249 Lincoln St
Retail | 9.00% CAP | 7,135 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the mixed-use investment property located at 249 Lincoln Street in Worcester, Massachusetts (the “Property”). The three-story building contains seven (7) units comprised of one (1), 3-Bedroom/1-Bathroom unit, three (3), 2-Bedroom/1-Bathroom units, one (1) Studio unit, and two (2), Commercial units with 7,135 square feet of gross living area in 11,635 square feet of gross area. The Property is situated on a 0.20-acre parcel with over four (4) off-street parking spaces.
249 Lincoln Street is fully leased with strong in-place rents for both the residential and commercial units and features over three years of term remaining on both commercial leases. The residential units feature recent renovations that drive income and minimize future capital expenditures. Each unit is separately metered for heat, hot water, and electricity which the tenants pay directly further boosting the net operating income.
249 Lincoln Street is well-located in the Brittan Square neighborhood of Worcester, less than a block from the UMass Memorial Medical Center - Hahnemann Campus and minutes from downtown with excellent access to all the amenities the city has to offer. Worcester features a walkable downtown with a plethora of employment and entertainment opportunities. High profile attractions include the DCU Center and Palladium venues, and UMass Memorial Medical Center is the largest employer in the city. The Property benefits from proximity to major arterial roads, including Route 70, Route 9, Route 12, Route 122A, and Interstate 290, providing efficient connectivity throughout Worcester and the broader Central Massachusetts region, as well as direct access to the Massachusetts Turnpike (I-90) for travel to Boston and Western Massachusetts.
Investment highlights
RECENTLY RENOVATED & STRONG RENTS
There are currently strong in-place rents for both the residential and commercial units and features over three years of term remaining on both commercial leases. The residential units feature recent renovations that drive income and minimize future capital expenditures.
STRONG LOCATION
249 Lincoln Street is situated on one of the area’s primary commercial corridors and is less than a block from the UMASS Memorial Hahnemann Family Medical Center. The location is just a mile and a half from Downtown Worcester, which offers countless restaurants, bars, and retailers and is convenient to Worcester Polytechnic Institute and UMASS Chan Medical School. The Property is approximately a mile from Lincoln Plaza, a Target, Lowe’s, and Stop & Shop anchored shopping center and a short drive to additional prominent shopping centers.
TRANSPORTATION & CONNECTIVITY
The Property is 300 feet from the Lincoln Street & McKinley Road bus stop, with service on Route 14, 23, and 26 offered by the Worcester Regional Transit Authority (WRTA). Worcester Union Station is centrally located just 1.7-miles away with service on the MBTA Framingham/Worcester commuter rail line and also serves as a station for Amtrak, Greyhound, Peter Pan and WRTA bus routes. The Property also benefits from close proximity to Interstate 290, which connects central Worcester to Interstates 190, 495, and 90, as well as to other area highways. Additionally, MA Route 9 runs through the center of the city, and US Route 20 bisects the southern portion of the city.
AREA ATTRACTIONS & DEMAND DRIVERS
Strong rental demand stems from Worcester's growing population and affordability with multifamily vacancy rates relatively low due to limited supply and rising employment; the area's median rents have appreciated 5-7% annually amid influxes of young professionals and the more than 36,000 students at Worcester’s colleges and universities. Access to employment centers drives housing appeal with major operations in the healthcare, education, and biotech sectors. UMass Memorial Health is the region’s largest employer, with other notable organizations including Worcester Polytechnic Institute, Reliant Medical Group, Thermo Fisher Scientific, and Saint Gobain to name a few. Downtown Worcester's innovation district, anchored by companies in the Worcester Business Center and city government offices at City Hall, employs over 10,000 in professional services and public sector roles.
SEPARATELY METERED UTILITIES
The Property is separately metered for heat, hot water, and electric, which the tenants pay directly. The Landlord is responsible for domestic water and sewer and common area electric.
ON-SITE PARKING
The Property offers ample off-street parking with over four (4) spaces in the rear of the Property.
STRONG DEMOGRAPHICS
More than 167,400 people live within 3 miles of the Property with an average household income of $99,846. There are more than 71,400 employees working within the same 3-mile radius of the Property.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
