Property Description

The multi-story building contains five (5) 2-Bedroom/1-Bathroom units with 3,254 square feet of gross living area in 5,526 square feet of gross area. The Property is situated upon a 0.16-acre parcel and has on-street parking. All five units were recently renovated. Renovations include brand new kitchens, new flooring, and new bathrooms. Several of the units were also upgraded with brand new mini split air conditioning units. The Property is currently fully occupied at slightly below market rents offering upside to the purchaser with little to no additional expenditure needed. Net operating income is further improved by separately metered heat, hot water, and electricity which the tenants pay directly. The owner is only responsible for domestic water & sewer. 22 Florence Street is well-positioned in Worcester's established Vernon Hill neighborhood just steps from Clark University. This offers convenient access to downtown Worcester, neighborhood retail corridors, and surrounding residential communities. The opportunity exists to acquire a well maintained and recently improved asset in a desirable urban market. Listed at an 8.34% cap rate.