Renovated Six-Unit Apartment
1038 Main Street Worcester, MA 01603
1038 Main Street, Worcester, MA, 01603
$1,150,000
For Sale
$1,150,000
Turnkey six-unit multifamily with renovated 2-bedroom apartments, separate utilities, and updated exterior and roof.
Property Size5,802 SF
Price / SF$198.21
Days on Market147
Property Features for 1038 Main Street
General Information
- Standard status
- Active
- Size
- 5,802 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1920
Listing agency
Longwood Residential,LLC
Listed by
Michael Tinsley
(617) 731-4644
Source
Hammondre
Added: Feb 25 Updated: Jul 21 at 9:05PM Checked: Jul 22 at 7:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Longwood Residential,LLC
Investment Insights
Based on property information with market context.
This turnkey six-unit apartment building offers six renovated 2-bedroom, 1-bathroom units. Interiors include fresh paint, recently refinished hardwood floors, and updated hardware. The property is set up with fully separate utilities, including individual electric meters and separate gas meters, with tenant-paid hot water baseboard heat and tenant-paid hot water heaters in each unit. City trash pickup is included at no extra cost. Exterior improvements include newer vinyl siding, newer vinyl replacement windows, and a newer rubber roof.
The building is located at 1038 Main Street in Worcester, MA, with two tandem parking spots located behind the property that may provide additional rental income.
The configuration is designed to support straightforward operations, with each unit separately metered for electric and gas and tenant-paid utilities, while the building’s recent exterior and roof updates help reduce near-term capital concerns.
The building is located at 1038 Main Street in Worcester, MA, with two tandem parking spots located behind the property that may provide additional rental income.
The configuration is designed to support straightforward operations, with each unit separately metered for electric and gas and tenant-paid utilities, while the building’s recent exterior and roof updates help reduce near-term capital concerns.
Key Highlights
- 6‑unit multifamily building built in 1920 with renovated 2‑bedroom, 1‑bath units
- Fully separate utilities with individual electric and gas meters; tenant‑paid hot water baseboard heat and hot water heaters in each unit
- City trash pickup included at no extra cost
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $149.7k | $25.80 |
| − Vacancy | −$7.5k | −$1.29 |
| EGI | $142.2k | $24.51 |
| − OpEx | −$64.0k | −$11.03 |
| NOI | $78.2k | $13.48 |
5,802 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$977.7K – $1.30M
NOI $78,214 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.69M – $2.26M
NOI $135,561 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Turnkey six-unit multifamily with renovated 2-bedroom apartments, separate utilities, and updated exterior and roof.
Where is this apartment building located?
The property is located at 1038 Main Street Worcester, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 6‑unit multifamily building built in 1920 with renovated 2‑bedroom, 1‑bath units; Fully separate utilities with individual electric and gas meters; tenant‑paid hot water baseboard heat and hot water heaters in each unit; City trash pickup included at no extra cost
