Five-Unit Apartment
New
For Sale
$999,000
15 May St, Worcester, MA 01610
Includes renovated vacant apartments and separately metered tenant utilities.
Property Size4,571 SF
Price / SF$218.55
Days on Market7
Property Features for 15 May St
General Information
Standard status
Active
Size
4,571 SF
Total Parking Spaces
5
Property subtype
Multifamily
Units
Unit Mix
1 x 5BR, 1 x 2BR, 2 x 2BR, 1 x 4BR
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,386
Amenities
shared laundry
Building Details
Building Size
4,571 SF
Year Built
1910
Listing Agency:
Bridgemont Realty LLC
(617) 529-0751
Listed By:
Ben Hicks · License #9531820
Source:
Classifiedrealtygroup
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 31 at 1:42PM
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 Bridgemont Realty LLC
Investment Insights
Based on property information with market context.
This 4,571-square-foot apartment property contains five units, 15 bedrooms, and 5.5 bathrooms. Two apartments are vacant following renovation, including one with five bedrooms and another with two. The occupied portion consists of two two-bedroom units, including one with two levels of living, plus a four-bedroom apartment. Four units are lead compliant, and off-street parking is available on the corner lot.
Utilities are separately metered, with tenants responsible for heat, hot water, and electricity. A full walkout basement provides shared laundry and storage. The property was built in 1910 and is located in Worcester’s University Park neighborhood near Clark University, public transportation, shopping, and restaurants.
Utilities are separately metered, with tenants responsible for heat, hot water, and electricity. A full walkout basement provides shared laundry and storage. The property was built in 1910 and is located in Worcester’s University Park neighborhood near Clark University, public transportation, shopping, and restaurants.
Key Highlights
- Five‑unit property with 15 bedrooms and 5.5 bathrooms across 4,571 SF
- Two renovated vacant units: one 5‑bedroom and one 2‑bedroom
- Unit mix includes two 2‑bedroom apartments and one 4‑bedroom apartment
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,619
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,232,380
$1.2M
Cap Rate 7%
$880,271
$880.3K
Cap Rate 9%
$684,656
$684.7K
Market Conditions
NOI Build-Up for 4,571 SF
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.
Gross rent
$117.9K $25.80/SF
− Vacancy
−$5.9K −$1.29/SF
EGI
$112.0K $24.51/SF
− OpEx
−$50.4K −$11.03/SF
NOI
$61.6K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,232,380
Cap Rate 7%
$880,271
Cap Rate 9%
$684,656
Alternative Uses
Best Use
Apartment 5plus
$880.3K
$770.2K – $1.03M
NOI $61,619 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.33M – $1.78M
NOI $106,799 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Includes renovated vacant apartments and separately metered tenant utilities.
Where is this apartment building located?
The property is located at 15 May St Worcester, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Five‑unit property with 15 bedrooms and 5.5 bathrooms across 4,571 SF; Two renovated vacant units: one 5‑bedroom and one 2‑bedroom; Unit mix includes two 2‑bedroom apartments and one 4‑bedroom apartment
