Remodeled Six-Unit Apartment
For Sale
$999,900
120 Southgate St, Worcester, MA 01603
Updated interiors and established occupancy characterize this multifamily property in Worcester.
Property Size5,535 SF
Price / SF$180.65
Days on Market50
Property Features for 120 Southgate St
General Information
Standard status
Active
Size
5,535 SF
Property subtype
5-9 Family
Additional Details
Multifamily Units
6
Building Details
Building Size
5,535 SF
Year Built
1910
Listing Agency:
Limitless Real Estate Group, LLC
(617) 958-1904
Listed By:
Michael Duran · License #9560491
(857) 389-6086
Source:
Iverty
Added: Aug 28
Changed: Oct 15
Last Checked: Oct 15 at 1:09AM
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 Limitless Real Estate Group, LLC
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Investment Insights
Based on property information with market context.
This six-unit apartment property in Worcester contains 5,535 square feet and dates to 1910. The building has been remodeled throughout, with apartments that have been updated and maintained for ongoing residential use.
Most units are occupied by long-term tenants, providing an established occupancy profile and rental history. The property is located at 120 Southgate St in Worcester, Massachusetts, and its six-unit configuration offers a substantial multifamily asset within a single building.
Most units are occupied by long-term tenants, providing an established occupancy profile and rental history. The property is located at 120 Southgate St in Worcester, Massachusetts, and its six-unit configuration offers a substantial multifamily asset within a single building.
Key Highlights
- Six‑family apartment property with 5,535 square feet
- Remodeled throughout with updated apartments
- Most units occupied by long‑term tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,615
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,492,300
$1.5M
Cap Rate 7%
$1,065,929
$1.1M
Cap Rate 9%
$829,056
$829.1K
Market Conditions
NOI Build-Up for 5,535 SF
Gross rent
$142.8K $25.80/SF
− Vacancy
−$7.1K −$1.29/SF
EGI
$135.7K $24.51/SF
− OpEx
−$61.0K −$11.03/SF
NOI
$74.6K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,492,300
Cap Rate 7%
$1,065,929
Cap Rate 9%
$829,056
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$932.7K – $1.24M
NOI $74,615 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,322 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
953
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated interiors and established occupancy characterize this multifamily property in Worcester.
Where is this apartment building located?
The property is located at 120 Southgate St Worcester, MA.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Six‑family apartment property with 5,535 square feet; Remodeled throughout with updated apartments; Most units occupied by long‑term tenants
