RE/MAX Advantage I

65 Kenwood Avenue, Worcester, MA 01605

Commercial

$524,900
Price

1
Buildings
5+ Residential
Type of Comm.
11,586.00
Lot Size
This is a rare opportunity to purchase a franchisee net-leased free-standing single-tenant residential property with 15-year lease to a strong tenant with a proven business model serving individuals struggling with substance use disorder. There are 14 years remaining on this lease with lessor responsible for only real estate taxes, property insurance, and capital repairs. Structured residential recovery programs have been around for as long as alcoholism and drug addiction. These homes gained public recognition in 1975 when the Oxford House organization was established to give a structure and an operational model to these facilities. Since then and largely influenced by the Oxford House movement, structured residential recovery homes have grown steadily in popularity and have helped countless men and women in recovery from substance abuse. This building generates nearly $70,000 in net operating income and is offered at an attractive 7% cap rate. **SEE ATTACHMENT FOR MORE INFORMATION**
Open House
No scheduled Open Houses
Highlights
Lot Size: 11,586.00
Acres: 0.27
List Price: $524,900
Type: Commercial
Type of Comm.: 5+ Residential
Status: Active
Stories: 3
Buildings: 1
Year Built: 1900
MLS#: 72657520
 
 
Exterior
Acres: 0.27
Lot Size: 11,586.00
Parking Spaces: 4
Utilities: Public Water, Public Sewer
Taxes
Short Sale Lender Approval: No
Lender Owned: No
21E On File: No
Assessed Building Value: $232,900
Condo Assoc.: No
Assessed Land Value: $59,600
Exchange: No
Gross Annual Income: $85,712
Taxes: $5,265
Tax Year: 2019
Net Operating Income: $69,571
Book/Page: 58296/166
Lease Price Includes: Building
Sublet: No
Special Financing: Yes
Total Assesed Value: $292,500
Zone Description: Legal Non-Conforming
 
Features
Residential Sq. Ft.: 2,640
Residential Units: 1
 
Additional
Disclosure Declaration: No
For Lease: Yes
Lease Type: Net Lease
Space Available: For Sale
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The listing office is Walker Thomas LLC and the listing agent is Philip L. Goduti. The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and it's subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein. The data was last modified on 12/18/2018 2:44:00 PM.
 
Office
UA-48081509-1