24 Lake Avenue

$925,000

24 Lake Avenue, Worcester, MA 01604

For Sale

Retail Street Retail

Active

Last Updated: 01/15/2026

Details:

Building Size: 4,607 sqft

Offered by Broker

Kelleher Sadowsky

Office Manager

Kelleher & Sadowsky

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Highlights:

Mixed-Use Asset: ± 3,091 SF, three-unit building with two commercial units and one residential apartment, providing diversified income.
Strong In-Place Tenancy: Occupied by Designs by Joseph (established tailor) and Hot Set Hair Studio (well-established salon), plus a residential unit for additional cash flow.
Value-Add Opportunity: Current rents are below market, offering clear upside through renewals, re-tenanting, or repositioning to grow NOI.
Prime High-Traffic Location: Situated off Route 9 between two signalized intersections with traffic counts of 32,863 VPD on Belmont Street and 13,687 VPD on Lake Avenue.
On-Site Parking & Visibility: Off-street parking and outstanding exposure along one of Worcester’s most heavily traveled commercial corridors.

Description:

24 Lake Avenue presents a compelling mixed-use opportunity consisting of a ± 3,091 SF, three-unit building with on-site parking, located along one of Worcester’s most heavily traveled commercial corridors. The property features a diversified tenant mix with two commercial units and one residential apartment, offering both stable in-place income and future upside.

The commercial units are occupied by Designs by Joseph, an established tailor, and Hot Set Hair Studio, a well-established salon, while the residential apartment provides additional cash flow. Current rents are below market, creating a clear path for rental growth through lease renewals, re-tenanting, or repositioning, allowing a new owner to enhance the NOI.

The property’s exceptional location and visibility further support long-term value appreciation. Situated directly off the Boston–Worcester Turnpike (Route 9) and between two signalized intersections, the site benefits from outstanding traffic counts of 32,863 vehicles per day on Belmont Street and 13,687 vehicles per day on Lake Avenue. This exposure makes the property particularly attractive to retail, professional users, and neighborhood businesses.

With below-market rents, strong existing tenancy, off-street parking, and a prime high-traffic location, this property offers investors and owner-users a rare opportunity to acquire a well-located asset with meaningful rent growth and value-add potential in the growing Worcester market.

With its proximity to key landmarks such as Worcester Common, Hanover Theatre, and the DCU Center, this location offers a prime opportunity to tap into a dynamic market. Enjoy the energetic atmosphere of Shrewsbury Street's restaurant scene, or explore the unique boutiques along Pleasant Street. Worcester's rich cultural heritage, coupled with ongoing revitalization efforts, makes it an attractive destination for retail investment. Join the thriving retail community in this thriving city!