5-Unit Apartment
New
For Sale
$1,295,000
35-37 Tirrell St, Worcester, MA 01603
Stately five-unit multifamily property with separate utilities for each unit and a new 2023 roof.
Property Size6,976 SF
Price / SF$185.64
Days on Market7
Property Features for 35-37 Tirrell St
General Information
Standard status
Active
Size
6,976 SF
Property subtype
Investment
Additional Details
Multifamily Units
5
Building Details
Year Built
1889
Tenancy
Multi
Listing Agency:
(774) 641-3325
Listed By:
Donna Caissie
(774) 641-3325
Source:
Elliman
Added: Jul 24
Changed: Jul 25
Last Checked: Jul 29 at 12:04PM
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 Donna Caissie
Investment Insights
Based on property information with market context.
This stately five-unit apartment building offers 6,976 sq. ft. of maintained living space configured with three three-bedroom units and two two-bedroom units. Each unit has separate utilities plus a landlord meter. The interior features period details, including hardwood floors, classic tile bathroom floors, custom built-ins, and fireplaces, along with unit upgrades such as cabinetry and granite countertops.
Recent improvements include a new roof completed in 2023 and one new steam boiler. The property also includes a 24x32 garage, providing additional enclosed storage or income potential.
Located within walking distance to Clark University with convenient commuter access, the building is positioned in a very walkable area with some transit access and a somewhat bikeable score.
Recent improvements include a new roof completed in 2023 and one new steam boiler. The property also includes a 24x32 garage, providing additional enclosed storage or income potential.
Located within walking distance to Clark University with convenient commuter access, the building is positioned in a very walkable area with some transit access and a somewhat bikeable score.
Key Highlights
- Stately 5‑unit multifamily built in 1889 with 6,976 sq. ft. of living space
- Unit mix includes three 3‑bedroom units and two 2‑bedroom units
- Each unit has separate utilities plus a landlord meter
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 | $180.0k | $25.80 |
| − Vacancy | −$9.0k | −$1.29 |
| EGI | $171.0k | $24.51 |
| − OpEx | −$76.9k | −$11.03 |
| NOI | $94.0k | $13.48 |
6,976 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,040 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,991 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Stately five-unit multifamily property with separate utilities for each unit and a new 2023 roof.
Where is this apartment building located?
The property is located at 35-37 Tirrell St Worcester, MA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Stately 5‑unit multifamily built in 1889 with 6,976 sq. ft. of living space; Unit mix includes three 3‑bedroom units and two 2‑bedroom units; Each unit has separate utilities plus a landlord meter
