Multifamily property for sale
PROPERTY DESCRIPTION
NAI Glickman Kovago & Jacobs is pleased to offer a major investment opportunity within the multifamily sector near Downtown Worcester for sale Located within the Worcester Federal Designated Opportunity zone right off of Main Street 12, 15 & 21, Oread Street offers a value-add investment opportunity that provides investors with the ability to reposition the assets to optimize income with new management and capital improvements Included in the sale are two additional parking lots located at 8 and 16 Oread St, which may offer additional opportunities as well. 15 and 21 Oread Street have historical brick Victorian architecture with high ceilings throughout. The two have a combined square footage of 10,717 square feet and a total of 30 rooms and 6 1/2 bathrooms. Additionally, 12 Oread Street, a brick-built 14,899 square foot building includes 45 rooms and 16 bathrooms, plus a manager's apartment. The overwhelming demand for affordable housing in Worcester makes these properties a fantastic opportunity for the astute investor looking to capitalize on the ongoing revitalization of the downtown Worcester area
OFFERING SUMMARY
Sale
Cap Rate: 7 67% NOI: $272,436
Year Built: 1900
Zoning: RG-5
DEMOGRAPHICS 0.25 MILES 0.5 MILES 1 MILE Total Households
54,527
Price: $3,550,000 Building Size: 25,606 SF Lot Size:
SF Price / SF: $138 64
1,170 4,420 16,502
2,575 10,038 37,511
HH Income $36,634 $40,504
Alexis Brissette 508 868 6182 abrissette@glickmankovago com David Eldredge 617 930 4684 deldredge@glickmankovago com 1 Mercantile Street Suite 510 | Worcester, MA 01608
Total Population
Average
$43,750
abrissette@glickmankovago com
deldredge@glickmankovago com 1 Mercantile Street Suite 510 | Worcester, MA 01608 8-21 Oread St. 8-21 Oread Street | Worcester, MA 01608
Alexis Brissette 508 868 6182
David Eldredge 617 930 4684
Alexis
6182 abrissette@glickmankovago com David
930 4684 deldredge@glickmankovago com 1 Mercantile Street Suite 510 | Worcester, MA 01608 8-21 Oread St. 8-21 Oread Street | Worcester, MA 01608
Brissette 508 868
Eldredge 617
Alexis Brissette 508 868 6182 abrissette@glickmankovago com David Eldredge 617 930 4684 deldredge@glickmankovago com 1 Mercantile Street Suite 510 | Worcester, MA 01608 POPULATION 0.25 MILES 0.5 MILES 1 MILE Total Population 2,575 10,038 37,511 Average Age 37 5 33 8 33 4 Average Age (Male) 31.0 29.7 31.7 Average Age (Female) 42 1 37 3 35 3 HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE Total Households 1,170 4,420 16,502 # of Persons per HH 2 2 2 3 2 3 Average HH Income $36,634 $40,504 $43,750 Average House Value $152,598 $124,500 $112,948 * Demographic data derived from 2020 ACS - US Census 8-21 Oread St. 8-21 Oread Street | Worcester, MA 01608
