340 Main St - Apartments FOR SALE


Worcester, MA 01608
$25,000,000 USD
717-554-4881
340 Main St, Worcester, MA for Sale
$25,000,000 USD
Apartments - FOR SALE
1/12
null | Request Cap Rate

340 Main St
Worcester, MA 01608


HIGHLIGHTS

  • 15-Year Tax Increment Exemption (TIE): Approved by Worcester City Council and projected to generate approximately $5.7M in real estate tax savings.
  • Federally Designated Opportunity Zone: Provides capital gains deferral and potential tax-free appreciation benefits for qualified investors.
  • Advanced Pre-Development Status: Architectural planning completed with building permit able to be reactivated through fee payment & documentation.
  • 523-Unit Self-Storage Component: Approximately 13,800+ SF basement storage facility projected to generate $300K–$380K NOI annually.
  • Institutional-Scale 312-Unit Development: One of the largest entitled multifamily redevelopment opportunities in Downtown Worcester.
  • Strong Rent Growth & Boston Spillover: Worcester continues to benefit from strong rent growth and increasing demand driven by Boston’s commuter market

OVERVIEW

Scope Commercial Real Estate is pleased to present 340 Main Street, Worcester, Massachusetts, a historic adaptive reuse redevelopment opportunity located in the heart of Downtown Worcester. The property consists of two interconnected buildings totaling approximately 380,000 square feet across 10 stories along Worcester’s primary Main Street corridor. The approved redevelopment plan includes 312 residential units, 523 self-storage lockers, ground-floor retail space, and amenity areas, creating a mixed-use urban residential asset in one of New England’s fastest-growing secondary markets. The property benefits from 20 parking spaces within the annex building and the opportunity to master lease approximately 300 structured parking spaces, providing significant parking capacity in a supply-constrained downtown market. Extensive pre-development work and architectural planning have already been completed, and the building permit can be reactivated through payment of permit fees and contractor documentation, positioning the project for a streamlined path toward redevelopment. The development is further supported by a significant tax credit and a 15-year Tax Increment Exemption (TIE) approved by the City of Worcester.

FOR SALE DETAILS

PRICE

$25,000,000 USD

PRICE/SF

$77 USD /SF

# OF UNITS

312

PRICE/UNIT

$80,128

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

SilverBrick SkyHouse

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Office, Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

10

YEAR BUILT

1897

PARKING SPACES

320

LAND DETAILS

LAND ACRES

1.18 AC

LAND SF

51,277 SF

ZONING

BG-6

APN/PARCEL ID

WORC-000003-000032-000021

ASK ABOUT THIS PROPERTY

Craig DunkleHorvath & TremblayMore Info
717-554-4881

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Craig DunkleHorvath & TremblayMore Info
717-554-4881

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