240 Worcester RdSterling, MA 01564

Property Details for 240 Worcester Rd

Year built

1908

Construction

FRAME

Lot size

1.64 AC

Property size (Sq ft)

11,934 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

STER M:00105 L:00047

APU

STERM00105L00047

Description

This exceptional property presents a unique development opportunity encompassing two parcels totaling 5.3 acres. The historic Sterling Inn, situated near the base of Mt. Wachusett, boasts approximately 12,000 square feet of interior space on a 1.6-acre lot. The property at 240 Worcester Road offers significant potential for restoration or conversion into townhomes or condominiums. Adjacent to the Inn, at 223 Worcester Road, lies a 3.7-acre parcel of mixed-use land, providing further development possibilities. This combined acreage allows for the creation of additional townhomes, retail space, or a blend of both. Comprehensive documentation is available, including perk testing and cost estimates for townhome conversion and development. The property's location and size offer considerable flexibility for a variety of development projects, making it an attractive investment for those seeking a high-impact venture. The existing structure and the adjacent land present a rare opportunity to create a thriving community asset. All necessary documents, including those detailing perk testing and estimated costs for conversion and development of townhomes, are readily available for review. This is a truly remarkable opportunity to capitalize on a prime location and substantial acreage. The asking price for this combined property is $844,900.

• CAP approach

  CAP return

  Valuation

  6%

  $2,241,052

  6.5%

  $2,068,664

  7%

  $1,920,902

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,664,347

  Geo Method

  $3,664,347

• Alternative Use

  Use

  Valuation

  Residential

  $2,258,380

  Hospitality

  $2,068,664

  Educational

  $1,721,104

  Medical

  $1,780,295

  Retail

  $2,677,272

Location Insight

City

Sterling

County

Worcester

State

Massachusetts

Latitude

42.434

Longitude

-71.764

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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