10-Unit Apartment
21-23 Lake St, Webster, MA 01570
For Sale
$1,100,000
Pending
Two buildings provide separate utility configurations, with two apartments slated for vacancy at closing.
Property Size1,988 SF
Days on Market20
Property Features for 21-23 Lake St
General Information
Standard status
Size
Property subtype
Lease Term
Units
Multifamily Units
Individually Metered Utilities
Amenities
off-street parking
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Byrnes Real Estate Group LLC
(833) 429-7637
Listed By:
John Lesack · License #RES.0833926
(774) 573-5614
Source:
Iverty
Added: Oct 21
Changed: Nov 8
Last Checked: Nov 8 at 5:46AM
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 Byrnes Real Estate Group LLC
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Investment Insights
Based on property information with market context.
This 8,350-square-foot apartment property comprises two buildings: one with four units and another with six. The smaller building uses oil heat, with a separate tank and boiler for each apartment; the larger building is fully electric. Electric service is individually metered in both buildings, and each has a dedicated landlord meter. The property was built in 1988 and has newer roofs and heating equipment.
Located at 21-23 Lake St in Webster, Massachusetts, the property includes shared off-street parking. Two apartments are expected to be delivered vacant, providing flexibility in occupancy and improvements.
Located at 21-23 Lake St in Webster, Massachusetts, the property includes shared off-street parking. Two apartments are expected to be delivered vacant, providing flexibility in occupancy and improvements.
Key Highlights
- 10 apartments across two buildings: one 4‑unit and one 6‑unit
- 8,350 square feet; built in 1988
- Two apartments to be delivered vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$98,229
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,964,580
$2.0M
Cap Rate 7%
$1,403,271
$1.4M
Cap Rate 9%
$1,091,433
$1.1M
Market Conditions
NOI Build-Up for 8,350 SF
Gross rent
$183.4K $21.96/SF
− Vacancy
−$4.8K −$0.57/SF
EGI
$178.6K $21.39/SF
− OpEx
−$80.4K −$9.63/SF
NOI
$98.2K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,964,580
Cap Rate 7%
$1,403,271
Cap Rate 9%
$1,091,433
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.23M – $1.64M
NOI $98,229 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.33M
NOI $199,598 @ 7.0% cap · market cap 18.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Explore this area
Business Placement
Demographics for 01570, MA
17,776
Population
8,211
Households
2.2
Avg Household Size
44
Median Age
25%
College-Educated
92%
High-School Grad
12.4 sq mi
ZIP Area
1,434
Density / Sq Mi
$68,934
Median Household Income
$43,595
Median Earnings
$1,135
Median Rent
$339,600
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Worcester County, MA
Properties on Market for Apartment buildings in Worcester County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings provide separate utility configurations, with two apartments slated for vacancy at closing.
Where is this apartment building located?
The property is located at 21-23 Lake St Webster, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 10 apartments across two buildings: one 4‑unit and one 6‑unit; 8,350 square feet; built in 1988; Two apartments to be delivered vacant
