Description
264 Grafton Street, Worcester, MA | Mixed-Use Investment with Development Upside264 Grafton Street is a mixed-use property with three commercial units, three residential units, and two billboards. All commercial leases are +NNN, and residential tenants pay their own utilities, keeping owner expenses to a minimum. Long-term tenants provide steady income, and four new mini-splits with AC condensers keep near-term capital costs low.The location is highly visible. Grafton Street sees about 10,000 travelers a day, the property is roughly 300 yards from an I-290 ramp carrying around 140,000 vehicles a day, and downtown Worcester is less than a mile away.The large parcel also has room to build. The city planning department has verbally approved a four-unit townhouse on the vacant land, and the owner is pursuing ANR approval. The property can be sold with approved permits and architectural drawings in place.This is a strong fit for an investor seeking passive income or a developer looking to add new multifamily units.
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Listed by: 774-230-3634; Todd Lornell; Lornell Real Estate
