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    Worcester Multifamily Investment Opportunity Title is generated by Realmo AI

    59 Dover Street, Worcester, MA 01609

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    For Sale
    $3,300,000

    Three-building, nine-unit multifamily bundle near WPI.

    Type:Multi-family / 5-9 Family
    Property size:
    12,428 SF
    Price / SF:
    $265/SF
    Added:
    Apr 5, 2026
    Days on Market:
    61
    Last Refresh:
    Apr 7 at 8:47 pm

    Property Features for 59 Dover Street

    General Information

    Standard status
    Active
    Size
    12,428 SF
    Property subtype
    Multi-family / 5-9 Family

    Building Details

    Year Built
    1905

    We can help!

    Listing Contact
    Brody Murphy Novak Group
    Brody Murphy Novak Group

    Listing agent Brody Murphy Novak Group License #9517748

    Listing office Douglas Elliman Real Estate - Park Plaza

    Listing date Apr 5, 2026

    Source Compass

    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 Douglas Elliman Real Estate - Park Plaza

    HighLights

    • High Gross Income: Stabilized gross income of $333,000/year with an additional $12,600 in scheduled increases.
    • Prime Location: Located in Worcester's WPI District, benefiting from high demand.
    • Near‑Zero Vacancy: All units are leased at market rent.
    • Portfolio Opportunity: Part of a larger 10‑building, 30‑unit portfolio, offering flexible acquisition options.
    • Extensively Renovated Units: Most units feature updated kitchens and modern finishes.
    • Management Efficiencies: 172 & 176 Russell St are adjacent.

    Overview

    This offering comprises a three-building, nine-unit multifamily bundle located in the WPI District of Worcester. The properties include 59 Dover St, featuring three 3-bedroom units and a garage, totaling 3,004 square feet; 172 Russell St, offering three 5-bedroom units and measuring 4,712 square feet; and 176 Russell St, which includes three 4-bedroom units and spans 3,972 square feet. The combined area of the buildings is 11,688 square feet. Constructed between 1905 and 1915, the properties generate a stabilized gross income of $333,000 per year, with scheduled increases of $12,600. All units are leased at market rates, benefiting from near-zero vacancy due to the demand from over 5,800 WPI students, where only first-year students are guaranteed housing. The properties at 172 and 176 Russell Street are adjacent, offering potential management efficiencies. The property at 172 Russell St generates the highest income at $136,800 per year. Many units have been extensively renovated with updated kitchens and modern finishes. This bundle is part of a larger 10-building, 30-unit WPI District Portfolio. The remaining buildings are also available individually or in additional bundles. The Worcester County multifamily volume reached $710 million in 2025, which is three times the volume of 2024. The sellers are open to offers for the entire portfolio or individual groupings or buildings, creating a flexible acquisition opportunity.

    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 $320.6k $25.80
    − Vacancy −$16.0k −$1.29
    EGI $304.6k $24.51
    − OpEx −$137.1k −$11.03
    NOI $167.5k $13.48
    12,428 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $2.39M
    $2.09M – $2.79M (±1% cap)
    NOI $167,536 @ 7.0% cap · market cap 5.08%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $4.15M
    $3.63M – $4.84M (±1% cap)
    NOI $290,374 @ 7.0% cap · market cap 8.80%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Law Firm Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8135511
    Latitude
    42.2725786

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    FAQs

    What type of property is this?
    Apartment building - Three-building, nine-unit multifamily bundle near WPI.
    Where is this apartment building located?
    The property is located at 59 Dover Street Worcester, MA.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: High Gross Income: Stabilized gross income of $333,000/year with an additional $12,600 in scheduled increases.; Prime Location: Located in Worcester's WPI District, benefiting from high demand.; Near‑Zero Vacancy: All units are leased at market rent.
    (617) 267-3500
    We can help!
    Listing Contact
    Brody Murphy Novak Group
    Brody Murphy Novak Group
    Real Estate License ID: 9517748
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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