Five-Family Apartment
For Sale
$755,000
1524 Main St, Worcester, MA 01603
Vacant five-unit property with four updated units, one unfinished unit, and off-street parking.
Property Size4,260 SF
Price / SF$177.23
Days on Market70
Property Features for 1524 Main St
General Information
Standard status
Active
Size
4,260 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
RL-7
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
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 24
Changed: Aug 31
Last Checked: Aug 31 at 1:38PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
The 4,260-square-foot apartment property, built in 1910, contains five vacant units and is offered as-is. Four units have been renovated and include new hot water tanks and unused appliances. The fifth unit is unfinished to the studs, with plumbing and electrical wiring already replaced, allowing completion within the existing structure.
Located at 1524 Main St in Worcester, the property is zoned RL-7 and includes off-street parking. With every unit vacant at closing, the next owner will take control of leasing and future unit completion decisions from the outset.
Located at 1524 Main St in Worcester, the property is zoned RL-7 and includes off-street parking. With every unit vacant at closing, the next owner will take control of leasing and future unit completion decisions from the outset.
Key Highlights
- Five‑unit apartment property with all units vacant
- 4,260 SF building constructed in 1910
- Four units renovated with new hot water tanks and unused appliances
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Vacant five-unit property with four updated units, one unfinished unit, and off-street parking.
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: Five‑unit apartment property with all units vacant; 4,260 SF building constructed in 1910; Four units renovated with new hot water tanks and unused appliances
