Three Investment Properties For Sale

8-21 Oread Street Worcester, MA 01608

8-21 Oread Street, Worcester, MA, 01608
8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608 8-21 Oread Street, Worcester, MA, 01608
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$3,550,000
Last Verified:
Jan 26, 2024

Highlights

  • 3 brick buildings (12, 15 & 21 Oread St) on 5 parcels of land
  • Two additional parking lots (8 & 16 Oread St)
  • 75 Rooms, 22 1/2 baths
  • Ample off street parking
  • Historically built brick buildings
  • 15 & 21 Oread Street are listed in National Registry of Historic Places
  • Centrally located off of Main St in the Main South neighborhood

Description

Major investment opportunity within the multifamily sector near Downtown Worcester for sale. Located within the Worcester Federal Designated Opportunity zone right off of Main Street. Three licensed rooming houses, 12, 15 & 21, Oread Street offer a value-add investment opportunity that provides investors with the ability to reposition the assets to optimize income with new management and capital improvements. Included in the sale are two additional parking lots located at 8 and 16 Oread St, which may offer additional opportunities as well.

15 and 21 Oread Street have historical brick Victorian architecture with high ceilings throughout. The two have a combined square footage of 10,717 square feet and a total of 30 rooms and 6 1/2 bathrooms.

Additionally, 12 Oread Street, a brick-built 14,899 square foot building includes 45 rooms and 16 bathrooms, plus a manager's apartment. The overwhelming demand for affordable housing in Worcester makes these properties a fantastic opportunity for the astute investor looking to capitalize on the ongoing revitalization of the downtown Worcester area.

Directly off Main Street in Worcester, in close relation to I90, Downtown, colleges and universities, and the Polar Park Stadium.


Year Built: 1900
Building Size: 25606sq ft
Lot Size: 1.25 acres


Documents

8-21 Oread OM 080823.pdf
Brochure

Map of 8-21 Oread Street, Worcester, MA, 01608

Presented by:
NAI Glickman Kovago & Jacobs

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David Eldredge


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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.