Six-Unit Value-Add Apartment
38 Benefit Street Worcester, MA 01610
38 Benefit Street, Worcester, MA, 01610
$825,000
For Sale
$825,000
Six units total five apartments’ worth of separate heating and electric metering, plus brand-new hot water systems.
Property Size5,216 SF
Lot Size0.11 Acres
Price / SF$158.17
Days on Market103
Property Features for 38 Benefit Street
General Information
- Standard status
- Active
- Size
- 5,216 SF
- Lot size
- 0.11 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Horvath & Tremblay
Listed by
Ethan Lazar
(617) 236-0711
Source
Campionre
Added: Apr 12 Updated: Jul 22 at 3:50PM Checked: Jul 22 at 3:50PM
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 centrally located, value-add six-unit apartment building includes four 1-bedroom/1-bath units and two 2-bedroom/1-bath units. The property totals 5,216 sq. ft. of living space on a 0.11-acre parcel. Each unit is separately metered for heat and electricity, while the owner is responsible for hot water and municipal water and sewer. New high-efficiency Navien hot water heaters are installed.
Three of the six units have recently been renovated with new kitchens, updated bathrooms, and new flooring. The remaining units have not been renovated, creating a targeted opportunity for further upgrades. All units are currently TAW.
With a mix of renovated and unrenovated units, the building is structured for investors looking to stabilize operations and continue improving the remaining interior finishes over time.
Three of the six units have recently been renovated with new kitchens, updated bathrooms, and new flooring. The remaining units have not been renovated, creating a targeted opportunity for further upgrades. All units are currently TAW.
With a mix of renovated and unrenovated units, the building is structured for investors looking to stabilize operations and continue improving the remaining interior finishes over time.
Key Highlights
- Six‑unit multifamily in Worcester on a 0.11‑acre parcel
- Unit mix: four 1BD/1BA and two 2BD/1BA, totaling 5,216 sq. ft.
- Each unit is separately metered for heat and electricity
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 | $134.6k | $25.80 |
| − Vacancy | −$6.7k | −$1.29 |
| EGI | $127.8k | $24.51 |
| − OpEx | −$57.5k | −$11.03 |
| NOI | $70.3k | $13.48 |
5,216 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.9K – $1.17M
NOI $70,314 @ 7.0% cap · market cap 8.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,869 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six units total five apartments’ worth of separate heating and electric metering, plus brand-new hot water systems.
Where is this apartment building located?
The property is located at 38 Benefit Street Worcester, MA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Six‑unit multifamily in Worcester on a 0.11‑acre parcel; Unit mix: four 1BD/1BA and two 2BD/1BA, totaling 5,216 sq. ft.; Each unit is separately metered for heat and electricity
