61 Pearl StWorcester, MA 01608

Property Details for 61 Pearl St

Lot size

0.68 AC

Zone code

BG-6

Property type

Retail properties

Property subtype

Parking lots & garages

APN

WORC M:03 B:031 L:29+30

APU

WORCM03B031L2930

Description

Three strategically located commercial land parcels are available for sale in Worcester's Central Business District. These properties, totaling between 0.27 and 0.68 acres, offer significant development potential. The parcels are situated at 61 Pearl Street, 56 Pleasant Street, and 30 Chatham Street, and may be purchased individually or as a portfolio. 56 Pleasant Street is an unpaved development site, while 61 Pearl Street and 30 Chatham Street are currently paved and licensed parking lots. All three parcels are zoned BG-6, allowing for a variety of uses including office, food service, hotel, and multi-family dwellings by right. This presents a unique opportunity for investors and developers seeking to capitalize on the vibrant Worcester market. The location within an Opportunity Zone adds further investment appeal. The asking price for the entire portfolio is $3,345,000. Detailed site plans and zoning information are available upon request. This is a rare chance to acquire prime real estate in a rapidly growing urban core.

• CAP approach

  CAP return

  Valuation

  6%

  $7,232,962

  6.5%

  $6,676,580

  7%

  $6,199,682

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,799,202

  Geo Method

  $9,799,202

• Alternative Use

  Use

  Valuation

  Residential

  $5,631,945

  Hospitality

  $5,158,832

  Educational

  $4,292,088

  Medical

  $4,439,699

  Retail

  $6,676,580

Location Insight

City

Worcester

County

Worcester

State

Massachusetts

Latitude

42.2639

Longitude

-71.804

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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