Mixed-Use Property Near Polar
For Sale
$2,900,000
Pending
146 -152 Chandler, Worcester, MA 01609
17-unit mixed-use property with retail and residential units.
Property Size17,410 SF
Lot Size0.45 Acres
Days on Market311
Property Features for 146 -152 Chandler
General Information
Standard status
Pending
Size
17,410 SF
Lot size
0.45 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$34,166
Building Details
Building Size
17,410 SF
Year Built
1920
Stories
15
Units
17
Listing Agency:
Expert Realty Group
Listed By:
Patrick Sullivan · License #0598533
(508) 556-3209
Source:
Elliman
Added: Nov 28, 2025
Changed: Sep 20
Last Checked: Oct 4 at 11:31AM
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 Expert Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property in Worcester features 15 residential units and 2 retail spaces. The property consists of 3 contiguous buildings, totaling 17,410 square feet, situated on a corner lot of almost half an acre. A parking lot provides space for 30 cars. The apartments have been renovated, and the property includes a rubber roof, a sprinkler system, and a sprinkler monitoring system. A boiler heating system was installed in 2020. The property is located 0.6 miles from Polar Park, the home of the Red Sox AAA team. There is an opportunity to raise rents and grow net operating income.
Key Highlights
- Mixed‑use property with 15 residential units and 2 retail units offers diverse income streams.
- Significant rent increase potential due to below‑market rents.
- Large 3‑building property totaling 17,410 SF on a nearly half‑acre corner lot with a stop light.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$239,292
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,785,840
$4.8M
Cap Rate 7%
$3,418,457
$3.4M
Cap Rate 9%
$2,658,800
$2.7M
Market Conditions
NOI Build-Up for 17,410 SF
Gross rent
$365.6K $21.00/SF
− Vacancy
−$23.8K −$1.37/SF
EGI
$341.8K $19.64/SF
− OpEx
−$102.6K −$5.89/SF
NOI
$239.3K $13.74/SF
Area
Worcester, MA
Vacancy
6.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,785,840
Cap Rate 7%
$3,418,457
Cap Rate 9%
$2,658,800
Alternative Uses
Best Use
Retail
$3.42M
$2.99M – $3.99M
NOI $239,292 @ 7.0% cap · market cap 8.25%
Second Best
Mixed Use
$3.36M
$2.94M – $3.92M
NOI $235,035 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$5.81M
$5.08M – $6.78M
NOI $406,776 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,106
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
Check the figures for this property
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?
Mixed-use property - 17-unit mixed-use property with retail and residential units.
Where is this mixed-use property located?
The property is located at 146 -152 Chandler Worcester, MA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Mixed‑use property with **15 residential units and 2 retail units** offers diverse income streams.; Significant rent increase potential due to below‑market rents.; Large 3‑building property totaling 17,410 SF on a nearly half‑acre corner lot with a stop light.
