Four-Building Multifamily
26 Lee Street Worcester, MA 01602
26 Lee Street, Worcester, MA, 01602
$4,200,000
For Sale
$4,200,000
Four-building, 12-unit multifamily portfolio with multiple detached garages across 15,354 SF and stated annual gross income.
Property Size15,834 SF
Price / SF$265.25
Days on Market106
Property Features for 26 Lee Street
General Information
- Standard status
- Active
- Size
- 15,834 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Douglas Elliman Real Estate - Park Plaza
Listed by
Brody Murphy Novak Group
(413) 789-9830
Source
Parksquarerealty
Added: Apr 7 Updated: Jul 20 at 5:49PM Checked: Jul 21 at 6:44AM
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
Investment Insights
Based on property information with market context.
This four-building, 12-unit multifamily portfolio is centered on Worcester’s WPI district and totals 44 bedrooms across 15,354 SF, with stated annual gross income of $423,600. The offering includes multiple three-unit buildings, each with its own configuration of bedroom counts and detached garages as noted in the listing.
The portfolio includes 188 Park Ave (3 units, 14-bed property with renovated units and modern finishes, $130,800/year income plus $30,000+ in scheduled rent increases), 26 Lee St (3 units, 12-bed 1893 three-story with detached garage, $114,000/year income), 31 Lee St (3 units, 10-bed Victorian directly across from 26 Lee generating $91,200/year), and 36 Westland St (3 units, 8-bed shingle-style home with detached garage, $87,600/year income). The properties are described as being within walking distance of each other on quiet residential streets near Worcester Polytechnic Institute.
The entire portfolio is also available as MLS #73488551 and may be sold in various building combinations, depending on the selected scope.
The portfolio includes 188 Park Ave (3 units, 14-bed property with renovated units and modern finishes, $130,800/year income plus $30,000+ in scheduled rent increases), 26 Lee St (3 units, 12-bed 1893 three-story with detached garage, $114,000/year income), 31 Lee St (3 units, 10-bed Victorian directly across from 26 Lee generating $91,200/year), and 36 Westland St (3 units, 8-bed shingle-style home with detached garage, $87,600/year income). The properties are described as being within walking distance of each other on quiet residential streets near Worcester Polytechnic Institute.
The entire portfolio is also available as MLS #73488551 and may be sold in various building combinations, depending on the selected scope.
Key Highlights
- Four‑building, 12‑unit multifamily portfolio in Worcester’s WPI district with 15,354 SF and $423,600 stated annual gross income
- Portfolio totals 44 bedrooms across the four properties, with each building listed within walking distance of the others
- 188 Park Ave: 3 units / 14 beds; renovated units with modern finishes; $130,800/year income plus $30,000+ in scheduled rent increases
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $351.5k | $22.20 |
| − Vacancy | −$19.3k | −$1.22 |
| EGI | $332.2k | $20.98 |
| − OpEx | −$99.7k | −$6.29 |
| NOI | $232.5k | $14.69 |
15,834 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$3.32M
$2.91M – $3.88M
NOI $232,527 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$3.05M
$2.67M – $3.56M
NOI $213,450 @ 7.0% cap · market cap 5.08%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Four-building, 12-unit multifamily portfolio with multiple detached garages across 15,354 SF and stated annual gross income.
Where is this triplex located?
The property is located at 26 Lee Street 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, 12‑unit multifamily portfolio in Worcester’s WPI district with 15,354 SF and $423,600 stated annual gross income; Portfolio totals 44 bedrooms across the four properties, with each building listed within walking distance of the others; 188 Park Ave: 3 units / 14 beds; renovated units with modern finishes; $130,800/year income plus $30,000+ in scheduled rent increases
