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23 Millbury St
Worcester, MA 01610
23 Millbury Street · Multifamily Property For Sale
·
9 Units
Investment Highlights
- Strong in-place cash flow with rent-to-market upside
- Adjacent parking income opportunity
- Minimal landlord expenses
- Canal District location
Executive Summary
23 Millbury Street presents the opportunity to acquire a mixed-use asset in Worcester comprised of (2) retail storefronts, (4) four-bedroom apartments, and (5) three-bedroom apartments. The property offers strong in-place cash flow with additional upside through increasing residential and retail rents to market levels. Tenants are responsible for their own electric, gas heat, and hot water, helping minimize landlord expenses. There are laundry hookups in all units and the roofs have been replaced in the past year.
Located within close proximity to Downtown Worcester, Polar Park, Union Station, and numerous local restaurants and amenities, the property benefits from continued investment and growth throughout the surrounding neighborhood. Optional pairing with the adjacent parcel at 15 Millbury Street, creating the potential for supplemental parking income from both residential and retail tenants in an area where off-street parking remains a valuable amenity.
Located within close proximity to Downtown Worcester, Polar Park, Union Station, and numerous local restaurants and amenities, the property benefits from continued investment and growth throughout the surrounding neighborhood. Optional pairing with the adjacent parcel at 15 Millbury Street, creating the potential for supplemental parking income from both residential and retail tenants in an area where off-street parking remains a valuable amenity.
Property Facts
| Sale Type | Investment | Lot Size | 0.16 AC |
| No. Units | 9 | Building Size | 18,000 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | BG-3 - General Business | ||
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 18,000 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Opportunity Zone |
Yes |
| Zoning | BG-3 - General Business |
Property Taxes
| Parcel Number | WORC-000005-000016-000004 | Improvements Assessment | $1,401,800 |
| Land Assessment | $179,800 | Total Assessment | $1,581,600 |
Property Taxes
Parcel Number
WORC-000005-000016-000004
Land Assessment
$179,800
Improvements Assessment
$1,401,800
Total Assessment
$1,581,600
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