65 Water Street
Canal District Value-Add | Stabilized Income + Upside Potential
Marketing description
65 Water Street is a partially stabilized commercial asset located within Worcester's Canal District. The property combines existing in-place income with a significant portion of square footage delivered in clean shell condition, allowing for immediate use and future repositioning. The asset generates approximately $55,500 in current annual income from a dance studio tenancy and billboard revenue. The rear building remains intact and occupied, while the front building has been cleared following a prior fire and water event and is ready for buildout. Ownership has completed installation of a new roofing system and two new furnaces, addressing major capital components. The property benefits from approximately 18-22 on-site surface parking spaces and close proximity to municipal parking.
Investment highlights
- Approximately $55,500 in current annual income from in-place tenancy and billboard revenue
- Majority of building (~61%-64%) delivered in clean shell condition
- New Carlisle roofing system w/ 25 year warranty and two HVAC systems installed post-loss
- Two-building configuration separating stabilized income and value-add component
- Rear lower-level (~1,300 SF) substantially built out and suitable for occupancy
- Approximately 18-22 on-site surface parking spaces
- Additional municipal parking in close proximity
- Flexible BG-3.0 zoning with CCOD-C overlay supporting commercial, mixed-use, and residential uses
- Offered at a basis consistent with value-add assets and below stabilized pricing benchmarks
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