14 Putnam LnWorcester, MA 01604

Property Details for 14 Putnam Ln

Year built

1965

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.93 AC

Property size (Sq ft)

7,806 SF

Zone code

MG-2

Property type

Showrooms

APN

WORC M:16 B:029 L:00011

APU

WORCM16B029L00011

Description

This exceptional 1.5-acre industrial property in Worcester, Massachusetts, presents a unique redevelopment opportunity. Located at 14 Putnam Ln, 01604, this site boasts a 13,500 square foot flex space building, built in 1965, featuring 12 loading docks and 11 dock-high doors. The building offers ceiling heights ranging from 12 to 18 feet, providing ample versatility for various uses. The asking price is $2,500,000, translating to $185.19 per square foot. Its prime location on Shrewsbury Street, Worcester's main dining destination, offers unparalleled walkability to Union Station and numerous restaurants. The site's zoning and potential allow for the development of approximately ninety residential units, based on comparable projects in the area. This makes it an attractive investment for developers seeking a high-amenity location within a thriving 200,000-person city. The existing flex space is suitable for a brewery, creative office, or maker space, offering immediate income potential while redevelopment plans are underway. This property represents a rare blend of immediate usability and significant long-term development potential in a highly desirable urban setting.

• CAP approach

  CAP return

  Valuation

  6%

  $1,897,130

  6.5%

  $1,751,197

  7%

  $1,626,112

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,570,228

  Geo Method

  $2,570,228

• Alternative Use

  Use

  Valuation

  Residential

  $1,477,200

  Hospitality

  $1,353,108

  Educational

  $1,125,770

  Medical

  $1,164,487

  Retail

  $1,751,197

Location Insight

City

Worcester

County

Worcester

State

Massachusetts

Latitude

42.2681

Longitude

-71.7785

CBSA code

49340

CBSA name

WORCESTER, MA-CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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