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Millbury Street Apartments & Sports Bar 148-152 Millbury St 8 Unit Apartment Building $1,395,000 ($174,375/Unit) 7.30% Cap Rate Worcester, MA 01610
Executive Summary
Northeast Private Client Group, Inc. is pleased to present 148-152 Millbury Street, a
nine-unit mixed-use property in Worcester's Canal District, a short walk from Kelley
Square and Polar Park. Built in 1920 and rising three stories, the fully occupied
building is offered at $1,395,000.
The upper floors hold eight residential apartments — five one-bedrooms and three
studios — over a ground-floor commercial space leased to a neighborhood
bar/restaurant. Ownership covers water and sewer, trash, and common-area
electricity.
The income splits between steady residential cash flow and a commercial lease that
anchors the ground floor. In-place residential rents sit below the levels renovated units
command as they turn, giving the next owner a clear path to raise income as leases
roll, while the ground-floor tenant diversifies the building's cash flow. The rent roll and
income tables that follow carry the detail.
148-152 Millbury Street offers a fully occupied, mixed-use investment: in-place income
from day one, embedded rent upside as units turn, and a Canal District address in the
middle of Worcester's most active redevelopment corridor. It is a chance to own
income today with a clear runway to grow it.
nine-unit mixed-use property in Worcester's Canal District, a short walk from Kelley
Square and Polar Park. Built in 1920 and rising three stories, the fully occupied
building is offered at $1,395,000.
The upper floors hold eight residential apartments — five one-bedrooms and three
studios — over a ground-floor commercial space leased to a neighborhood
bar/restaurant. Ownership covers water and sewer, trash, and common-area
electricity.
The income splits between steady residential cash flow and a commercial lease that
anchors the ground floor. In-place residential rents sit below the levels renovated units
command as they turn, giving the next owner a clear path to raise income as leases
roll, while the ground-floor tenant diversifies the building's cash flow. The rent roll and
income tables that follow carry the detail.
148-152 Millbury Street offers a fully occupied, mixed-use investment: in-place income
from day one, embedded rent upside as units turn, and a Canal District address in the
middle of Worcester's most active redevelopment corridor. It is a chance to own
income today with a clear runway to grow it.
Property Facts
| Price | $1,395,000 | Building Class | B |
| Price Per Unit | $174,375 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 11,505 SF |
| Cap Rate | 7.30% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | BG-3 | ||
| Price | $1,395,000 |
| Price Per Unit | $174,375 |
| Sale Type | Investment |
| Cap Rate | 7.30% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.18 AC |
| Building Size | 11,505 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1920 |
| Parking Ratio | 1.48/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | BG-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | WORC-000005-000021-000028-000029 | Improvements Assessment | $533,300 |
| Land Assessment | $266,500 | Total Assessment | $799,800 |
Property Taxes
Parcel Number
WORC-000005-000021-000028-000029
Land Assessment
$266,500
Improvements Assessment
$533,300
Total Assessment
$799,800
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