One of downtown Cambridge’s most visible and valuable commercial properties is on the market. When Provident State Bank moved its retail operation to a new location at 301 Crusader Road in October, they put their original building at 530 Poplar Street on the market for $395,000.
The beautiful, two-story, federal–style, corner and brick building in the heart of the Historic District contains almost 12,000 square feet of office space. Constructed in 1920, the building sits at the intersection of High and Poplar Streets.
According to listing agent Valerie Brown of Powell Realtors, “Provident’s prime location and proven income producing record makes it a perfect investment or development opportunity for a savvy business.” She points to the ample customer parking as one of the many amenities adding, “This rarely available and affordable site would be an ideal property for any entrepreneur or enterprise looking to take advantage of the many benefits the city’s Arts & Entertainment (A&E) and Historic District designations offer.”
Some of the many A&E tax benefits include a tax deduction on state income tax for eligible artists, an exemption state admission and amusement tax for certified arts activities, and a property tax credit for buildings renovated or constructed for an arts-related use.
Currently zoned for offices, the property includes a parking lot with over 20,000 square feet and accessible from three streets. There are currently three tenants including the Dorchester Chamber of Commerce.
For a listing of commercial and residential properties for sale in the A&E District or to learn more about the program’s incentives and opportunities visit www.ChooseCambridge.com.
For further information or to tour the property, contact Brown at 410-228-9333.