12-Unit Multifamily
For Sale
$4,200,000
26 Lee St, Worcester, MA 01602
Four residential buildings near Worcester Polytechnic Institute, with renovated units, detached garages, and multiple bedroom configurations.
Property Size15,834 SF
Price / SF$265.25
Days on Market199
Property Features for 26 Lee St
General Information
Standard status
Active
Size
15,834 SF
Total Parking Spaces
20
Property subtype
Multi-Family
Zoning
RL-7
Additional Details
Gross Income
$423,600
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$32,837
Amenities
false
Yes
4.0
20
Building Details
Year Built
1900
Buildings
4
Stories
3
Listing Agency:
Douglas Elliman Real Estate - Park Plaza
Listed By:
Brody, Murphy, Novak Group
(617) 267-3500
Source:
Arborviewrealtyinc
Added: Apr 1
Changed: Sep 8
Last Checked: Aug 30 at 1:07AM
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 Douglas Elliman Real Estate - Park Plaza
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Investment Insights
Based on property information with market context.
This multifamily portfolio comprises four buildings with 12 units and 44 bedrooms in Worcester’s WPI district. The properties are positioned within walking distance of Worcester Polytechnic Institute and on quiet residential streets. Improvements include renovated apartments with modern finishes, a Victorian building, a shingle-style home, and detached garages at select properties.
The portfolio includes 188 Park Ave, a three-unit, 14-bedroom property; 26 Lee St, a three-unit, 12-bedroom, three-story building with a detached garage; 31 Lee St, a three-unit, 10-bedroom Victorian located across from 26 Lee; and 36 Westland St, a three-unit, eight-bedroom shingle-style home with a detached garage. The properties are zoned RL-7 and may be offered in building combinations.
The portfolio includes 188 Park Ave, a three-unit, 14-bedroom property; 26 Lee St, a three-unit, 12-bedroom, three-story building with a detached garage; 31 Lee St, a three-unit, 10-bedroom Victorian located across from 26 Lee; and 36 Westland St, a three-unit, eight-bedroom shingle-style home with a detached garage. The properties are zoned RL-7 and may be offered in building combinations.
Key Highlights
- Four‑building portfolio with 12 units and 44 bedrooms
- Located within walking distance of Worcester Polytechnic Institute
- 188 Park Ave includes 3 units and 14 bedrooms with renovated interiors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$213,450
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,269,000
$4.3M
Cap Rate 7%
$3,049,286
$3.0M
Cap Rate 9%
$2,371,667
$2.4M
Market Conditions
NOI Build-Up for 15,834 SF
Gross rent
$408.5K $25.80/SF
− Vacancy
−$20.4K −$1.29/SF
EGI
$388.1K $24.51/SF
− OpEx
−$174.6K −$11.03/SF
NOI
$213.5K $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%
$4,269,000
Cap Rate 7%
$3,049,286
Cap Rate 9%
$2,371,667
Alternative Uses
Best Use
Apartment 5plus
$3.05M
$2.67M – $3.56M
NOI $213,450 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.29M
$4.62M – $6.17M
NOI $369,953 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,771
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
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
Frequently Asked Questions
What type of property is this?
Apartment building - Four residential buildings near Worcester Polytechnic Institute, with renovated units, detached garages, and multiple bedroom configurations.
Where is this apartment building located?
The property is located at 26 Lee St Worcester, MA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Four‑building portfolio with 12 units and 44 bedrooms; Located within walking distance of Worcester Polytechnic Institute; 188 Park Ave includes 3 units and 14 bedrooms with renovated interiors
