Worcester Multifamily Tours Weekend Summary 8/27/21-8/29/21
I have been doing reviews like this for my clients for a couple years now. For this blog I will do a combination of reviews of properties and some off market properties that have been shared with me. The hope here is to educate people so they can find the best property for them in WORCESTER.
Current Inventory
Inventory is up there are now 72 multis for sale, remember there were 40 2 months ago.
Property Reviews
1. 195 Millbury Street
Asking: $475k
Worth: $525k
Size: 4650 SF on small lot
Features: Nice driveway, really 4 BR per floor
1st floor is ready to go, worth over $1500 as is.
2nd floor not seen, 3rd floor video is on YouTube.
Location: Canal District, desirable area, right at the end of 146.
2. 85 Kenberma Rd
Asking: $520k
Type: 2 family
Size: 2912 SF with plenty of parking
Estimated Sale Price: $550k
Built in: 2005
Potential Rent: $1800-2000 per floor
3. 144 May St
Asking: $450k
Worth: A bit more
Size: HUGE, 3968 SF
Layout: Townhouse style with Kit/LR/DR on 1st floor and 3 BR on 2nd floor, expandable attic.
Location: Good location close to Worcester State, on the West Side.
4. 49 Woodland St
NO THANKS
5. 43 Adams St
Off Market
Asking: $415k
Condition: CASH needs full rehab
Location: Good, has parking
Type: Full project
6. 13 Hancock
Asking: $480k
Type: Big 3 family with some parking
Potential: Can be 4 BR per floor
Condition: Needs work
Comparison: Worth it as 1 Hathaway across the street sold for $665k in February.
7. 21 Whipple St
Another poor flip, overpriced but vacant.
8. 67 Esther St
SMALL 3 family on decent lot.
9. 19 Suffield St
Rents are too low, nice house.
10. 17 Blanche
Really 4 BR per unit, rents are low.
11. 38 Columbia
Asking: $690k
Condition: Completely done 3 decker with sprinklers.
Potential: If you get $1800 per floor, you could end up with a 7 CAP here.
12. 731 Pleasant St
Asking: $699k
Type: 4 family in Newton Square
Lot Size: 13,509 SF
Condition: Very nice place, you pay the heat
Potential Rent: $5900/month
13. 1 Ethel Place
Asking: $290k
Condition: Units were surprisingly nice
Potential Rent: $2800/month
Features: Big garage you could rent to a painter/plumber, needs work on the outside.
Type: 2 family
14. 3 Ethel Place
Asking: $390k
Type: 3 family
Condition: Junk roof, 2 good units one bad.
Value: Not bad at this price point.
15. 30 South Street
Asking: $500k
Condition: I really like this one.
Features: Has parking, right next to Worcester Academy's turf field.
Size: Pretty big 4035 SF, basically 4 BR per floor, 3rd floor is vacant, and deleaded.
Value: This is a solid place.
16. 47 Acton St
Asking: $535k
Condition: Average, with low rents.
Location: Solid location by East Middle.
17. 238 Main Street, Douglas
Asking: $656k
Size: 5780 SF 6 family on 1.5 Acres.
Condition: Big place, low rents.
Rent Breakdown: 2 X 1 BR worth $1100, 2 X 2 BR worth $1400, 2 X 3 BR worth $1600.
Potential Rent: Rents could be $8200 with some work and turnover of tenants.
Current Rent: Close to $4800/month.
Features: Tons of parking, 1 unit has mini split, rest are electric heat, some drop ceilings, some random floor height changes.
Condition: Only 6 electrical panels, older roof, painted outside needs some help, GFI in all kitchens and baths, coin op laundry.
Offer: I would offer $570k which would be $100/SF.
18. 285 Providence Rd, Grafton MA
Asking: $550k
Type: 3 family
Condition: Super nice 3+ BR and 1.5BA per unit with parking in A- Shape.
Value: Super winner here, one of the best I have seen in years.
19. 32 Burncoat St
Asking: $700k
Condition: Good highway access, decent house, some slopes in the kitchen.
Parking: Great parking.
20. 12 Airlie Street
Asking: $589k
Condition: Good location, decent house.
Heating: All parlor heaters, just a bit too expensive.
21. 6 Ericsson St
Asking: $510k
Type: 4 family built in 1955.
Condition: Rents are super low, has parking.
Value: This is worth the $510k but current rents are $3k and market rents are $1300-1400 each so about $5200.
Conclusion: This is a winner.
22. 25 Merrick St
Asking: $460k
Condition: This is a winner here.
Size: Huge 2 family 3288 SF on 7297 SF lot.
Features: 3 car garage with driveway.
Layout: Each unit has 3 BR and 2 Baths and a laundry room.
Bonus: Also in the basement there is a "teen suite" with a bedroom, LR and full bathroom and separate exit. This would be great to Air BNB for extra $.
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