedding Venue With Theater
For Sale
Contact for pricing
50A Franklin Street, Worcester, MA 01608
Built-out hospitality space combines event facilities, food service infrastructure, and dedicated entertainment capabilities.
Property Size241,766 SF
Price / SF$0.00
Days on Market61
Property Features for 50A Franklin Street
General Information
Standard status
Active
Size
241,766 SF
Property subtype
Commercial
Building Details
Year Built
1912
Listing Agency:
Centre Realty Group
(617) 332-0077
Listed By:
Fionnula Bohan
(617) 653-4084
Source:
Lockandkeyre
Added: Aug 19
Changed: Oct 16
Last Checked: Oct 16 at 9:28AM
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 Centre Realty Group
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This second-generation wedding and event venue occupies up to approximately 6,818 SF within a mixed-use property built in 1912. The existing build-out includes a commercial kitchen, pizza oven, open preparation area, bar service with approximately 40 tap lines, dedicated event space, and a separate theater and entertainment component. Subdivision flexibility supports multiple space configurations.
The property is located at 50A Franklin Street at the Franklin and Portland Street intersection in Downtown Worcester, overlooking Worcester Common. The surrounding building includes approximately 250 residential units, office space, an on-site restaurant, and entertainment uses. Nearby public parking and proximity to Worcester’s theatre district add established activity around the venue.
The property is located at 50A Franklin Street at the Franklin and Portland Street intersection in Downtown Worcester, overlooking Worcester Common. The surrounding building includes approximately 250 residential units, office space, an on-site restaurant, and entertainment uses. Nearby public parking and proximity to Worcester’s theatre district add established activity around the venue.
Key Highlights
- Up to approximately 6,818 SF with subdivision flexibility
- Commercial kitchen, pizza oven, and open preparation kitchen
- Bar equipped with approximately 40 tap lines
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$3,906,818
Suggested Prices Based on Cap Rates
Cap Rate 5%
$78,136,360
$78.1M
Cap Rate 7%
$55,811,686
$55.8M
Cap Rate 9%
$43,409,089
$43.4M
Market Conditions
NOI Build-Up for 241,766 SF
Gross rent
$5.51M $22.80/SF
− Vacancy
−$303.2K −$1.25/SF
EGI
$5.21M $21.55/SF
− OpEx
−$1.30M −$5.39/SF
NOI
$3.91M $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 Rate 5%
$78,136,360
Cap Rate 7%
$55,811,686
Cap Rate 9%
$43,409,089
Alternative Uses
Best Use
Specialty Retail
$55.81M
$48.84M – $65.11M
NOI $3,906,818 @ 7.0% cap · market cap 15,627,272.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$80.70M
$70.61M – $94.15M
NOI $5,648,737 @ 7.0% cap · market cap 22,594,948.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,984
Businesses Nearby
77k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 36%
Dining 25%
Groceries 20%
Hotels & Casinos 19%
Burger King
Dining
19,049 visits/mo
0.5 miles
Gala Foods Supermarket
Groceries
15,286 visits/mo
0.3 miles
Hilton Garden Inn Worcester
Hotels & Casinos
11,920 visits/mo
0.4 miles
Speedway
Shops & Services
9,299 visits/mo
0.5 miles
Shell
Shops & Services
8,050 visits/mo
0.2 miles
Demographics for 01608, MA
4,996
Population
2,565
Households
1.9
Avg Household Size
28
Median Age
29%
College-Educated
74%
High-School Grad
0.5 sq mi
ZIP Area
9,992
Density / Sq Mi
$45,962
Median Household Income
$36,596
Median Earnings
$1,461
Median Rent
$117,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Wedding venue - Built-out hospitality space combines event facilities, food service infrastructure, and dedicated entertainment capabilities.
Where is this wedding venue located?
The property is located at 50A Franklin Street Worcester, MA.
What are key features of this property?
This property features: Up to approximately 6,818 SF with subdivision flexibility; Commercial kitchen, pizza oven, and open preparation kitchen; Bar equipped with approximately 40 tap lines
