Five-Family Apartment
For Sale
$755,000
1524 Main St, Worcester, MA 01603
MULTI_FAMILY - Worcester, MA
Property Size4,260 SF
Lot Size0.32 Acres
Price / SF$177.23
Days on Market48
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 8, Bedroom 6, Bedroom 9, Bedroom 7, Bedroom 2, Bathroom 3, Bathroom 4, Bedroom 5, Bathroom 5, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4
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) 677-3233
Added: Jun 24
Changed: Aug 3
Last Checked: Aug 10 at 7:06PM
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 fully vacant five-family apartment building at 1524 Main St, Worcester, MA 01603 offers a clear path to customization, with major upgrades already completed in most units. The property sits on a 0.3241-acre lot and includes 4,260 SF total building area, built in 1910. Four of the five units have been renovated with modern updates and include all new hot water tanks plus 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 foundation for completion to a buyer’s specifications. Property is being sold AS IS.
The site also includes off-street parking, supporting day-to-day convenience for residents. Zoning is RL-7.
With all units delivered vacant, the building is set up for new ownership to finish the one unit and position the entire property for established rental operations.
The site also includes off-street parking, supporting day-to-day convenience for residents. Zoning is RL-7.
With all units delivered vacant, the building is set up for new ownership to finish the one unit and position the entire property for established rental operations.
Key Highlights
- 0.3241‑acre lot with 4,260 SF five‑family apartment building
- Built in 1910; zoning RL‑7
- Fully vacant five‑family property with all units delivered vacant
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 - Fully vacant five-family property in RL-7 zoning with off-street parking and extensive unit renovations underway.
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: 0.3241‑acre lot with 4,260 SF five‑family apartment building; Built in 1910; zoning RL‑7; Fully vacant five‑family property with all units delivered vacant
