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24 Lake Ave
Worcester, MA 01604
Retail Property For Sale
Investment Highlights
- Mixed-Use Asset: ± 3,091 SF, three-unit building with two commercial units and one residential apartment, providing diversified income.
- Value-Add Opportunity: Current rents are below market, offering clear upside through renewals, re-tenanting, or repositioning to grow NOI.
- On-Site Parking & Visibility: Off-street parking and outstanding exposure along one of Worcester’s most heavily traveled commercial corridors.
- Strong In-Place Tenancy: Occupied by Designs by Joseph (established tailor) and Hot Set Hair Studio (well-established salon), plus a residential unit.
- Prime High-Traffic Location: Situated off Route 9 between two signalized intersections with traffic counts of 32,863 VPD on Belmont Street
Property Facts
Property Type
Retail
Property Subtype
Freestanding
Building Size
4,607 SF
Building Class
C
Year Built
1920
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.46
Lot Size
0.23 AC
Zoning
BL-1 - Business Limited
Parking
25 Spaces (5.43 Spaces per 1,000 SF Leased)
Frontage
62’ on Lake Avenue
Amenities
- Bus Line
- Signage
- Air Conditioning
Property Taxes
| Parcel Number | WORC-000017-000012-000033 | Improvements Assessment | $225,700 |
| Land Assessment | $174,200 | Total Assessment | $399,900 |
Property Taxes
Parcel Number
WORC-000017-000012-000033
Land Assessment
$174,200
Improvements Assessment
$225,700
Total Assessment
$399,900
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