Worcester Multifamily Investment
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70-72 Russell Street, Worcester, MA 01609
Thirteen-unit multifamily property in Worcester, Massachusetts with value-add potential.
Property Size12,424 SF
Price / SF$200.82
Days on Market260
Property Features for 70-72 Russell Street
General Information
Standard status
Active
Size
12,424 SF
Property subtype
Multifamily
Net Operating Income
$187,233
Site & Location
Neighborhood
Elm Park Prep C.w.a
Building Details
Year Built
1910
Year Renovated
2023
Units
13
Listing Agency:
NorthEast Private Client Group Shelton
Listed By:
Taylor Perun · License #MA134963
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Jul 9 at 5:13AM
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 NorthEast Private Client Group Shelton
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Investment Insights
Based on property information with market context.
The Russell Street Apartments, located in Worcester, Massachusetts, consist of two adjacent residential buildings at 70 and 72 Russell Street. The property comprises a total of thirteen units. The building at 70 Russell Street contains eight units, including four one-bedroom and four three-bedroom apartments. The building at 72 Russell Street contains five units, consisting of two one-bedroom and three four-bedroom apartments. Both buildings are serviced by central, natural gas–fired heating and domestic hot water systems, with utility costs paid by the landlord. Tenants are separately metered and responsible for electricity in both properties. Units at 70 Russell Street feature gas cooking appliances, with gas usage paid by tenants. The properties offer a total of nine off-street parking spaces. There is currently no laundry facility at 70 Russell Street; however, a former basement laundry room presents an opportunity for income enhancement through reactivation. Units at 72 Russell Street include washer and dryer hookups in the three-/four-bedroom layouts. The properties have benefited from substantial capital investment during the current ownership period. Improvements include vinyl replacement windows throughout, flat rubber roof replacements in 2015, central boiler replacement in 2016, new hot water heaters in 2021, porch repairs in 2024, installation of a new fire alarm system in 2024, and a full soffit rebuild and replacement planned for 2025. The majority of units have been renovated, including three units that were completely rebuilt following a fire in 2023. The property's proximity to local colleges, major medical facilities, and employment centers supports consistent rental demand. Recent higher-end residential development in the surrounding area has begun to anchor the neighborhood, providing a competitive advantage for offering more affordable rental units.
Key Highlights
- Stabilized asset with demonstrated rental upside of 15% below market, a potential $265/unit/month increase.
- Substantial recent capital improvements including roof replacements, boiler replacement, new hot water heaters, porch repairs, new fire alarm system, and soffit rebuild/replacement.
- Desirable unit mix of thirteen units total, including a mix of one-, three-, and four‑bedroom apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$167,482
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,349,640
$3.3M
Cap Rate 7%
$2,392,600
$2.4M
Cap Rate 9%
$1,860,911
$1.9M
Market Conditions
NOI Build-Up for 12,424 SF
Gross rent
$320.5K $25.80/SF
− Vacancy
−$16.0K −$1.29/SF
EGI
$304.5K $24.51/SF
− OpEx
−$137.0K −$11.03/SF
NOI
$167.5K $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%
$3,349,640
Cap Rate 7%
$2,392,600
Cap Rate 9%
$1,860,911
Alternative Uses
Best Use
Apartment 5plus
$2.39M
$2.09M – $2.79M
NOI $167,482 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,280 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,687
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen-unit multifamily property in Worcester, Massachusetts with value-add potential.
Where is this apartment building located?
The property is located at 70-72 Russell Street Worcester, MA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Stabilized asset with demonstrated rental upside of 15% below market, a potential $265/unit/month increase.; Substantial recent capital improvements including roof replacements, boiler replacement, new hot water heaters, porch repairs, new fire alarm system, and soffit rebuild/replacement.; Desirable unit mix of thirteen units total, including a mix of one-, three-, and four‑bedroom apartments.
