3 Eaton PlWorcester, MA 01608

Property Details for 3 Eaton Pl

Year built

2015

Lot size

3.91 AC

Property size (Sq ft)

969 SF

Zone code

BG-6

Property type

Retail properties

Property subtype

Parking lots & garages

APN

WORC M:02 B:23B L:00A-1

APU

WORCM02B23BL00A1

Description

This exceptional 3.91-acre commercial land parcel, located at 3 Eaton Place in Worcester, Massachusetts (01608), presents a remarkable development opportunity. Situated in the heart of the City Square, this property is zoned BG-6.0 and offers unparalleled access to major roadways including Routes 190, 290, and 146. The site benefits from an existing structured parking garage beneath the land, making it effectively pad-ready for immediate development. A pre-existing permit allows for the construction of a multifamily development with up to 145 units, exempt from Worcester's Inclusionary Zoning regulations. While zoning permits a building exceeding 20 stories, the existing parking structure currently supports approximately 12 stories of residential space. The potential exists to exceed the 145-unit count

• CAP approach

  CAP return

  Valuation

  6%

  $235,501

  6.5%

  $217,385

  7%

  $201,858

• Comparable approach

  Method

  Valuation

  Relative Method

  $319,056

  Geo Method

  $319,056

• Alternative Use

  Use

  Valuation

  Residential

  $183,373

  Hospitality

  $167,968

  Educational

  $139,748

  Medical

  $144,554

  Retail

  $217,385

Location Insight

City

Worcester

County

Worcester

State

Massachusetts

Latitude

42.2623

Longitude

-71.7981

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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