400 Park Avenue Pl Worcester, MA 01609
- Retail properties
- 14,952 SF
- 1.49 lot acres
Current Use by Public Records
- Retail properties
Property Details for 400 Park Avenue Pl
- Year built
- 2009
- Lot size
- 1.49 lot acres
- Property size
- 14,952 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents the chance to acquire a leasehold interest (building ownership) in a thriving CVS Pharmacy located at 400 Park Avenue, Worcester, MA. The property boasts 14,952 square feet on a 1.49-acre lot, built in 2009 and zoned BG-6.0 General. The absolute NNN lease with CVS, an investment-grade tenant (S&P: BBB), has approximately 10.2 years remaining, with six 5-year renewal options, ensuring long-term stability. The property features a drive-thru, operates 24 hours a day, and benefits from a prime location at a signalized, hard corner intersection within a dense retail corridor. Its proximity to Clark University and St. Vincent Hospital, coupled with numerous nearby residential communities, contributes to strong demographics within a 5-mile radius. The property offers a compelling 8.75% cap rate with a Net Operating Income (NOI) of $473,489 and an asking price of $5,411,000 ($361.89/sq ft). Parking is ample, providing 4.61 spaces per 1,000 square feet. This is a truly management-free investment opportunity, ideal for out-of-state investors. The property's strong tenant, prime location, and long-term lease make it a highly attractive addition to any portfolio. APN: WORC M:06 B:021 L:0042A.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Worcester
- County
- Worcester
- State
- Massachusetts
- Longitude
- -71.8233
- Latitude
- 42.2576
