2303 Main St - Apartments FOR SALE


West Warren, MA 01092
$1,600,000 USD
860-507-3394
2303 Main St, West Warren, MA for Sale
$1,600,000 USD
Apartments - FOR SALE
1/11
null | 8.6% Cap Rate

2303 Main St
West Warren, MA 01092


OVERVIEW

Alpha Capital Realty is pleased to present 2303 Main Street, a 13-unit brick multifamily property located in the West Warren village of Warren, Massachusetts. Built in 1925, the property offers investors a fully-occupied, income-producing asset with a diverse unit mix and embedded rent upside as units transition toward market rents. The property is 100% occupied across ten 2-bedroom units, two 1-bedroom units, and one 3-bedroom unit, with on-site off-street parking available to residents. Current in-place rents range from $1,250 to $1,700 per month, with several 2-bedroom units priced below the property's $1,550 market-rent target — representing straightforward upside for a new owner. Investment highlights Fully occupied, in-place cash flow — 13 total units generating $203,205 in current annual operating income at 100% occupancy. Attractive going-in basis — an 8.61% cap rate at the $1,600,000 asking price, with a healthy 1.47x debt service coverage ratio at today's financing terms. Embedded rent upside — bringing under-market 2-bedroom units up to the $1,550 pro forma target lifts monthly rental income from $17,825 to $19,275, pushing NOI to $152,481 and the cap rate to 9.53% on the same purchase price. Well-maintained brick construction — durable masonry building with recently renovated unit interiors observed in photography, including updated kitchens, flooring, and finishes. Diligence item / additional income — **one of the 13 total units currently generating rental income is not among the property's 12 legal dwelling units per town records; a buyer may realize further stabilized value by confirming and, if needed, formalizing this unit's legal status.**

FOR SALE DETAILS

PRICE

$1,600,000 USD

PRICE/SF

$182 USD /SF

# OF UNITS

13

PRICE/UNIT

$123,077

CAP RATE

8.6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Warren Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1925

PARKING SPACES

26

LAND DETAILS

LAND ACRES

0.59 AC

LAND SF

25,598 SF

ZONING

V, Warren

APN/PARCEL ID

WARR-000020-000000-000080

ASK ABOUT THIS PROPERTY

Joe IrelandAlpha Capital RealtyMore Info
860-507-3394

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Joe IrelandAlpha Capital RealtyMore Info
860-507-3394

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.