Property profile

241 Southbridge St Worcester, MA 01608

OFF-MARKET
Turn key restaurants
Property ID
US38-1109626
14,650 SF 0.48 ac lot Built 1935
Individually Owned 23-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional redevelopment opportunity presents a 15,000 square foot, two-story building situated on a 2.07-acre site in Worcester, Massachusetts. The property includes two additional paved, unimproved parcels, totaling approximately 0.48 acres, resulting in roughly 800 feet of combined frontage. All three parcels are under common ownership and are available for sale individually or as an assemblage. The location offers immediate access to the vibrant Canal District and is conveniently within walking distance of Polar Park, home to the Worcester Red Sox. Zoned BG-6.0, this business-friendly commercial zone allows for a diverse range of high-demand uses, including multi-family residential development (with potential for 300+ units), medical facilities, office space, retail establishments, restaurants, entertainment venues, cannabis businesses, and life sciences facilities. This presents a significant upside for investors and developers seeking a prime location in New England's second-largest city. The property's size and zoning flexibility make it an attractive investment for those looking to capitalize on Worcester's growing economy and dynamic urban landscape. The combined acreage and extensive frontage provide ample space for a large-scale development project. The proximity to Polar Park and the Canal District further enhances the property's desirability and potential for high returns.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1935
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 14,650 SF
Lot 0.48 ac (20,831 SF)
Zoning code MG-2
APN WORC M:03 B:004 L:00003
UPID US38-1109626

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

241 Southbridge St Worcester, MA 01608-2142
Worcester metro Census 731300 WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.10M
Blend (final) Blend
$1.17M

Owner & transaction history

since 2003
4 recorded transactions
2008
Price N/A
2003
$850,000
1997
$650,000
1987
Price N/A

Zoning & alternative use

MG-2 · Worcester, MA

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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