18-Unit Apartment
For Sale
Contact for pricing
426 Main St, Worcester, MA 01608
Rehabilitated elevator property combines residential apartments with commercial space in a downtown mixed-use setting.
Property Size18,996 SF
Lot Size0.07 Acres
Price / SF$189.51
Days on Market165
Property Features for 426 Main St
General Information
Standard status
Active
Size
18,996 SF
Elevators
Yes
Lot size
0.07 Acres
Property subtype
Multifamily
Occupancy
97%
Net Operating Income
$217,242
Units
Unit Mix
12 x one-bedroom, 4 x studio
Multifamily Units
16
Building Details
Year Built
1900
Year Renovated
2018
Buildings
1
Stories
5
Units
18
Listing Agency:
United Multi Family Corporation
(617) 529-1141
Listed By:
Richard Cawley · License #MA 134301
Source:
Crexi
Added: Mar 20
Changed: Aug 31
Last Checked: Aug 31 at 2:07AM
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 United Multi Family Corporation
Investment Insights
Based on property information with market context.
Located at 426 Main St and 3–5 Pleasant Street, this five-story apartment building contains 18 total units: 12 one-bedroom apartments, 4 studios, and 2 commercial spaces. The property encompasses 18,996 SF on a 3,040 SF lot and includes an elevator. The current owner completed a full rehabilitation in 2018, updating the interiors and building systems.
The building is situated in Downtown Worcester, near Union Station and an area experiencing redevelopment and infrastructure improvements. Surrounding projects include new residential construction, office and retail space, and improvements near the station. The combination of apartment units and commercial areas creates a single-building residential and commercial configuration.
The building is situated in Downtown Worcester, near Union Station and an area experiencing redevelopment and infrastructure improvements. Surrounding projects include new residential construction, office and retail space, and improvements near the station. The combination of apartment units and commercial areas creates a single-building residential and commercial configuration.
Key Highlights
- 18,996 SF five‑story building on a 3,040 SF lot
- 18 total units: 12 one‑bedroom apartments, 4 studios, and 2 commercial spaces
- Full rehabilitation completed in 2018 by the current owner
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$256,446
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,128,920
$5.1M
Cap Rate 7%
$3,663,514
$3.7M
Cap Rate 9%
$2,849,400
$2.8M
Market Conditions
NOI Build-Up for 18,996 SF
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.
Gross rent
$455.9K $24.00/SF
− Vacancy
−$45.6K −$2.40/SF
EGI
$410.3K $21.60/SF
− OpEx
−$153.9K −$8.10/SF
NOI
$256.4K $13.50/SF
Area
Worcester, MA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,128,920
Cap Rate 7%
$3,663,514
Cap Rate 9%
$2,849,400
Alternative Uses
Best Use
Mixed Use
$3.66M
$3.21M – $4.27M
NOI $256,446 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$3.66M
$3.20M – $4.27M
NOI $256,076 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$6.34M
$5.55M – $7.40M
NOI $443,832 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
5,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 01608, MA
4,996
Population
2,565
Households
1.9
Avg Household Size
28
Median Age
29%
College-Educated
74%
High-School Grad
0.5 sq mi
ZIP Area
9,992
Density / Sq Mi
$45,962
Median Household Income
$36,596
Median Earnings
$1,461
Median Rent
$117,100
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 - Rehabilitated elevator property combines residential apartments with commercial space in a downtown mixed-use setting.
Where is this apartment building located?
The property is located at 426 Main St Worcester, MA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 18,996 SF five‑story building on a 3,040 SF lot; 18 total units: 12 one‑bedroom apartments, 4 studios, and 2 commercial spaces; Full rehabilitation completed in 2018 by the current owner
