Worcester Multifamily Investment
For Sale
$449,000
Pending
38-1/2 Bowdoin Street, Worcester, MA 01609
Well-maintained multifamily home in convenient location with strong rental income.
Property Size2,266 SF
Days on Market544
Property Features for 38-1/2 Bowdoin Street
General Information
Standard status
Pending
Size
2,266 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,808
Building Details
Year Built
1910
Listing Agency:
Property Investors & Advisors, LLC
(774) 413-0272
Listed By:
George Nanis
(508) 612-1573
Source:
Exitrealty
Added: Apr 22, 2025
Changed: Oct 7
Last Checked: Oct 7 at 9:55AM
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 Property Investors & Advisors, LLC
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Investment Insights
Based on property information with market context.
This multifamily property is located in a convenient Worcester location. The property is well-maintained and offers rental income. The first-floor unit features a 3-bedroom layout. The second-floor unit includes 2 bedrooms plus a bonus room. Both units have closet and storage space. There is shared basement laundry for tenant convenience. The property also features attic space. On-street parking is available, and public transportation is easily accessible, with a bus line nearby. The location is near schools and shopping.
Key Highlights
- Strong rental income potential with low upkeep.
- Highly convenient Worcester location near schools and shopping.
- Two units: a spacious 3‑bedroom unit and a 2‑bedroom unit with a bonus room.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,547
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$610,940
$610.9K
Cap Rate 7%
$436,386
$436.4K
Cap Rate 9%
$339,411
$339.4K
Market Conditions
NOI Build-Up for 2,266 SF
Gross rent
$58.5K $25.80/SF
− Vacancy
−$2.9K −$1.29/SF
EGI
$55.5K $24.51/SF
− OpEx
−$25.0K −$11.03/SF
NOI
$30.5K $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%
$610,940
Cap Rate 7%
$436,386
Cap Rate 9%
$339,411
Alternative Uses
Best Use
Apartment 5plus
$436.4K
$381.8K – $509.1K
NOI $30,547 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$756.3K
$661.8K – $882.4K
NOI $52,944 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
Median Home Value
Check the figures for this property
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?
Multifamily property - Well-maintained multifamily home in convenient location with strong rental income.
Where is this multifamily property located?
The property is located at 38-1/2 Bowdoin Street Worcester, MA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Strong rental income potential with low upkeep.; Highly convenient Worcester location near schools and shopping.; Two units: a spacious **3‑bedroom unit** and a **2‑bedroom unit with a bonus room.**
