24 Fruit St
Worcester, MA 01609
24 Fruit Street · Multifamily Property For Sale · 9 Units

Marcus & Millichap is pleased to present the opportunity to purchase the Fruit Street Apartments located in Worcester, Massachusetts. The three-story building is located on Becker College Campus directly across the street from Becker College's Spruce Hall and is comprised of 9 one-bedroom apartments on a .21 acre lot. The large apartments are separately metered for gas/forced hot water and electricity. Tenants are responsible for their utility costs and landlord is responsible for water and sewer. Immediately surrounding the property, Becker College currently owns 25 properties with a continued need for additional housing. Within a 2-miles radius there are four other colleges and universities, including Assumption College, WPI, Massachusetts College of Pharmacy & Health Sciences, and Worcester State University. These five colleges alone boast a combined student population of more than 18,000 undergraduate and graduate students. The property is easily accessible to and from Interstate 290, Interstate 495 and Interstate 90 (the Massachusetts Turnpike). Additionally, the MBTA Worcester Union Station is approximately one mile from the property and provides express commuter rail service to Boston. The upside in the opportunity lies in the ability of the buyer to increase the NOI of the property by bringing all rents to current market rates based on the existing student population and growing demand for quality market housing in the downtown Worcester area. The City of Worcester, along with local colleges and universities, has committed to a $100M effort to revitalize downtown to support and capitalize on the student demand and attract more population downtown to reshape the area.