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Worcester Multifamily Investment Opportunity

59 Dover St, Worcester, MA 01609

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For Sale

$3,300,000

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

Type:5-9 Family

Property size:

12,428 SF

Price / SF:

$265/SF

HighLights

High Gross Income: Stabilized gross income of $333,000/year with additional scheduled increases.
Strong Rental Demand: Benefit from near‑zero vacancy due to the proximity to WPI and its 5,800+ students.
Multi‑Building Bundle: Includes three buildings (59 Dover St, 172 Russell St, 176 Russell St) with a total of 9 units and 11,688 SF.
Renovated Units: Most units feature extensively renovated kitchens and modern finishes.
Management Efficiency: 172 & 176 Russell St are adjacent, offering streamlined management potential.
Flexible Acquisition: Part of a larger portfolio, with options to purchase individual buildings, bundles, or the entire portfolio.

We can help!

Listing Contact

Brody Murphy Novak Group

Learn more

For Sale

$3,300,000

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

Type:5-9 Family

Property size:

12,428 SF

Price / SF:

$265/SF

Added:: Apr 6, 2026
Days on Market:: 64
Last Refresh:: Apr 20 at 7:28 pm

Property Features for 59 Dover St

General Information

Standard status: Active
Size: 12,428 SF
Property subtype: 5-9 Family

Building Details

Year Built: 1905

We can help!

Listing Contact

Brody Murphy Novak Group

Listing agent Brody Murphy Novak Group

Listing office Douglas Elliman Real Estate - Park Plaza

Listing date Apr 6, 2026

Source Lockandkeyre

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 additional scheduled increases.
Strong Rental Demand: Benefit from near‑zero vacancy due to the proximity to WPI and its 5,800+ students.
Multi‑Building Bundle: Includes three buildings (59 Dover St, 172 Russell St, 176 Russell St) with a total of 9 units and 11,688 SF.
Renovated Units: Most units feature extensively renovated kitchens and modern finishes.
Management Efficiency: 172 & 176 Russell St are adjacent, offering streamlined management potential.
Flexible Acquisition: Part of a larger portfolio, with options to purchase individual buildings, bundles, or the entire portfolio.

Overview

This offering features a three-building, nine-unit multifamily bundle located in Worcester's WPI District. The properties include 59 Dover St (3BR/3BR/3BR + garage, 3,004 SF), 172 Russell St (5BR/5BR/5BR, 4,712 SF), and 176 Russell St (4BR/4BR/4BR, 3,972 SF). The combined area of the buildings is 11,688 SF. Construction dates range from 1905 to 1915. The stabilized gross income is $333,000 per year, with $12,600 in scheduled increases. All units are leased at market rent, benefiting from near-zero vacancy due to demand from the 5,800+ students at WPI, 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. Most units have been extensively renovated with updated kitchens and modern finishes. This is part of a larger 10-building, 30-unit WPI District Portfolio. The remaining buildings are also available individually or in additional bundles. Worcester County multifamily volume reached $710 million in 2025, which is three times the volume in 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

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

Location Insight

Map
Local Demand

City: Worcester
County: Worcester
State: Massachusetts
Longitude: -71.8135511
Latitude: 42.2725786

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For sale
Apartment buildings
MA
Worcester
01609
59 Dover St

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 St 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 additional scheduled increases.; Strong Rental Demand: Benefit from near‑zero vacancy due to the proximity to WPI and its 5,800+ students.; Multi‑Building Bundle: Includes three buildings (59 Dover St, 172 Russell St, 176 Russell St) with a total of 9 units and 11,688 SF.

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59 Dover St, Worcester, MA 01609

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

Property Features for 59 Dover St

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

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Worcester Triplex with Recent Updates

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Worcester Multi-Family Near Universities

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Income-Producing Rooming House Near WPI

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FAQs

59 Dover St, Worcester, MA 01609

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

Property Features for 59 Dover St

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

8-Unit Residential Income Building

Worcester Triplex with Recent Updates

Updated Triplex in Worcester, MA

Triplex with Rare Four-Car Garage

Three-Family Income Property

Worcester Multi-Family Near Universities

Renovated Three-Family in Worcester

Three-Family Home with Modern Upgrades

Income-Producing Rooming House Near WPI

Worcester Multi-Family Investment Opportunity

Redevelopment Opportunity in Worcester, MA

Renovated Office Building For Sale

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