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426 Main St 18 Unit Apartment Building $3,600,000 ($200,000/Unit) 6.03% Cap Rate Worcester, MA 01608
Investment Highlights
- Complete rehab by current owners 2019-2020
- Units have central AC and fully applianced
- Located in downtown Worcester which is undergoing major revitalization
Executive Summary
The apartments at 426 Main St/3-5 Pleasant St, Worcester, MA consist of 12 one-bedroom units, 4 Studio units, and 2 commercial units. The property is a five-story elevator building situated on a 3,040-square-foot lot that underwent a complete rehab by the current owner in 2018. Downtown Worcester is undergoing major revitalization through a $565M+ CitySquare project and the Downtown Urban Revitalization Plan. Major developments include new residential units like The Benjamin, high-rise luxury apartments, the Mercantile Center office/retail complex, and ongoing infrastructure improvements near Union Station. Owner provides parking for tenants in a lot on Pleasant Street walking distance to the building.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$354,156
|
$25.63
|
| Other Income |
$2,000
|
$0.14
|
| Vacancy Loss |
$10,624
|
$0.77
|
| Effective Gross Income |
$345,532
|
$25.00
|
| Taxes |
$32,453
|
$2.35
|
| Operating Expenses |
$95,836
|
$6.93
|
| Total Expenses |
$128,289
|
$9.28
|
| Net Operating Income |
$217,243
|
$15.72
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $354,156 |
| Annual Per SF | $25.63 |
| Other Income | |
|---|---|
| Annual | $2,000 |
| Annual Per SF | $0.14 |
| Vacancy Loss | |
|---|---|
| Annual | $10,624 |
| Annual Per SF | $0.77 |
| Effective Gross Income | |
|---|---|
| Annual | $345,532 |
| Annual Per SF | $25.00 |
| Taxes | |
|---|---|
| Annual | $32,453 |
| Annual Per SF | $2.35 |
| Operating Expenses | |
|---|---|
| Annual | $95,836 |
| Annual Per SF | $6.93 |
| Total Expenses | |
|---|---|
| Annual | $128,289 |
| Annual Per SF | $9.28 |
| Net Operating Income | |
|---|---|
| Annual | $217,243 |
| Annual Per SF | $15.72 |
Property Facts
| Price | $3,600,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $200,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.03% | Building Size | 13,820 SF |
| Gross Rent Multiplier | 10 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 5 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2018 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | BG-6 | ||
| Price | $3,600,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| Gross Rent Multiplier | 10 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 13,820 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built/Renovated | 1900/2018 |
| Opportunity Zone |
Yes |
| Zoning | BG-6 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | - |
| 1+1 | 12 | - | - |
1 1
Exceptionally walkable
100/100
Moderately drivable
60/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $3,560,003 | |
| Land Assessment | $383,403 | Annual Taxes | $32,453 ($2.35/SF) |
| Improvements Assessment | $3,176,600 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$383,403
Improvements Assessment
$3,176,600
Total Assessment
$3,560,003
Annual Taxes
$32,453 ($2.35/SF)
Tax Year
2025
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