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65 Water St 23,308 SF 100% Leased Office Building Worcester, MA 01604 $3,201,076 CAD ($137.34 CAD/SF)
Investment Highlights
- Approximately $55,500 in current annual income from in-place tenancy and billboard revenue / Flexible BG-3.0 zoning with CCOD-C overlay supporting com
- New Carlisle roofing system w/ 25 year warranty and two HVAC systems installed post-loss
- Approximately 18–22 on-site surface parking spaces & Additional municipal parking in close proximity
- Majority of building (~61%–64%) delivered in clean shell condition / Two-building configuration separating stabilized income and value-add component
- Rear lower-level (~1,300 SF) substantially built out and suitable for occupancy
- Offered at a basis consistent with value-add assets and below stabilized pricing benchmarks
Executive Summary
65 Water Street is a partially stabilized commercial asset in Worcester’s Canal District, offering a blend of in-place income and value-add potential. The property generates approximately $55,500 annually from a dance studio tenancy and billboard revenue, with additional upside from a tenant-ready, ground-level space in the rear building. The rear building is intact and occupied, while the front building has been cleared to a clean shell following a prior isolated fire/water event, allowing efficient buildout without demolition. Ownership has completed key capital improvements, including a new roofing system and two new HVAC units. The site includes approximately 22 on-site surface parking spaces and benefits from nearby municipal parking, both of which are valuable amenities in this neighborhood.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
23,308 SF
Building Class
C
Year Built/Renovated
1900/2017
Price
$3,201,076 CAD
Price Per SF
$137.34 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
5,827 SF
Slab To Slab
12’
Building FAR
1.61
Lot Size
0.33 AC
Opportunity Zone
Yes
Zoning
BG-3
Parking
20 Spaces (1.07 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Bus Line
- Commuter Rail
- Signage
- Storage Space
- Air Conditioning
1 1
Very walkable
80/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | WORC-000004-000024-000012 | Improvements Assessment | $1,783,748 CAD |
| Land Assessment | $629,045 CAD | Total Assessment | $2,412,794 CAD |
Property Taxes
Parcel Number
WORC-000004-000024-000012
Land Assessment
$629,045 CAD
Improvements Assessment
$1,783,748 CAD
Total Assessment
$2,412,794 CAD
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65 Water St
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