Russell Street Apartments 70-72 Russell Street 13 Unit Apartment Building $2,495,000 ($191,923/Unit) 7.50% Cap Rate Worcester, MA 01609

Northeast Private Client Group is pleased to present the Russell Street Apartments, a 13-unit multifamily investment property located in Worcester, Massachusetts.
The Russell Street Apartments consist of two adjacent residential buildings located at 70 and 72 Russell Street. The property at 70 Russell Street comprises eight units, including four one-bedroom apartments and four three-bedroom apartments. The building at 72 Russell Street contains five units, consisting of two one-bedroom apartments and three four-bedroom apartments.
Both buildings are serviced by central, natural gas–fired heating and domestic hot water systems, with utility costs paid by the landlord. Tenants are separately metered and responsible for electricity in both properties. Units at 70 Russell Street feature gas cooking appliances, with gas usage paid by tenants. The properties offer a total of nine off-street parking spaces. There is currently no laundry facility at 70 Russell Street; however, a former basement laundry room presents an opportunity for income enhancement through reactivation. Units at 72 Russell Street include washer and dryer hookups in the three-/four-bedroom layouts.
The properties have benefited from substantial capital investment during the current ownership period. Improvements include vinyl replacement windows throughout, flat rubber roof replacements (2015), central boiler replacement (2016), new hot water heaters (2021), porch repairs (2024), installation of a new fire alarm system (2024), and a full soffit rebuild and replacement (2025). The majority of units have been renovated, including three units that were completely rebuilt following a fire in 2023.
A new owner will acquire a stabilized asset with demonstrated rental upside and minimal near-term capital expenditure requirements. The property’s proximity to local colleges, major medical facilities, and employment centers supports consistent rental demand. Additionally, recent higher-end residential development in the surrounding area has begun to anchor the neighborhood, providing a competitive advantage for offering more affordable rental units. Current in-place rents are approximately 15% below comparable market levels, representing an estimated increase of $265 per unit per month.