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    240 Worcester Rd Sterling, MA 01564

    Sponsored
    For Sale
    $844,900

    Historic Hotel & Mixed-Use Land

    Property size:
    11,934 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional redevelopment opportunity encompasses two parcels at 240 and 223 Worcester Rd, Sterling, MA (01564), totaling 5.3 acres. The property includes a historic two-story, 11,934 square foot hotel built in 1908, situated near Mt. Wachusett. The asking price is $844,900, translating to $70.80 per square foot. The property is legally conforming and offers diverse development potential. Existing documentation includes perk testing and cost estimates for townhome conversion. The 3.7-acre parcel at 223 Worcester Rd. presents further mixed-use development possibilities, allowing for the creation of additional townhomes and retail space. This unique offering allows for the restoration of the existing hotel or conversion into townhomes/condominiums, maximizing the potential of both parcels. The property is zoned for mixed-use development.

    Property Features for 240 Worcester Rd

    General Information

    Property type
    Hotels
    Square Feet
    11,934 SF
    Lot Size
    230,868 SF

    Building Details

    Year Built
    1908
    Buildings
    1
    Stories
    2

    HighLights

    • $844,900 asking price for a redevelopment opportunity.
    • 11,934 square feet, 2‑story building on a 5.3‑acre lot.
    • $70.80 price per square foot.
    • Built in 1908, legally conforming zoning.
    • Located at 240 & 223 Worcester Rd, Sterling, MA 01564.
    • Includes a historic hotel and adjacent 3.7‑acre mixed‑use parcel.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Department Store Kitchen & Bath

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sterling
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.76364451
    Latitude
    42.43384325

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    FAQs

    What type of property is this?
    Hotel - Historic Hotel & Mixed-Use Land
    Where is this hotel located?
    The property is located at 240 Worcester Rd Sterling, MA.
    What is the asking price?
    The asking price for this property is $844,900.
    What are key features of this property?
    This property features: $844,900 asking price for a redevelopment opportunity.; 11,934 square feet, 2-story building on a 5.3-acre lot.; $70.80 price per square foot.
    Request Owner's contact information
    240 Worcester Rd Sterling, MA 01564
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    Sterling, MA 01564
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    240 Worcester Rd Sterling, MA 01564
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