Three-Story Multifamily
8 Pelham Street Worcester, MA 01609
8 Pelham Street, Worcester, MA, 01609
$950,000
For Sale
$950,000
Three-story multifamily property with off-street parking from a rear driveway and basement space for storage and mechanical access.
Property Size4,467 SF
Price / SF$212.67
Days on Market155
Property Features for 8 Pelham Street
General Information
- Standard status
- Active
- Size
- 4,467 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1890
Listing agency
Property Investors & Advisors,LLC
(774) 413-0272
Listed by
Miguel Hernandez · License #9561867
Source
Stevebremis
Added: Feb 18 Updated: Jul 22 at 12:34AM Checked: Jul 22 at 7:28AM
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 Property Investors & Advisors,LLC
Investment Insights
Based on property information with market context.
This well-maintained three-story multifamily property is designed with functional layouts and comfortable living spaces. Additional onsite features include off-street parking accessed via a rear driveway, along with basement space that can support storage needs and provides convenient access to mechanical systems.
The property is located near downtown Worcester and within reach of major highways and public transportation, with nearby hospitals, universities, restaurants, and shopping referenced in the information provided.
Overall, the building is offered as a stable rental income opportunity, supported by described strong tenant demand in the area.
The property is located near downtown Worcester and within reach of major highways and public transportation, with nearby hospitals, universities, restaurants, and shopping referenced in the information provided.
Overall, the building is offered as a stable rental income opportunity, supported by described strong tenant demand in the area.
Key Highlights
- Three‑story multifamily property built in 1890
- Off‑street parking available via rear driveway
- Basement space provides storage and convenient access to mechanical systems
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 | $115.2k | $25.80 |
| − Vacancy | −$5.8k | −$1.29 |
| EGI | $109.5k | $24.51 |
| − OpEx | −$49.3k | −$11.03 |
| NOI | $60.2k | $13.48 |
4,467 SF · lease $25.80/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$860.2K
$752.7K – $1.00M
NOI $60,217 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,369 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
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FAQs
What type of property is this?
Multifamily property - Three-story multifamily property with off-street parking from a rear driveway and basement space for storage and mechanical access.
Where is this multifamily property located?
The property is located at 8 Pelham Street Worcester, MA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three‑story multifamily property built in 1890; Off‑street parking available via rear driveway; Basement space provides storage and convenient access to mechanical systems
