24 Lake Ave - Storefront Retail/Office FOR SALE


Worcester, MA 01604- Lake Park
$925,000 USD
508-841-6206
24 Lake Ave, Worcester, MA for Sale
$925,000 USD
Storefront Retail/Office - FOR SALE
1/5
null | Request Cap Rate

24 Lake Ave
Worcester, MA 01604
Lake Park


HIGHLIGHTS

  • Mixed-Use Asset: ± 3,091 SF, three-unit building with two commercial units and one residential apartment, providing diversified income.
  • Strong In-Place Tenancy: Occupied by Designs by Joseph (established tailor) and Hot Set Hair Studio (well-established salon), plus a residential unit.
  • Value-Add Opportunity: Current rents are below market, offering clear upside through renewals, re-tenanting, or repositioning to grow NOI.
  • Prime High-Traffic Location: Situated off Route 9 between two signalized intersections with traffic counts of 32,863 VPD on Belmont Street
  • On-Site Parking & Visibility: Off-street parking and outstanding exposure along one of Worcester’s most heavily traveled commercial corridors.

OVERVIEW

FOR SALE PRIME MIXED-USE INVESTMENT OPPORTUNITY 24 Lake Avenue presents a compelling mixed-use opportunity consisting of a ± 3,091 SF, three-unit building with on-site parking, located along one of Worcester’s most heavily traveled commercial corridors. The property features a diversified tenant mix with two commercial units and one residential apartment, offering both stable in-place income and future upside. The commercial units are occupied by Designs by Joseph, an established tailor, and Hot Set Hair Studio, a well-established salon, while the residential apartment provides additional cash flow. Current rents are below market, creating a clear path for rental growth through lease renewals, re-tenanting, or repositioning, allowing a new owner to enhance the NOI. The property’s exceptional location and visibility further support long-term value appreciation. Situated directly off the Boston–Worcester Turnpike (Route 9) and between two signalized intersections, the site benefits from outstanding traffic counts of 32,863 vehicles per day on Belmont Street and 13,687 vehicles per day on Lake Avenue. This exposure makes the property particularly attractive to retail, professional users, and neighborhood businesses. With below-market rents, strong existing tenancy, off-street parking, and a prime high-traffic location, this property offers investors and owner-users a rare opportunity to acquire a well-located asset with meaningful rent growth and value add potential in the growing Worcester market.

FOR SALE DETAILS

PRICE

$925,000 USD

PRICE/SF

$201 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

SPRINKLERS

-

PARKING SPACES

25

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,053 SF

ZONING

BL-1

APN/PARCEL ID

WORC-000017-000012-000033

ASK ABOUT THIS PROPERTY

Madison O'BrienKelleher & Sadowsky Associates, Inc.More Info
508-841-6206

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Madison O'BrienKelleher & Sadowsky Associates, Inc.More Info
508-841-6206

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.