346 Lovell StWorcester, MA 01602

Property Details for 346 Lovell St

Year built

1920

Construction

FRAME

Lot size

0.19 AC

Property size (Sq ft)

2,690 SF

Zone code

ML-.5

Property type

Investment properties

Property subtype

Live-work space

APN

WORC M:14 B:032 L:06+8A

APU

WORCM14B032L068A

Description

This unique, well-maintained property at 346 Lovell Street in Worcester, MA, presents a rare mixed-use investment opportunity. Situated on a 0.19-acre lot, this building offers a blend of residential and commercial space, currently configured as three units: two one-bedroom apartments and one studio apartment. Two additional rooms on the second and third floors are currently used for storage but offer potential for expansion or conversion into additional rental units, potentially increasing the property to four units. Each unit boasts independent heating, hot water, and electrical systems, minimizing operational expenses for the owner. The property's history includes past uses as a real estate office and a hair salon, highlighting its versatility. Ample off-street parking is available for ten or more vehicles, accessed via a private driveway leading to a detached garage measuring 19 feet by 18 feet. All residential and commercial units have their own separate entrances and exits for enhanced privacy and convenience. The property has undergone numerous updates over the years and is being offered for sale for the first time in nearly 30 years. This prime West Side location presents a compelling opportunity for investors seeking a multi-unit property with significant upside potential. The asking price is $875,000.

• CAP approach

  CAP return

  Valuation

  6%

  $444,737

  6.5%

  $410,527

  7%

  $381,203

• Comparable approach

  Method

  Valuation

  Relative Method

  $351,475

  Geo Method

  $351,475

• Alternative Use

  Use

  Valuation

  Residential

  $509,053

  Hospitality

  $466,290

  Educational

  $387,948

  Medical

  $401,290

  Retail

  $603,474

Location Insight

City

Worcester

County

Worcester

State

Massachusetts

Latitude

42.2623

Longitude

-71.8288

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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