2 & 16 East Main St, Ware MA 01082
Beautiful setting close to Downtown Ware on the banks on the Ware River
Sold with clear title no back taxes or liens. Warranty deed- Title insurance provided.
LARGE BRICK MILL COMPLEX LOCATED ON THE NORTHERN BANK OF THE WARE RIVER.
Great demographics:
- population on the increase
- high % of occupied units
- Average household income over $60k
Gross rental income potential: $172,000/ year (14,300/ month)
Two buildings on a large lot, located on the banks of the Ware River in Ware, MA.
The property is divided into four parcels with lot area totalling about 6.22 acres extending over both sides of the river.
Great potential:
The large industrial buildings are also suitable for a variety of uses or mixed use.
Zoning can include development of single-family, multi-family, office, retail. Buyer to confirm permitted uses direct with zoning.
4 parcels, buyer may retain some of the parcels and sell out the others.
Description:
The property has three brick buildings and is sitting on a 6.22 acres lot about 0.3 miles from Downtown Ware, MA. The building numbers are marked on the Bird Eye View picture.
The total floor area is about 33,300 sq ft and is divided as follows:
Offices: 300 sq ft
Warehouse: 17,000 sq ft
Manufacturing: 17,000 sq ft
The buildings are 1 to 4 stories high. The four story building (building 1) is right on the bank of the river and has a lot of character and is suitable for residential or offices. The single storey/ two storey building (Building 2) is suitable for warehousing or manufacturing and/ or offices and has an attractive curved wall and high windows and large open areas. The two stories building at the back (building 3) is two story and ideal for offices or servicing.
Building 4 which takes a small area behind building 3 will need demolishing – its area is not included in the above sq ft.
The lot has potential for new build (subject to zoning) and offers ample space for parking.
Property condition:
Overall the buildings are solid and will need a rehab and renovation according to the proposed use. The sprinkler system is currently switched off but was repaired last year and was working. The heating is also operational and in working order.
Phase I Environmental report was conducted which concluded: Site conditions do not indicate an Imminent Hazard to health, safety, public welfare and/or the environment, and further Immediate Response Actions are therefore not necessary. The site does not meet the inclusion criteria for a Tier I classification and is therefore classified Tier II. The only issue is related to an oil tank which will need to be dealt with.
Features:
- Downtown location
- large Lot
- All Brick Buildings
- Large open space
- Ideal setting by the River Ware
Great Location:
Prominent and highly visible, this is a great location for a variety of uses
The property is located on the banks of the River Ware less than 5 minutes walk from Downtown Ware with the river running through the property. The area is mixed residential and commercial and all properties on the street are very well kept. Downtown has many stores, banks, the Post Office and is a good mix of commercial and residential.
The property is close to local facilities and amenities:
Restaurants
Lazer's Pizza & Roast Beef (.2mi), Gheppetto's Grill (.3mi), Niko's Pizza (.3mi), Villa's Pizzeria (.4mi), Ware Cafe & Catering Services (.5mi), Debbie Wong Restaurant (.5mi), Snow's Restaurant (.7mi), McDonald's (.8mi), Asian Garden (.8mi), Subway (.9mi), Mexicali Fresh Mex Grill (.9mi), Bella Roma II (1mi), Crystal Springs Dairy Bar (1mi), United China Restaurant (1mi), Georges astronaut pizza (1.4mi), Astronaut Pizza House (1.4mi), Teresa's Resturant (2.3mi), Subway (2.7mi)
Bars
Gabriel NarutowiczInc (.03mi),
Groceries
Big Y World Class Market (1mi), Big Y (1mi), Ware Farmers' Market (1.1mi), Walmart Supercenter (2.7mi), Traska Village Market (3.4mi), Hardwick Market &Pkg Store (3.5mi), Warren Cash Market (3.9mi),
Parks
Ware Millyard Historic District (.1mi), Nenamesek Park (.3mi), Greenville Park (.4mi), Memorial Field (.4mi), Church Street Historic District (.5mi), Greenville Park (.6mi), Coy Hill Wildlife Management Area (1.1mi), Ware Center Historic District (2mi), Palmer Wildlife Management Area (2.3mi), Lucy Stone Home Site (2.3mi), Palmer Wildlife Management Area (2.4mi), Swenson Land (2.6mi), Strawberry Fields (2.6mi),
Schools
St Mary's School (.4mi), Stanley M Koziol Elementary School (1.5mi), Ware High School (1.6mi), Ware Middle School (1.6mi), St Thomas Aquinas School (3.4mi), Quaboag Regional High School (3.7mi),
Shopping
Wilton Childrens Store (.2mi), Custom Sewing (.3mi), Nat Falk (.3mi), Nat Falk Inc (.3mi), Jane Alden Convenience Store (.5mi), Brookside Mart (.8mi), Just A Thought Boutique (1mi), Cumberland Farms (1.1mi), A La Cave Stiches and Crafts (2.3mi), Discount Bridal Shoppe.com (3.2mi), Toby's Winter Wear (3.9mi),
Demographics 3 miles 5 miles
2015 Total Population 7,541 16,892
Population change 2010-15 +2.26% + 1.86%
% occupied units 92.95% 91.75%
Average Household Income: $61,050 $70,322
Great investment opportunity:
The property has great potential with 33,300 sq ft of buildings on 6.22 acres
The average asking price for industrial property in Ware, MA is $44.18/ sq ft*, based on this average the retail part on its own is worth $1,471,000.
Price increases: last 3 month: + 3.7% - last 12 months: +12.9%*
The average asking rent for industrial property in Ware, MA is $5.17/SF/Year*. At this rate the property gross rental income is: $172,000/ year (14,300/ month)
*LoopNet.com
Comparables For Sale:
1 Mechanic Street Ware, MA 01082 - 15,800 SF - Industrial- $425,000
Rt. 32 at Malboeuf Road, Ware, MA 01082 – 6 Acres - $500,000
1 Palmer Rd, Ware, MA 01082- 0.62 Acres lot - $127,000
Comparables Sold:
56 North Street, Ware, MA 01082 – 3,231 sq ft - $70,000 – Sold 3/30/2017
57 East St Ware MA 01082 – 5,212 sq ft - $75,000 – Sold 3/9/2017
32 Park Avenue, Ware, MA 01082- 2,976 sq ft- $157,000- Sold 2/9/2017
104 West Street, Ware, MA 01082 – 13,815 sq ft - $7,651,000- Sold 10/14/2016 (built 2008)
3 Wildflower Drive, Ware, MA 01082 – 0.46 acres lot- $279,000- Sold 9/13/2016
Real Estate Taxes:
Hampshire County Massachusetts parcel Pin #: 57-0-110, 61-0-191, 61-0-190, 57-0-128
Total Assessed: $493,400
Tax for all 4 parcels: $9,972
Any back taxes will be paid by seller at closing, buyer will get clear title.
Due Diligence (attached)
Phase 1 environment report
Purchase Agreement
Utilities: Electricity/ Power connected
PROPERTY IS SOLD AS IS, WHERE IS-
Sold with clear title no back taxes or liens. Warranty deed- Title insurance provided.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
There is no deed preparation fee or auction premium.
10% non-refundable deposit is due within 48 hours of auction close.
Final Payment to be made within 3 weeks of the Auction close.
10% non-refundable deposit, auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close to be transferred tot he escrow account of the title company who will be handling the title insurance and closing.
Final Payment to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. Property sold on a Warranty deed with title insurance. Buyer is responsible for checking directly the requirements of the building code department . No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are buying subject to and responsible for dealing with building code and environmental requirements. Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
OVER 180 AUCTIONS ALREADY SOLD ON BID4ASSETS, CHECK OUT OUR PROPERTY PAGE FOR CURRENT AUCTIONS:
http://www.bid4assets.com/v5/search/#t=s|s=507829|sc=bidclosetime|so=ASC
