23 Millbury St
Worcester, MA 01610
23 Millbury Street · Multifamily Property For Sale · 11 Units

Northeast Private Client Group is pleased to present 23 Millbury Street, a 24,195- square-foot mixed-use building in Worcester's Canal District, on Millbury Street steps south of Kelley Square. Built in 1900 and rising four stories, the property pairs nine residential apartments with two ground-floor storefronts across eleven income producing units.
The residential floors hold five four-bedroom and four three-bedroom apartments, each roughly 1,225 square feet. At street level, an anchor bakery occupies 3,440 square feet on a lease running through August 30, 2030 at $4,000 per month, alongside a smaller deli storefront. Tenants pay their own electricity and individually metered gas heat, keeping the ownership expense load light. In-place rents sit well below market: the nine apartments average $1,827 per month against $2,311 on a pro forma basis. Marking rents to market lifts net operating income from $151,846 to $200,364 and the cap rate from 6.09% to 8.03% on the $2,495,000 asking price — roughly $103 per square foot and $226,818 per unit.
23 Millbury Street offers a value-add mixed-use investment: below-market residential rents with clear room to move, a commercial base anchored by a bakery under lease through 2030, and a position in Worcester's Canal District, the walkable, restaurant lined neighborhood anchored by Kelley Square and Polar Park just north.
All interested and qualified parties will have the opportunity to obtain additional information upon request.