Millbury Mixed Use

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.Northeast Private Client Group is pleased to present 23 Millbury Street, a 24,195- square-foot mixed-use building in Worcester's Canal District, on Millbury Street steps south of Kelley Square. Built in 1900 and rising four stories, the property pairs nine residential apartments with two ground-floor storefronts across eleven income producing units. The residential floors hold five four-bedroom and four three-bedroom apartments, each roughly 1,225 square feet. At street level, an anchor bakery occupies 3,440 square feet on a lease running through August 30, 2030 at $4,000 per month, alongside a smaller deli storefront. Tenants pay their own electricity and individually metered gas heat, keeping the ownership expense load light. In-place rents sit well below market: the nine apartments average $1,827 per month against $2,311 on a pro forma basis. Marking rents to market lifts net operating income from $151,846 to $200,364 and the cap rate from 6.09% to 8.03% on the $2,495,000 asking price — roughly $103 per square foot and $226,818 per unit. 23 Millbury Street offers a value-add mixed-use investment: below-market residential rents with clear room to move, a commercial base anchored by a bakery under lease through 2030, and a position in Worcester's Canal District, the walkable, restaurant lined neighborhood anchored by Kelley Square and Polar Park just north. All interested and qualified parties will have the opportunity to obtain additional information upon request.