Vacant Five-Family Residential
For Sale
$755,000
1524 Main St, Worcester, MA 01603
Fully vacant five-family property with multiple renovated units, off-street parking, and AS-IS condition for tailored improvements.
Property Size4,260 SF
Days on Market50
Property Features for 1524 Main St
General Information
Standard status
Active
Size
4,260 SF
Property subtype
Investment
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,978
Building Details
Building Size
4,260 SF
Year Built
1910
Stories
6
Units
5
Tenancy
Multi
Listing Agency:
(774) 451-0059
Listed By:
Nina Nasiff
(774) 451-0059
Source:
Elliman
Added: Jul 2
Changed: Aug 7
Last Checked: Aug 20 at 10:29AM
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 Nina Nasiff
Investment Insights
Based on property information with market context.
This fully vacant five-family residential building is ready for an investor, contractor, or owner-occupant to complete and customize. Four of the units have been renovated with modern updates, and each includes new hot water tanks along with brand-new, never-used appliances. The remaining unit has been taken down to the studs and already includes new plumbing and electrical wiring, providing a controlled foundation for the next owner’s finish level and layout preferences. The property is being sold AS IS.
Off-street parking is available, supporting day-to-day convenience for residents. Based on available mobility metrics, the property is very walkable with a walk score of 80, bikeable with a bike score of 53, and has some transit access with a transit score of 35.
With all units delivered vacant, the building offers straightforward start-up for occupancy planning, leasing schedules, and unit finishing based on the buyer’s approach. The combination of renovated turn-key-ready units and a partially completed fifth unit can reduce uncertainty in scope while still allowing room to tailor the remaining space to specific preferences.
Off-street parking is available, supporting day-to-day convenience for residents. Based on available mobility metrics, the property is very walkable with a walk score of 80, bikeable with a bike score of 53, and has some transit access with a transit score of 35.
With all units delivered vacant, the building offers straightforward start-up for occupancy planning, leasing schedules, and unit finishing based on the buyer’s approach. The combination of renovated turn-key-ready units and a partially completed fifth unit can reduce uncertainty in scope while still allowing room to tailor the remaining space to specific preferences.
Key Highlights
- Fully vacant 5‑family property built in 1910 and sold AS IS
- Four of the five units have been renovated with modern updates
- All new hot water tanks and brand‑new, never‑used appliances are included in the renovated units
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
$57,427
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
7.61%
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%
$1,148,540
$1.1M
Cap Rate 7%
$820,386
$820.4K
Cap Rate 9%
$638,078
$638.1K
Market Conditions
NOI Build-Up for 4,260 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
$109.9K $25.80/SF
− Vacancy
−$5.5K −$1.29/SF
EGI
$104.4K $24.51/SF
− OpEx
−$47.0K −$11.03/SF
NOI
$57.4K $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 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%
$1,148,540
Cap Rate 7%
$820,386
Cap Rate 9%
$638,078
Alternative Uses
Best Use
Apartment 5plus
$820.4K
$717.8K – $957.1K
NOI $57,427 @ 7.0% cap · market cap 7.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,533 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
308
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
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully vacant five-family property with multiple renovated units, off-street parking, and AS-IS condition for tailored improvements.
Where is this apartment building located?
The property is located at 1524 Main St Worcester, MA.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Fully vacant 5‑family property built in 1910 and sold AS IS; Four of the five units have been renovated with modern updates; All new hot water tanks and brand‑new, never‑used appliances are included in the renovated units
