Water Street Portfolio
Mixed Use | 21,295 SqFt
Marketing description
56 Water Street presents the opportunity to acquire a fully occupied, 2,075 SF retail/commercial asset located within Worcester's rapidly growing Canal District. The property is newly occupied and built out by a popular vegan eatery that adds strong local presence and consistent customer traffic to the location.
64 Water Street presents the opportunity to acquire a fully renovated, 19,220 SF mixed-use asset in the heart of Worcester consisting of (3) street-level retail spaces and (16) one-bedroom apartments. The retail component is anchored by an established tenant mix including a barbershop, nail salon, and restaurant, providing stable commercial occupancy and strong street presence along a highly visible corridor.
For more information, or to view the full portfolio, visit kelleysquareportfolio.com.
Investment highlights
- Two contiguous mixed-use buildings — 56 Water Street — 2,075 SF retail/commercial, newly built out and occupied by a popular vegan eatery. 64 Water Street — 19,220 SF with 3 street-level retail spaces and 16 one-bedroom apartments. Combined ownership controls a continuous Water Street frontage on the Canal District's primary corridor.
- Fully renovated, fully occupied — 64 Water Street underwent a complete gut renovation in 2019 with modernized building systems and apartment finishes throughout; retail at both buildings is anchored by an established tenant mix (vegan eatery, barbershop, nail salon, and restaurant). Roof age on both is less than 10 years old.
- Efficient operations — Residential tenants at 64 Water Street are responsible for their own electric, gas heat, and hot water allowing for efficient management and reduced operating expenses. In-unit laundry and off-street parking for select apartments continue to drive strong tenant demand in the Worcester rental market.
- Highly traveled Water Street corridor — Excellent visibility along the Canal District's primary commercial corridor — close to Downtown Worcester, Polar Park, Union Station, and numerous residential and commercial developments that continue to transform the surrounding area.
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