Detached Garage Multifamily
106 Mill St Worcester, MA 01603
New
106 Mill St, Worcester, MA, 01603
$839,900
For Sale
$839,900
Income-producing multifamily with detached garage, off-street parking, and multiple porches plus a workshop-equipped basement.
Property Size3,648 SF
Price / SF$230.24
Days on Market3
Property Features for 106 Mill St
General Information
- Standard status
- Active
- Size
- 3,648 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1920
Listing Agency
(508) 685-0223
Listed by
Carlena Desmond
(508) 685-0223
Source
Elliman
Added: Jul 19 Updated: Jul 20 at 2:23 am Checked: Jul 20 at 2:23 am
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 Carlena Desmond
Investment Insights
Based on property information with market context.
This income-producing multifamily offers a flexible residential layout with 10 bedrooms and 5 bathrooms across approximately 3,648 square feet. The property includes a detached garage that generates an additional $500 per month, along with ample off-street parking and a spacious basement with a workshop area. Two three-season porches provide additional usable space, and there is an oversized backyard.
The home has been converted from oil to natural gas for improved efficiency. It sits on a lot that borders two streets, and the remarks note there may be subdivision potential, with the buyer to perform their own due diligence.
Conveniently located near schools, parks, shopping, restaurants, public transportation, and major routes, the property is positioned for both current income and future possibilities as described in the provided information.
The home has been converted from oil to natural gas for improved efficiency. It sits on a lot that borders two streets, and the remarks note there may be subdivision potential, with the buyer to perform their own due diligence.
Conveniently located near schools, parks, shopping, restaurants, public transportation, and major routes, the property is positioned for both current income and future possibilities as described in the provided information.
Key Highlights
- Income‑producing multifamily built in 1920 with 10 bedrooms, 5 baths, and 3,648+ sq. ft. of flexible living space.
- Detached garage provides additional rental income of $500/month.
- Converted from oil to natural gas for improved efficiency.
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 | $94.1k | $25.80 |
| − Vacancy | −$4.7k | −$1.29 |
| EGI | $89.4k | $24.51 |
| − OpEx | −$40.2k | −$11.03 |
| NOI | $49.2k | $13.48 |
3,648 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$702.5K
$614.7K – $819.6K
NOI $49,177 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,234 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Income-producing multifamily with detached garage, off-street parking, and multiple porches plus a workshop-equipped basement.
Where is this apartment building located?
The property is located at 106 Mill St Worcester, MA.
What is the asking price?
The asking price for this property is $839,900.
What are key features of this property?
This property features: Income‑producing multifamily built in 1920 with 10 bedrooms, 5 baths, and 3,648+ sq. ft. of flexible living space.; Detached garage provides additional rental income of $500/month.; Converted from oil to natural gas for improved efficiency.
