Property Description

This well located 7-unit property at 3 Chelsea St in Worcester, Massachusetts, consists of four studio apartments and two 2-bedroom/1-bathroom units on a 0.21-acre parcel. Each unit is separately metered for heat and electricity, and the owner is responsible for hot water and municipal water & sewer. The property also features two sources of parking income. The five front garage bays are rented to one operator for $700/month and there is a large contractor garage behind the property rented for $750/month. There is an opportunity to dramatically increase rents through systematic improvements to unit interiors. Additionally, the property is situated just .3 miles from the College of Holy Cross. Listed at a 7.8% cap rate at $142,857 per unit, this property represents a strong investment opportunity in the growing Worcester market.