Seven-Unit Student Housing
For Sale
$1,499,000
28 Sever St, Worcester, MA 01609
Leased through Summer 2027 with separately metered electricity and coin-operated laundry.
Property Size5,596 SF
Days on Market49
Property Features for 28 Sever St
General Information
Standard status
Active
Size
5,596 SF
Total Parking Spaces
6
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA, 2 x 3BR/1BA, 1 x 1BR/1BA, 1 x 5BR/1.5BA
Multifamily Units
7
Additional Details
Gross Income
$170,400
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,205
Amenities
on-site laundry
Building Details
Building Size
5,596 SF
Year Built
1920
Listing Agency:
Property Investors & Advisors, LLC
Listed By:
Brian Allen · License #9583389
(508) 868-0927
Source:
Classifiedrealtygroup
Added: Aug 20
Changed: Oct 6
Last Checked: Oct 5 at 3:49PM
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 Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this seven-unit apartment property at 28 Sever St includes a mix of one- to five-bedroom apartments. The unit configuration comprises two 2BD/1BA apartments, two 3BD/1BA apartments, one 1BD/1BA apartment, and one 5BD/1.5BA apartment, along with another 2BD/1BA apartment. All apartments are leased through Summer 2027, including six units occupied by WPI students.
Electricity is separately metered, and residents are responsible for electric and internet service. Property improvements include a replacement roof with gutters, upgraded electrical service and panels, and interior work in multiple apartments. An on-site coin-operated laundry provides an additional income source.
The property is located near WPI, downtown Worcester, restaurants, and shopping. WalkScore is 73, BikeScore is 31, and TransitScore is 31.
Electricity is separately metered, and residents are responsible for electric and internet service. Property improvements include a replacement roof with gutters, upgraded electrical service and panels, and interior work in multiple apartments. An on-site coin-operated laundry provides an additional income source.
The property is located near WPI, downtown Worcester, restaurants, and shopping. WalkScore is 73, BikeScore is 31, and TransitScore is 31.
Key Highlights
- Seven‑unit apartment property at 28 Sever St, Worcester, MA 01609
- All seven apartments leased through Summer 2027
- Six of seven units leased to WPI students
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,437
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,508,740
$1.5M
Cap Rate 7%
$1,077,671
$1.1M
Cap Rate 9%
$838,189
$838.2K
Market Conditions
NOI Build-Up for 5,596 SF
Gross rent
$144.4K $25.80/SF
− Vacancy
−$7.2K −$1.29/SF
EGI
$137.2K $24.51/SF
− OpEx
−$61.7K −$11.03/SF
NOI
$75.4K $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%
$1,508,740
Cap Rate 7%
$1,077,671
Cap Rate 9%
$838,189
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$943.0K – $1.26M
NOI $75,437 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,748 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Leased through Summer 2027 with separately metered electricity and coin-operated laundry.
Where is this apartment building located?
The property is located at 28 Sever St Worcester, MA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Seven‑unit apartment property at 28 Sever St, Worcester, MA 01609; All seven apartments leased through Summer 2027; Six of seven units leased to WPI students
