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    393-397 Shrewsbury St Worcester, MA 01604

    Sponsored
    For Sale
    $1,600,000

    24-Unit Apartment Building, Worcester, MA

    Property size:
    1 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional investment opportunity presents a fully permitted 24-unit multifamily apartment complex situated on a 0.39-acre lot at 393-397 Shrewsbury Street in Worcester, Massachusetts. The property boasts a prime location on the vibrant Shrewsbury Street, offering high visibility and convenient access to major roadways, including I-290. The building design incorporates underground parking for residents, a significant advantage in this desirable area. Adding to its appeal, the complex includes valuable first-floor commercial space, perfect for a variety of businesses. Each unit is designed as a market-rate residential apartment, catering to the strong demand for housing in Worcester. The property's proximity to downtown Worcester provides residents with easy access to a wide array of dining, retail, and entertainment options. This is a rare chance to acquire a fully permitted, high-potential multifamily development in a thriving urban location. The asking price is $1,600,000. This represents a compelling investment opportunity with significant upside potential. The property's strategic location and well-planned design make it an attractive proposition for both seasoned investors and those new to the market.

    Property Features for 393-397 Shrewsbury St

    General Information

    Property type
    Multifamily properties
    Square Feet
    1 SF
    Lot Size
    16,988 SF

    HighLights

    • 393‑397 Shrewsbury Street, Worcester, MA
    • 0.39‑acre lot
    • Fully permitted 24‑unit multifamily apartment complex
    • Market‑rate residential units
    • First‑floor commercial space
    • Underground resident parking
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.774978
    Latitude
    42.270978

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    FAQs

    What type of property is this?
    Multifamily property - 24-Unit Apartment Building, Worcester, MA
    Where is this multifamily property located?
    The property is located at 393-397 Shrewsbury St Worcester, MA.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: 393-397 Shrewsbury Street, Worcester, MA; 0.39-acre lot; Fully permitted 24-unit multifamily apartment complex
    Request Owner's contact information
    393-397 Shrewsbury St Worcester, MA 01604
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    Realmo Value Estimation

    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.

    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.

    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
    393-397 Shrewsbury St Worcester, MA 01604
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