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5-9 Palm St
Worcester, MA 01604
Multifamily Property For Sale
·
7 Units
Executive Summary
Marcus & Millichap is pleased to offer for sale 5-9 Palm Street, a seven unit building in Worcester, Massachusetts. The property has three individual entrances, 5 Palm Street (Large 2-bedroom Townhouse apartment), 7 Palm Street (3 Units, 7-2R, 7-3L, 7-3R), and 9 Palm Street (3 Units, 9-1L, 9-2L, 9-2R), collectively featuring (5) large 1 Bedroom Units,(1) Studio, and (1) large 2 bedroom townhouse. Together, the building totals 5,600 square feet of living space on a 0.26 acre lot in the Union Hill Neighborhood of Worcester. The property has separately metered utilities and two off-street parking spots.
5-9 Palm Street offers investors stable in-place income and clear avenues for value-add enhancement, and the opportunity to secure a well-located asset in the second-largest city in New England. UMass Memorial Hospital, Hanover Insurance Group, and Paul Revere Insurance Group, which employee over 20,000 people, are all within 3.5
miles of the property. Whether held as a durable, cash-flowing investment or improved to capture additional upside, 5 Palm Street represents a compelling opportunity to acquire a strong multifamily asset in a rapid tightening Central Massachusetts market. Worcester was ranked the third most competitive rental market nationally by Forbes Magazine in 2024.
5-9 Palm Street offers investors stable in-place income and clear avenues for value-add enhancement, and the opportunity to secure a well-located asset in the second-largest city in New England. UMass Memorial Hospital, Hanover Insurance Group, and Paul Revere Insurance Group, which employee over 20,000 people, are all within 3.5
miles of the property. Whether held as a durable, cash-flowing investment or improved to capture additional upside, 5 Palm Street represents a compelling opportunity to acquire a strong multifamily asset in a rapid tightening Central Massachusetts market. Worcester was ranked the third most competitive rental market nationally by Forbes Magazine in 2024.
Property Facts
| Price Per Unit | $170,714 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 7.81% | Building Size | 5,600 SF |
| No. Units | 7 | Average Occupancy | 86% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1925 |
| Apartment Style | Low-Rise | Parking Ratio | 0.3/1,000 SF |
| Zoning | RG-5 | ||
| Price Per Unit | $170,714 |
| Sale Type | Investment |
| Cap Rate | 7.81% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 5,600 SF |
| Average Occupancy | 86% |
| No. Stories | 3 |
| Year Built | 1925 |
| Parking Ratio | 0.3/1,000 SF |
| Zoning | RG-5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 5 | - | - |
| 2+1 | 1 | - | - |
Property Taxes
| Parcel Number | WORC-000018-000003-000196 | Improvements Assessment | $895,600 |
| Land Assessment | $131,300 | Total Assessment | $1,026,900 |
Property Taxes
Parcel Number
WORC-000018-000003-000196
Land Assessment
$131,300
Improvements Assessment
$895,600
Total Assessment
$1,026,900
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