Skip to main content

Multifamily

Worcester WPI Multifamily Portfolio

4 Properties, Worcester, MA 01609

Listing Price: $3,335,000

Cap Rate
6.00%
Number of Units
11
Occupancy
100.0%
Price/Unit
$303,182
Price/Gross SF
$149.54
Gross SF
22,302

Investment Overview

Marcus and Millichap is pleased to present a 4 property portfolio located in Worcester, Massachusetts. The portfolio contains three 3 Unit properties, one 2 Unit property. The entirety of the portfolio is a five minute walk to WPI's campus and are currently rented out by WPI students. All four properties have a recently updated updated kitchens, and bathrooms as well as newer roofs and siding that are no less than 10 years old. The entirety of the portfolio contains off street parking and strong WPI student tenants in each. In addition, the properties contain all gas heating with individual high efficiency heating systems in two of the four properties. All the hard work has been done on the properties, so the only needs are to maintain and collect rent. Investors can expect a high demand for these duplex and triplex apartment buildings based on their location in Worcester and their historically full occupancy. A relevant factor that investors should consider in this portfolio are the recent renovations done to each property, which include updated roofs, sidings, kitchens, and bathrooms. All the buildings in the portfolio have separate utilities responsible by the tenants. Additionally, investors can expect double digit cash-on-cash returns with the ability to increase rents over 10% VS current market rental rates. With the Worcester housing market on the rise, more than 20% in the past two years, along with the city of Worcester revitalization project currently underway, the student demand and affordability with a growing population will only strengthen the area for the foreseeable future.

Investment Highlights

  • 4 properties comprised of 11 apartments including (3) 3-unit buildings and (1) 2-unit apartment building near WPI University.
  • Large, highly demanded apartments made up of (1) 6-bedroom, (6) 4-bedrooms, and (4) 3-bedrooms. All with separate utilities, off-street parking and laundry for tenants. Within walking distance of WPI
  • Improvements include updated kitchens and bathrooms at each property with high-efficiency heating systems in two of the four buildings. And newer roofs and siding less than 10-years old.
  • Investors can expect a current NOI over $200k with the ability to increase rents nearly 10% to local market rates based on the high student housing demand and quality of apartments for the area.

Exclusively Listed By

Financing By

Multifamily

Worcester WPI Multifamily Portfolio

Listing Price: $3,335,000

Cap Rate
6.00%
Number of Units
11
Occupancy
100.0%
Price/Unit
$303,182
Price/Gross SF
$149.54
Gross SF
22,302

Investment Highlights

  • 4 properties comprised of 11 apartments including (3) 3-unit buildings and (1) 2-unit apartment building near WPI University.
  • Large, highly demanded apartments made up of (1) 6-bedroom, (6) 4-bedrooms, and (4) 3-bedrooms. All with separate utilities, off-street parking and laundry for tenants. Within walking distance of WPI
  • Improvements include updated kitchens and bathrooms at each property with high-efficiency heating systems in two of the four buildings. And newer roofs and siding less than 10-years old.
  • Investors can expect a current NOI over $200k with the ability to increase rents nearly 10% to local market rates based on the high student housing demand and quality of apartments for the area.

Investment Overview

Marcus and Millichap is pleased to present a 4 property portfolio located in Worcester, Massachusetts. The portfolio contains three 3 Unit properties, one 2 Unit property. The entirety of the portfolio is a five minute walk to WPI's campus and are currently rented out by WPI students. All four properties have a recently updated updated kitchens, and bathrooms as well as newer roofs and siding that are no less than 10 years old. The entirety of the portfolio contains off street parking and strong WPI student tenants in each. In addition, the properties contain all gas heating with individual high efficiency heating systems in two of the four properties. All the hard work has been done on the properties, so the only needs are to maintain and collect rent. Investors can expect a high demand for these duplex and triplex apartment buildings based on their location in Worcester and their historically full occupancy. A relevant factor that investors should consider in this portfolio are the recent renovations done to each property, which include updated roofs, sidings, kitchens, and bathrooms. All the buildings in the portfolio have separate utilities responsible by the tenants. Additionally, investors can expect double digit cash-on-cash returns with the ability to increase rents over 10% VS current market rental rates. With the Worcester housing market on the rise, more than 20% in the past two years, along with the city of Worcester revitalization project currently underway, the student demand and affordability with a growing population will only strengthen the area for the foreseeable future.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower