Renovated Five-Unit Apartment
For Sale
$1,000,000
Pending
22 Florence St, Worcester, MA 01610
Recently improved multifamily property with full occupancy and separately metered tenant utilities.
Property Size3,254 SF
Days on Market55
Property Features for 22 Florence St
General Information
Standard status
Pending
Size
3,254 SF
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$7,635
Building Details
Building Size
3,254 SF
Year Built
1890
Listing Agency:
Horvath & Tremblay
Listed By:
Ethan Lazar · License #9582013
(617) 910-1219
Source:
Classifiedrealtygroup
Added: Aug 12
Changed: Oct 2
Last Checked: Oct 4 at 7:01AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This five-unit apartment building includes five 2-bedroom, 1-bathroom residences, with 3,254 square feet of gross living area within 5,526 square feet of gross area. Each unit has undergone recent improvements, including new kitchens, flooring, and bathrooms. Several apartments also received mini-split air conditioning systems. The building was constructed in 1890 and includes on-street parking on its 0.16-acre parcel.
Located at 22 Florence St in Worcester’s Vernon Hill neighborhood, the property is positioned near Clark University, downtown Worcester, neighborhood retail corridors, and surrounding residential areas. All five apartments are occupied. Heat, hot water, and electricity are separately metered and paid directly by tenants, while ownership is responsible for domestic water and sewer. The property is offered at an 8.34% cap rate.
Located at 22 Florence St in Worcester’s Vernon Hill neighborhood, the property is positioned near Clark University, downtown Worcester, neighborhood retail corridors, and surrounding residential areas. All five apartments are occupied. Heat, hot water, and electricity are separately metered and paid directly by tenants, while ownership is responsible for domestic water and sewer. The property is offered at an 8.34% cap rate.
Key Highlights
- Five 2‑bedroom/1‑bathroom units
- 3,254 square feet of gross living area within 5,526 square feet of gross area
- 0.16‑acre parcel with on‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,866
Cap Rate
4.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$877,320
$877.3K
Cap Rate 7%
$626,657
$626.7K
Cap Rate 9%
$487,400
$487.4K
Market Conditions
NOI Build-Up for 3,254 SF
Gross rent
$84.0K $25.80/SF
− Vacancy
−$4.2K −$1.29/SF
EGI
$79.8K $24.51/SF
− OpEx
−$35.9K −$11.03/SF
NOI
$43.9K $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%
$877,320
Cap Rate 7%
$626,657
Cap Rate 9%
$487,400
Alternative Uses
Best Use
Apartment 5plus
$626.7K
$548.3K – $731.1K
NOI $43,866 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,028 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Recently improved multifamily property with full occupancy and separately metered tenant utilities.
Where is this apartment building located?
The property is located at 22 Florence St Worcester, MA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Five 2‑bedroom/1‑bathroom units; 3,254 square feet of gross living area within 5,526 square feet of gross area; 0.16‑acre parcel with on‑street parking
