7-Unit Multifamily with Garage Parking
3 Chelsea Street Worcester, MA 01610
3 Chelsea Street, Worcester, MA, 01610
$1,000,000
For Sale
$1,000,000
Seven units include four studios and two 2-bed/1-bath units plus rented garage bays and a contractor garage.
Property Size3,652 SF
Lot Size0.21 Acres
Price / SF$273.82
Days on Market78
Property Features for 3 Chelsea Street
General Information
- Standard status
- Active
- Size
- 3,652 SF
- Lot size
- 0.21 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1887
Listing agency
Horvath & Tremblay
Listed by
Ethan Lazar
(413) 789-9830
Source
Parksquarerealty
Added: May 6 Updated: Jul 21 at 1:28AM Checked: Jul 21 at 6:56AM
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 well-located 7-unit property consists of four studio apartments and two 2-bedroom/1-bath units on a 0.21-acre parcel. Each unit is separately metered for heat and electricity, while the owner is responsible for hot water and municipal water & sewer. The property also has multiple parking-related income components, including five front garage bays rented to one operator and a larger contractor garage behind the building rented for a separate monthly amount.
The property is located at 3 Chelsea Street in Worcester, Massachusetts, and is approximately 0.3 miles from the College of Holy Cross.
The unit mix is studio-heavy, and the garage bays and contractor garage provide additional revenue streams beyond residential rents.
The property is located at 3 Chelsea Street in Worcester, Massachusetts, and is approximately 0.3 miles from the College of Holy Cross.
The unit mix is studio-heavy, and the garage bays and contractor garage provide additional revenue streams beyond residential rents.
Key Highlights
- 1887‑built 7‑unit property on 0.21‑acre parcel at 3 Chelsea St, Worcester, MA
- Unit mix: four studio apartments plus two 2‑bed/1‑bath units
- Separate meters for heat and electricity for each unit
Local Financial Insights For Apartment 5plus
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 | $94.2k | $25.80 |
| − Vacancy | −$4.7k | −$1.29 |
| EGI | $89.5k | $24.51 |
| − OpEx | −$40.3k | −$11.03 |
| NOI | $49.2k | $13.48 |
3,652 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$703.3K
$615.4K – $820.5K
NOI $49,231 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,327 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Seven units include four studios and two 2-bed/1-bath units plus rented garage bays and a contractor garage.
Where is this apartment building located?
The property is located at 3 Chelsea Street 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: 1887‑built 7‑unit property on 0.21‑acre parcel at 3 Chelsea St, Worcester, MA; Unit mix: four studio apartments plus two 2‑bed/1‑bath units; Separate meters for heat and electricity for each unit
