8 Oread St Worcester, MA 01608
- Commercial real estate
- 25,606 SF
Current Use by Public Records
- Commercial real estate
Property Details for 8 Oread St
- Year built
- 1900
- Property size
- 25,606 SF
- Property type
- Commercial real estate
Description
This exceptional value-add investment opportunity presents three licensed rooming houses totaling 75 rooms and 22.5 baths, situated on five parcels of land in Worcester, MA's Main South neighborhood. The property includes two additional parking lots, offering ample off-street parking. The three brick buildings, boasting historically significant Victorian architecture (15 & 21 Oread St. are listed on the National Register of Historic Places), feature high ceilings and substantial square footage. Building 12 Oread St. comprises 14,899 square feet, including 45 rooms, 16 bathrooms, and a manager's apartment. Buildings 15 & 21 Oread St. combine for 10,717 square feet, encompassing 30 rooms and 6.5 bathrooms. The entire complex sits on a 54,527 square foot lot, zoned RG-5. With a current NOI of $464,811 and an asking price of $3,900,000, this property offers a compelling 11.92% cap rate and a pro-forma cap rate of 6.99%. Its prime location near downtown Worcester, within a Federal Opportunity Zone, presents significant potential for increased profitability through strategic repositioning and capital improvements, capitalizing on the high demand for affordable housing in the area. The property's historical significance and substantial size make it a rare and attractive investment prospect.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Worcester
- County
- Worcester
- State
- Massachusetts
- Longitude
- -71.8104586
- Latitude
- 42.2552079
