90-84-91 Lamartine St - Warehouse FOR SALE


Worcester, MA 01608
$3,900,000 USD
917-443-4734
90-84-91 Lamartine St, Worcester, MA for Sale
$3,900,000 USD
Warehouse - FOR SALE
1/14
null | Request Cap Rate

90-84-91 Lamartine St
Worcester, MA 01608


HIGHLIGHTS

  • New apartments

OVERVIEW

Worcester is the second-largest city in Massachusetts. Interstate 290, Route 146, Interstate 90, and Route 9 make it an easy drive to Connecticut, the Greater Boston Metropolitan Area, and Rhode Island. The property is located within blocks of Union Station, Central Massachusetts’s largest regional transportation hub serves the surrounding Boston and New York communities via the MBTA commuter rail, Lake Shore Amtrak line, and bus station, which serve local routes. The Citi of Worcester is in a renaissance with state and federal support. The building at 90 Lamartine Street and two adjacent lots (84 and 91 Lamartine Street) nearby constructed Polar Park. This baseball complex is the home of the Worcester Red Sox, the triple-A level affiliate of the Boston Red Sox. The stadium is part of the $240 million redevelopment of Worcester's Kelley Square and Canal District. Nearby is the new Conventional Center, Worcester Ice Center, home of Worcester Railer, and Ice Ring for public skating and curling. Worcester City is home to twelve Colleges, including the College of the Holy Cross, the University of Massachusetts Medical School, St. Vincent Hospital, and U Mass Memorial Medical Center. The properties are in the opportunity zone. At the Citi of Worcester Planning Board meeting on August 17, 2022, The Board approved the request for Special Permits to allow a multi-family use in A R O D and modify the parking layout and dimensional requirements for off-street parking and loading AROD. All architectural and engineering work was submitted to the building department and approved. Permits for contraction were granted. Building construction class as follows: C-Masonry/concrete exterior walls, wood/steel roof, and floor structure ext. Concrete slab on grade. Construction components are in working condition and adequate for the building. In 2023, renovation work started. The following work was done: New roof. New Elevator with new shaft. New water, sewer, and sprinkler lines were brought to the building. One hundred forty new windows were installed. Two new staircases were installed. Model apartment #3L was completed. Eleven apartments on the second and third floors were left rough (to finish, need paint and floor work). Fourteen apartments on the second and third floors, studs and braces installed. Plumbing was done on the 2nd and 3rd floors except for the water heaters. The working industrial sprinkler system was partially converted into residential. The ceiling and walls were sandblasted. Environmental study one was done.

FOR SALE DETAILS

PRICE

$3,900,000 USD

PRICE/SF

$89 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

STATUS

Under Renovation

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Warehouse

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1889

UTILITIES

-

CLEAR CEILING HT

11 Ft

DOCKS

1

DRIVE INS

1

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.46

LAND SF

20,038

ZONING

MG

APN/PARCEL ID

WORC-000005-000011-000012,WORC-000005-000011-000013-000015,WORC-000005-000011-000030

ASK ABOUT THIS PROPERTY

Leonid TurchinskyWorcester Bed Works IncMore Info
917-443-4734

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Leonid TurchinskyWorcester Bed Works IncMore Info
917-443-4734

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.