Building Details

Building Size 4,338 SF

Year Built 1913

Buildings 1

Stories 4

Listing Agency: Home For All Realty LLC Show Phone

Listed By: Salustia Ortiz · License #449526727 Show Phone

Source: Churchillprop

Added: May 14 Changed: Oct 10 Last Checked: Oct 16 at 7:17AM

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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 Home For All Realty LLC

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Investment Insights

Based on property information with market context.

This multifamily property at 15 Forestdale Rd includes 4,338 square feet and was built in 1913. A gut-out renovation completed four years ago added new electrical, plumbing, HVAC, and roofing systems. Two units feature master suites and floor plans suited to either rental use or owner occupancy.

The property includes two adjacent lots, identified as lot 0 Forestdale and 17 Forestdale, with drawings and renderings available. A basement laundry room has coin-operated machines and a separate entrance. Unit 1 is expected to be vacant by the end of June and is currently being marketed for rent.

Key Highlights

• 4,338‑square‑foot multifamily property built in 1913
• Gut‑out renovation completed 4 years ago
• New electrical, plumbing, HVAC, and roof

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,478

Cap Rate

4.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,169,560 $1.2M

Cap Rate 7%

$835,400 $835.4K

Cap Rate 9%

$649,756 $649.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,338 SF

Gross rent

$111.9K $25.80/SF

− Vacancy

−$5.6K −$1.29/SF

EGI

$106.3K $24.51/SF

− OpEx

−$47.8K −$11.03/SF

NOI

$58.5K $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%

$1,169,560

Cap Rate 7%

$835,400

Cap Rate 9%

$649,756

Alternative Uses

Best Use

Apartment 5plus

$835.4K

$731.0K – $974.6K (±1% cap)

NOI $58,478 @ 7.0% cap · market cap 4.68%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.45M

$1.27M – $1.69M (±1% cap)

NOI $101,355 @ 7.0% cap · market cap 8.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Florist Butcher Veterinary Clinic Pet Store Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,502

Businesses Nearby

Explore this area Business Placement

Demographics for 01604, MA

41,301

Population

18,166

Households

2.3

Avg Household Size

37

Median Age

31%

College-Educated

86%

High-School Grad

6.6 sq mi

ZIP Area

6,258

Density / Sq Mi

$72,911

Median Household Income

$45,596

Median Earnings

$1,570

Median Rent

$321,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Recent electrical, plumbing, HVAC, and roofing upgrades support the building’s income-producing configuration.

Where is this multifamily property located?

The property is located at 15 Forestdale Rd Worcester, MA.

What is the asking price?

The asking price for this property is $1,249,000.

What are key features of this property?

This property features: 4,338‑square‑foot multifamily property built in 1913; Gut‑out renovation completed 4 years ago; New electrical, plumbing, HVAC, and roof