30-UNIT
AVAILABLE FOR SALE
TABLE OF CONTENTS
OFFERING SUMMARY
INVESTMENT HIGHLIGHTS
INVESTMENT OVERVIEW
PROPERTY DETAILS
AERIAL MAP
LOCATION MAP
RENT ROLL
INCOME & EXPENSES
PRICING & EXPENSES
1. 2. 3. 4. 5. 6. 7. 8. 9. 10-11. EXTERIOR
12-13. INTERIOR
14.
15.
NAI GLOBAL 16. CONTACT US
PHOTOS
PHOTOS
ABOUT US
ABOUT
OPERATIONAL Gross Square Feet Rentable Square Feet No. of Units Lot Size Year Built FINANCIAL Listing Price NOI (Net Operating Income) Cap Rate Price/SF Price/Unit $6,900,000 $347,842 5.35% $273.00 $230,000 29,544 25,236 SF 30 69,227 SF 2018
LISTING PRICE $6,900,000 CAP RATE 5.35% NO. OF UNITS 30
OFFERING SUMMARY
INVESTMENT HIGHLIGHTS
HIGH VALUE- GARDEN STYLE APARTMENT COMPLEX BRAND NEW CONSTRUCTION (CIRCA 2016-2018)
30 ONE-BEDROOM, ONE-BATHROOM UNITS.
EXCESS OFF STREET PARKING: TWO PAVED LOTS,
TOTALING 55 SPACES.
SERVICED BY MUNICIPAL WATER & SEWER.
DRY SPRINKLER SYSTEM THROUGHOUT BUILDING.
ALL TENANTS ARE ON ANNUAL LEASES.
SEPARATELY METERED ELECTRICAL SERVICE
EACH UNIT CONTAINS WASHER/DRYER
INVESTMENT OVERVIEW
NAI Glickman Kovago & Jacobs is pleased to offer for sale one of the newest mid-size apartment complexes in the city. 31 Caroline St, Worcester contains 30 one bedroom, one-bathroom units. The property was constructed in phases ranging from 2016 until its full occupancy in 2018. Making it one of the newest properties being offered for sale in the area for years.
All units are serviced by gas, heat and A/C. The building is serviced by municipal water & sewer and the entirety of the building is sprinkled with a dry system. Other major amenities include two paved off street parking lots, totaling approximately 55 spaces. Each tenant also has access to in unit washer/dryer and personal storage lockers in the basement.
The property sits directly off Hamilton and Grafton St, less than a mile from downtown Worcester, I-290, and several colleges, restaurants, and the newly constructed Polar Park. Making its central location and local amenities a desirable location for the area’s tenant pool, which includes employees from several hospitals, colleges, and businesses in the area.
PROPERTY DETAILS
BUILDING INFORMATION
SITE DESCRIPTION No. of Units No. of Buildings No. of Stories Year Built Rentable Square Feet Lot Size Zoning No. of Parking Spaces 30 3 3 2018 25,236 SF 69,227 SF RG-5 55 UTILITIES Water Phone/Internet Electric Gas Worcester Water Dept. Verizon/Spectrum National Grid Eversource Foundation Framing Roof Siding/Trim Concrete Wood Asphalt shingles Vinyl/Aluminum
AERIAL MAP
COHASSETSTREET
11 | 3 C A R O L I N E S T R E E T NOTLIMAH TEERTS
LOCATION MAP
INGLESIDE AVENUE
RENT ROLL
UNIT MONTHLY RENT UNIT DESCRIPTION PROJECTED RENT 1 $ 1,450 1 bedroom $ 1,650 2 $ 1,450 1 bedroom $ 1,650 3 $ 1,450 1 bedroom $ 1,650 4 $ 1,400 1 bedroom $ 1,650 5 $ 1,400 1 bedroom $ 1,650 6 $ 1,250 1 bedroom $ 1,650 7 $ 1,350 1 bedroom $ 1,650 8 $ 1,400 1 bedroom $ 1,650 9 $ 1,350 1 bedroom $ 1,650 10 $ 1,450 1 bedroom $ 1,650 11 $ 1,400 1 bedroom $ 1,650 12 $ 1,350 1 bedroom $ 1,650 13 $ 1,350 1 bedroom $ 1,650 14 $ 1,350 1 bedroom $ 1,650 15 $ 1,350 1 bedroom $ 1,650 16 $ 1,350 1 bedroom $ 1,650 17 $ 1,450 1 bedroom $ 1,650 18 $ 1,350 1 bedroom $ 1,650 19 $ 1,450 1 bedroom $ 1,650 20 $ 1,450 1 bedroom $ 1,650 21 $ 1,350 1 bedroom $ 1,650 22 $ 1,350 1 bedroom $ 1,650 23 $ 1,400 1 bedroom $ 1,650 24 $ 1,400 1 bedroom $ 1,650 25 $ 1,450 1 bedroom $ 1,650 26 $ 1,300 1 bedroom $ 1,650 27 $ 1,400 1 bedroom $ 1,650 28 $ 1,400 1 bedroom $ 1,650 29 $ 1,400 1 bedroom $ 1,650 30 $ 1,450 1 bedroom $ 1,650 Total Monthly Scheduled Rent $ 41,700 $ 49,500
INCOME & EXPENSES
INCOME CURRENT PROFORMA Gross Scheduled 2022 Income $ 500,400 $ 594,000 Less 5% Vacancy $ 25,020 $ 29,700 Net Rental Income $ 475,380 $ 564,300 Expenses Real Estate Taxes $ 30,137 $ 31,644 Insurance $ 13,062 $ 13,715 Utilites $ 13,667 $ 14,350 Water/Sewer $ 10,183 $ 10,692 Rubbish Removal $ 3,402 $ 3,572 Maintenance and Repair $ 30,281 $ 31,795 Snow Removal $ 2,011 $ 2,112 Management $ 24,795 $ 28,215 Total Operating Expenses $ 127,538 $ 136,095 Net Operating Income $ 347,842 $ 428,205 Less Debt Service $ (289,858) $ (289,858) Potential Net Cash Flow $ 57,984 $ 138,347 Cash-on Cash Return (Before Taxes) 2 11% 5 03% Capitalization Rate 5 35% 6 59%
PRICING & EXPENSES
PRICING DETAILS Price $ 6,900,000 Price/unit $ 230,000 Price/SF $ 273 Gross Rent Mulitplier 12.99 Proposed Loan Amount $ 3,749,000 Intial Investment $ 2,751,000 Interest Rate 6.0% Amortization 25 Debt Coverage Ratio 1.2 Monthly Loan Payment $ 24,155 RETURNS CURRENT PROFORMA Net Operating Income $ 347,842 $ 428,205 Less Debt Service $ (289,858) $ (289,858) Potential Net Cash Flow $ 57,984 $ 138,347 Cash-on Cash Return (Before Taxes) 2.11% 5.03% Capitalization Rate 5.35% 6.59%
EXTERIOR PHOTO
PROPERTY FEATURES INCLUDE:
NEW CONSTRUCTION
30 ONE-BED, ONE-BATH UNITS
GARDEN STYLE APARTMENT COMPLEX
PROPERTY FEATURES INCLUDE:
TWO PAVED LOTS: 55 SPACES
MUNICIPAL WATER & SEWER
INTERIOR PHOTO
PERSONAL STORAGE
LOCKERS
PROPERTY FEATURES INCLUDE:
ANNUAL TENANT LEASES
IN-UNIT
WASHER/ DRYER
PROPERTY FEATURES INCLUDE:
DRY SPRINKLER SYSTEM
SEPARATELY METERED
ELECTRICAL SERVICE
WHAT SETS NAI GLICKMAN KOVAGO & JACOBS APART?
We are the only full-service commercial real estate firm in Central MA. That means we are the only local firm providing all of the following services:
BROKERAGE | PROPERTY MANAGEMENT | CONSTRUCTION
NAI Glickman Kovago & Jacobs is recognized for our expert real estate advice, professional property marketing strategies and 360-degree approach to all your real estate needs.
Our knowledge of our neighbors and surrounding businesses set us apart. We focus on our clients and serve the changing needs in the fast paced real estate market.
Our professional staff offer the best services to assist you with your business needs including real estate transactions, business growth objectives, investment strategies, detailed analysis and step-by-step guidance.
LOCAL MARKET EXPERTISE
LOCAL EXPERTISE WITH A GLOBAL PRESENCE a network of 5,100+ professionals a total of $20B in transaction value a total of 300 offices Located in 43 countries
DRONE VIDEO
CONTACT US 774.239.1900 twhittredge@glickmankovago.com TIM WHITTREDGE Vice President 617.930.4684 deldredge@glickmankovago.com D A V I D E L D R E D G E V i c e P r e s i d e n t
1 Mercantile Street, Suite 510 | Worcester, MA 508.753.9100 www.glickmankovago.com