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Multifamily

Worcester Section 8 Multifamily Portfolio

6 Properties, Worcester, MA 01604

Listing Price: $3,997,000

Cap Rate
6.54%
Number of Units
20
Occupancy
100.0%
Price/Unit
$199,850
Price/Gross SF
$123.75
Gross SF
32,299

Investment Overview

Marcus and Millichap is pleased to present a 6 property portfolio located in Worcester, Massachusetts. The portfolio contains four 3 Unit properties, and one 5 Unit property with the entirety of the buildings Section 8. The properties have an attractive unit mix of one, two, three, and four bedrooms apartments with two studios. All properties but 12 Channing St contain a full lead compliance letter that is less than 10 years old as well as recent renovated plumbing, bathrooms, and kitchens, with strong tenants in each. In addition, all the roofs on the properties are 15 years old or newer. All the hard work has been done on the properties, it is now only needed to maintain the market 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. Relevant factors that investors should consider in this portfolio are the recent renovations done to each property, which include updated plumbing, heating, electrical systems, kitchens, and bathrooms as well as recently completed lead certifications for all but one property. All properties except 98 Southgate St have individual high efficient forced hot air or forced hot water heating systems. All the buildings in the portfolio have separate utilities responsible by the tenants and include off street parking. 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

  • 6 properties comprised of 20 apartments including (5) 3-unit and (1) 5-unit apartment buildings located in Worcester, MA.
  • Attractive unit mix including (1) 4-bedroom, (10) 3-bedroom, (3) 2-bedroom, (4) 1-bedroom and (2) studios. All with separate utilities, off-street parking and laundry available for tenants.
  • Improvements at each property include updated kitchens and baths. Accompanied with high efficiency forced hot air & water heating systems, one property is electric heat. Lead certificates for 5/6.
  • Significant upside and strong historical occupancy with a current NOI of over $260k and double digit cash-on-cash returns.

Exclusively Listed By

Financing By

Multifamily

Worcester Section 8 Multifamily Portfolio

Listing Price: $3,997,000

Cap Rate
6.54%
Number of Units
20
Occupancy
100.0%
Price/Unit
$199,850
Price/Gross SF
$123.75
Gross SF
32,299

Investment Highlights

  • 6 properties comprised of 20 apartments including (5) 3-unit and (1) 5-unit apartment buildings located in Worcester, MA.
  • Attractive unit mix including (1) 4-bedroom, (10) 3-bedroom, (3) 2-bedroom, (4) 1-bedroom and (2) studios. All with separate utilities, off-street parking and laundry available for tenants.
  • Improvements at each property include updated kitchens and baths. Accompanied with high efficiency forced hot air & water heating systems, one property is electric heat. Lead certificates for 5/6.
  • Significant upside and strong historical occupancy with a current NOI of over $260k and double digit cash-on-cash returns.

Investment Overview

Marcus and Millichap is pleased to present a 6 property portfolio located in Worcester, Massachusetts. The portfolio contains four 3 Unit properties, and one 5 Unit property with the entirety of the buildings Section 8. The properties have an attractive unit mix of one, two, three, and four bedrooms apartments with two studios. All properties but 12 Channing St contain a full lead compliance letter that is less than 10 years old as well as recent renovated plumbing, bathrooms, and kitchens, with strong tenants in each. In addition, all the roofs on the properties are 15 years old or newer. All the hard work has been done on the properties, it is now only needed to maintain the market 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. Relevant factors that investors should consider in this portfolio are the recent renovations done to each property, which include updated plumbing, heating, electrical systems, kitchens, and bathrooms as well as recently completed lead certifications for all but one property. All properties except 98 Southgate St have individual high efficient forced hot air or forced hot water heating systems. All the buildings in the portfolio have separate utilities responsible by the tenants and include off street parking. 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

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