23 Millbury St

Worcester, Massachusetts, is the second-largest city in New England, located in the heart of the state about 50 miles west of Boston. Known as the “Heart of the Commonwealth,” Worcester has a rich industrial history that has evolved into a modern center for education, healthcare, and culture. The city features a diverse population and a mix of historic neighborhoods, revitalized downtown areas, and expanding commercial districts, making it a dynamic and growing urban hub in central Massachusetts. The city offers a wide range of attractions and amenities, including cultural institutions like Worcester Art Museum and EcoTarium, as well as entertainment venues such as DCU Center. Green spaces like Elm Park, one of the oldest public parks in the country, provide scenic areas for relaxation and recreation. Worcester’s growing restaurant scene, breweries, and local businesses contribute to a lively and evolving downtown atmosphere. Worcester is also a major educational and medical hub, home to several colleges and universities, including College of the Holy Cross and Worcester Polytechnic Institute. Its central location and access to major highways and rail service make it a convenient base for commuting throughout New England. With its blend of history, innovation, and cultural diversity, Worcester continues to grow as a vibrant and influential city in Massachusetts.23 Millbury Street presents the opportunity to acquire a mixed-use asset in Worcester comprised of (2) retail storefronts, (4) four-bedroom apartments, and (5) three-bedroom apartments. The property offers strong in-place cash flow with additional upside through increasing residential and retail rents to market levels. Tenants are responsible for their own electric, gas heat, and hot water, helping minimize landlord expenses. There are laundry hookups in all units and the roofs have been replaced in the past year. Located within close proximity to Downtown Worcester, Polar Park, Union Station, and numerous local restaurants and amenities, the property benefits from continued investment and growth throughout the surrounding neighborhood. Optional pairing with the adjacent parcel at 15 Millbury Street, creating the potential for supplemental parking income from both residential and retail tenants in an area where off-street parking remains a valuable amenity. For more information, or to view the full portfolio, visit kelleysquareportfolio.com.