Multifamily Building with Remodeled Third
New
For Sale
$650,000
1550-1552 Main St., Worcester, MA 01603
Bedroom-rich units, updated mechanicals, and extra finished space complement this multifamily property's double-lot setting.
Property Size4,096 SF
Price / SF$158.69
Days on Market6
Property Features for 1550-1552 Main St.
General Information
Standard status
Active
Size
4,096 SF
Property subtype
Multi Family
Additional Details
Gross Income
$63,600
Amenities
central heat & a/c
water heaters
front and back porches
Building Details
Building Size
4,096 SF
Year Built
1910
Listing Agency:
Coldwell Banker First Quality Realty
(781) 322-2424
Listed By:
Juan E. Pabon
(617) 970-4600
Source:
Iverty
Added: Sep 30
Changed: Oct 4
Last Checked: Oct 4 at 10:24AM
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 Coldwell Banker First Quality Realty
Investment Insights
Based on property information with market context.
Built in 1910, this 4,096-square-foot multifamily property has units with four bedrooms and one bathroom apiece. A remodeled third level, reached through a common area, adds two bedrooms, a bathroom, and a wet bar. Mechanical updates include newer central heating and air-conditioning units and water heaters. The property also has front and rear porches and a deleading compliance letter.
The building sits on a double lot, with on-street parking available along its front side.
The building sits on a double lot, with on-street parking available along its front side.
Key Highlights
- 4,096‑square‑foot multifamily property built in 1910
- Units each have 4 bedrooms and 1 bath
- Remodeled third level features 2 beds, 1 bath, and a wet bar; accessed through a common area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,216
Cap Rate
8.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,104,320
$1.1M
Cap Rate 7%
$788,800
$788.8K
Cap Rate 9%
$613,511
$613.5K
Market Conditions
NOI Build-Up for 4,096 SF
Gross rent
$105.7K $25.80/SF
− Vacancy
−$5.3K −$1.29/SF
EGI
$100.4K $24.51/SF
− OpEx
−$45.2K −$11.03/SF
NOI
$55.2K $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%
$1,104,320
Cap Rate 7%
$788,800
Cap Rate 9%
$613,511
Alternative Uses
Best Use
Apartment 5plus
$788.8K
$690.2K – $920.3K
NOI $55,216 @ 7.0% cap · market cap 8.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,701 @ 7.0% cap · market cap 14.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
188
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?
Multifamily property - Bedroom-rich units, updated mechanicals, and extra finished space complement this multifamily property's double-lot setting.
Where is this multifamily property located?
The property is located at 1550-1552 Main St. Worcester, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 4,096‑square‑foot multifamily property built in 1910; Units each have 4 bedrooms and 1 bath; Remodeled third level features 2 beds, 1 bath, and a wet bar; accessed through a common area
