Three-Unit Mixed-Use
New
For Sale
$699,000
537 Park Ave, Worcester, MA 01602
A street-level commercial suite includes a full kitchen, two full bathrooms, and finished basement space.
Property Size3,359 SF
Days on Market2
Property Features for 537 Park Ave
General Information
Standard status
Active
Size
3,359 SF
Property subtype
Investment
Units
Unit Mix
2BR/1BA (second floor), 2BR/1BA (rear building)
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,459
Building Details
Building Size
3,359 SF
Year Built
1930
Buildings
2
Stories
6
Units
3
Tenancy
Multi
Listed By:
Jason Abdelnour
(617) 599-0372
Source:
Elliman
Added: Oct 19
Last Checked: Oct 19 at 2:39PM
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 Jason Abdelnour
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Investment Insights
Based on property information with market context.
Built in 1930 and recently renovated, this mixed-use property contains three units. The ground-floor commercial space has a full kitchen, two full bathrooms, and a finished basement. Upstairs, the apartment includes two bedrooms, one full bathroom, and two bonus rooms in a finished attic. A separate two-level building behind the main property contains a two-bedroom unit with one full bathroom.
At 537 Park Ave in Worcester, the property has a Walk Score of 78, a Bike Score of 51, and a Transit Score of 38.
At 537 Park Ave in Worcester, the property has a Walk Score of 78, a Bike Score of 51, and a Transit Score of 38.
Key Highlights
- Three units across the main building and a separate rear building
- Ground‑floor commercial space with a full kitchen, two full bathrooms, and finished basement
- Second‑floor apartment with two bedrooms, one full bathroom, and two finished‑attic bonus rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,168
Cap Rate
6.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,360
$923.4K
Cap Rate 7%
$659,543
$659.5K
Cap Rate 9%
$512,978
$513.0K
Market Conditions
NOI Build-Up for 3,359 SF
Gross rent
$70.5K $21.00/SF
− Vacancy
−$4.6K −$1.37/SF
EGI
$66.0K $19.64/SF
− OpEx
−$19.8K −$5.89/SF
NOI
$46.2K $13.74/SF
Area
Worcester, MA
Vacancy
6.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,360
Cap Rate 7%
$659,543
Cap Rate 9%
$512,978
Alternative Uses
Best Use
Retail
$659.5K
$577.1K – $769.5K
NOI $46,168 @ 7.0% cap · market cap 6.60%
Second Best
Mixed Use
$647.8K
$566.8K – $755.8K
NOI $45,347 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$1.12M
$981.0K – $1.31M
NOI $78,481 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,204
Businesses Nearby
154k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 37%
Home Improvements & Furnishings 8%
Electronics 2%
McDonald's
Dining
33,435 visits/mo
0.3 miles
Wendy's
Dining
16,455 visits/mo
0.1 miles
Dollar Tree
Shops & Services
13,487 visits/mo
0.4 miles
ScrubaDub Car Wash
Shops & Services
13,171 visits/mo
0.2 miles
Harbor Freight Tools
Home Improvements & Furnishings
12,620 visits/mo
0.4 miles
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A street-level commercial suite includes a full kitchen, two full bathrooms, and finished basement space.
Where is this mixed-use property located?
The property is located at 537 Park Ave Worcester, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three units across the main building and a separate rear building; Ground‑floor commercial space with a full kitchen, two full bathrooms, and finished basement; Second‑floor apartment with two bedrooms, one full bathroom, and two finished‑attic bonus rooms
