5-Unit Apartment
For Sale
$755,000
1524 Main St, Worcester, MA 01603
Residential Income, Worcester, MA
Property Size4,260 SF
Lot Size0.32 Acres
Price / SF$177.23
Days on Market94
Property Features for 1524 Main St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL-7
Bedrooms
9
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 4, Bedroom 7, Bedroom 6, Bedroom 9, Bathroom 1, Bedroom 2, Bathroom 5, Bathroom 3
Parking
5
Directions
Use GPS
Standard status
Active
APN
1776911
Size
4,260 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8978
Building Details
Year built
1910
Floors in Building
6
Number of units
5
Listing Agency:
Keller Williams South Watuppa · Keller Williams Realty
(508) 677-3233
Listed By:
Clifford Ponte · License #9554597
(508) 675-0995
Added: Jun 24
Changed: Sep 14
Last Checked: Sep 25 at 1:06AM
MLS# 73540643
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-unit apartment property contains 4,260 square feet on a 0.3241-acre parcel and was built in 1910. The building is being offered as-is with every unit vacant. Four units have received renovations, including updated interiors, new hot water tanks, and unused appliances. The fifth unit is stripped to the studs, with plumbing and electrical wiring already replaced for continued interior completion.
Off-street parking is included. The property is located in Worcester, Massachusetts, and carries RL-7 zoning. Its five-unit configuration, vacant occupancy, and combination of completed and unfinished improvements provide a clearly defined physical profile for the next owner.
Off-street parking is included. The property is located in Worcester, Massachusetts, and carries RL-7 zoning. Its five-unit configuration, vacant occupancy, and combination of completed and unfinished improvements provide a clearly defined physical profile for the next owner.
Key Highlights
- Five‑unit apartment property with all units vacant
- 4,260 square feet on 0.3241 acres
- Four of five units renovated
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - All five units are vacant, with four renovated and one open to the studs.
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 square feet on 0.3241 acres; Four of five units renovated
