Leicester, MA Development

Price

$510,000.00

Listing Tags

—

Beds

Size

4888 sqft

Type

Single Family

Overview

1003 Main Street in Leicester, Massachusetts is a high-capacity men's recovery residence in Worcester County, configured for 30 beds across approximately 4,888 square feet. The home has been laid out for recovery housing use but still needs a full interior cosmetic renovation before opening. For a buyer prepared to complete that work, it offers a large, purpose-configured residential asset at an attractive basis.

Lease and Income Structure

1003 Main Street, Leicester, MA 01524 is a large men's recovery residence located in Worcester County, Massachusetts. The property provides approximately 4,888 square feet configured to support up to 30 recovery housing beds, with a room mix of 4 private beds and 26 shared beds.

The home has been laid out and repositioned for recovery housing use, but it is not turn-key. It requires a full interior cosmetic renovation to bring it to opening condition, and the final scope and finish level can be shaped by the buyer's plans for the property. This is best understood as a value-oriented acquisition of a high-capacity building rather than a stabilized, operating asset.

With its scale and configuration, the property is well suited to a recovery housing operator or mission-driven investor seeking a large home in a strong Massachusetts submarket. Once the interior work is complete, the building is positioned to support a structured, high-capacity recovery housing operation with meaningful long-term income potential.

Property Financials

Bed Data

Private Beds 4

Shared Beds 26

Total Beds 30

Vacancy Rate (estimated) 20%

House Mentors 2.1

Revenue-Producing Beds 21.90

Weekly Rent $180.00

Intake Fee $200.00

Revenue (Annual)

Total Potential Rent Income $280,800.00

Less: Vacancy & Loss $56,160.00

Less: Mentor Rent Credit $19,656.00

Plus: Intake Fee Revenue $9,600.00

Plus: Laundry Service Revenue $4,992.00

Total Revenue $219,576.00

Expenses (Annual)

Operating Expenses $31,031.00

Property Taxes $5,735.35

Property Insurance $3,600.00

Valuation

Capitalization Rate 10%

Work Needed

This property needs a full interior cosmetic renovation before it can open. We estimate approximately $80,000 in work, though the final budget and finish level will depend on the buyer's vision for the home. The scope is focused on interior cosmetic improvements rather than structural redevelopment, and a buyer should plan diligence around confirming the renovation budget, finishes, code and life-safety requirements, and the steps needed to bring the property to full operational readiness.