Building Details

Building Size 4,260 SF

Year Built 1910

Stories 6

Listing Agency: Keller Williams South Watuppa Show Phone

Listed By: Nina Nasiff Show Phone

Source: Churchillprop

Added: Jun 24 Changed: Oct 6 Last Checked: Oct 16 at 7:28AM

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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.

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 / Yr

$57,427

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,148,540 $1.1M

Cap Rate 7%

$820,386 $820.4K

Cap Rate 9%

$638,078 $638.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,260 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $99,533 @ 7.0% cap · market cap 13.18%

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

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Plumbing Service Cafe & Coffee Shop Furniture & Home Goods

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

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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