Multifamily Investment
70-72 Russell Street Worcester, MA 01609
70-72 Russell Street, Worcester, MA, 01609
$2,495,000
For Sale
$2,495,000
Two buildings with 13 units, recent renovations, and upgrades.
Property Size12,424 SF
Price / SF$200.82
Days on Market169
Property Features for 70-72 Russell Street
General Information
- Standard status
- Active
- Size
- 12,424 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1910
Listing Agency
Northeast Private Client Group,LLC
Listed by
Tim McGeary
(413) 789-9830
Source
Parksquarerealty
Added: Jan 29 Checked: Jul 15 at 6:51 pm
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,LLC
Investment Insights
Based on property information with market context.
The property includes two buildings, one at 70 Russell St with eight units, consisting of four one-bedroom and four three-bedroom units, and another at 72 Russell St with five units, consisting of two one-bedroom and three four-bedroom units. Both buildings are serviced by central, natural gas-fired heating and domestic hot water systems, with the landlord responsible for the cost. Tenants are responsible for electricity in both properties. The building at 70 Russell St features gas cooking, paid for by the landlord. A total of nine off-street parking spaces are available. While there is currently no laundry facility at 70 Russell St, a former basement laundry room offers an opportunity for installation. The units at 72 Russell St include washer and dryer hookups in the four-bedroom layouts. Recent capital improvements include vinyl replacement windows, flat rubber roof replacements in 2015, hot water heaters in 2021, porch repairs in 2024, installation of a fire alarm system in 2024, and soffit rebuild and replacement planned for 2025. The majority of units have been renovated following a fire at 70 Russell St in 2023. The property size is 12424 square feet.
Key Highlights
- Mix of one, three, and four‑bedroom units across two buildings offers diverse tenant appeal.
- Recent capital improvements including vinyl replacement windows, roof replacements (2015), hot water heaters (2021), porch repairs (2024), fire alarm system (2024), and soffit rebuild (2025).
- Landlord‑paid central, natural gas‑fired heating & domestic hot water systems for both buildings.
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 | $320.5k | $25.80 |
| − Vacancy | −$16.0k | −$1.29 |
| EGI | $304.5k | $24.51 |
| − OpEx | −$137.0k | −$11.03 |
| NOI | $167.5k | $13.48 |
12,424 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Two buildings with 13 units, recent renovations, and upgrades.
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: Mix of one, three, and four‑bedroom units across two buildings offers diverse tenant appeal.; Recent capital improvements including vinyl replacement windows, roof replacements (2015), hot water heaters (2021), porch repairs (2024), fire alarm system (2024), and soffit rebuild (2025).; Landlord‑paid central, natural gas‑fired heating & domestic hot water systems for both buildings.
