Millbury Mixed Use

Investment Overview

Northeast Private Client Group is pleased to present 23 Millbury Street, a 24,195- square-foot mixed-use building in Worcester's Canal District, on Millbury Street steps south of Kelley Square. Built in 1900 and rising four stories, the property pairs nine residential apartments with two ground-floor storefronts across eleven income producing units. The residential floors hold five four-bedroom and four three-bedroom apartments, each roughly 1,225 square feet. At street level, an anchor bakery occupies 3,440 square feet on a lease running through August 30, 2030 at $4,000 per month, alongside a smaller deli storefront. Tenants pay their own electricity and individually metered gas heat, keeping the ownership expense load light. In-place rents sit well below market: the nine apartments average $1,827 per month against $2,311 on a pro forma basis. Marking rents to market lifts net operating income from $151,846 to $200,364 and the cap rate from 6.09% to 8.03% on the $2,495,000 asking price — roughly $103 per square foot and $226,818 per unit. 23 Millbury Street offers a value-add mixed-use investment: below-market residential rents with clear room to move, a commercial base anchored by a bakery under lease through 2030, and a position in Worcester's Canal District, the walkable, restaurant lined neighborhood anchored by Kelley Square and Polar Park just north. All interested and qualified parties will have the opportunity to obtain additional information upon request.

Investment Highlights

• Strong in-place cash flow with rent-to-market upside - (2) retail storefronts, (4) four-bedroom apartments, and (5) three-bedroom apartments -fully cash-flowing today with additional upside through increasing residential and retail rents to market levels.
• Minimal landlord expenses- Tenants are responsible for their own electric, gas heat, and hot water. Laundry hookups in all units, and the roofs were replaced in the past year.
• Adjacent parking income opportunity - Optional pairing with the adjacent parcel at 15 Millbury Street, creating the potential for supplemental parking income from both residential and retail tenants in an area where off-street parking remains a valuable amenity.
• Canal District location - Close proximity to Downtown Worcester, Polar Park, Union Station, and numerous local restaurants and amenities - benefits from continued investment and growth throughout the surrounding neighborhood.