35 Lafayette St - Apartments FOR SALE


Worcester, MA 01608- Green Island
$1,350,000 USD
617-896-7209
35 Lafayette St, Worcester, MA for Sale
$1,350,000 USD
Apartments - FOR SALE
1/18
null | 7.93% Cap Rate

35 Lafayette St
Worcester, MA 01608
Green Island


HIGHLIGHTS

  • Upon stabilization, this investment can yield a 7.93% Cap Rate and 10.13% Cash-on-Cash Return (75% LTV, 6% IR, 10 YR Term, 30 YR Am)
  • Property is under a ten minute walk to Polar Park/Kelley Square, placing tenants in close proximity to Worcester's live-work-play hub

OVERVIEW

Marcus & Millichap is pleased to present 35 Lafayette Street, a fully renovated six-unit multifamily asset located in Worcester, Massachusetts. The entire property has undergone a complete modernization, including full unit renovations, updated electrical and plumbing systems, and a newly paved driveway with off-street parking. The building offers three (3) three-bed / one-bath units and three (3) one-bed / one-bath units, totaling over 4,500 square feet of rentable area, with separately metered utilities. The property is ideally located, less than a half-mile from Polar Park and Kelley Square, providing direct access to one of Worcester's most active and in-demand neighborhoods. 35 Lafayette Street offers an investor a quality asset, poised for strong cash flow, with no near term capital expenditures. Delivered vacant, the asset gives investors full control over stabilization and rent positioning. At projected market rents, the property supports an NOI north of $100,000 and a cap rate just below 8% upon stabilization. Worcester remains one of the strongest rental markets in the Northeast, ranking #3 nationally by Forbes magazine in regards to rent growth and vacancy rates. 35 Lafayette Street represents a compelling opportunity to secure a strong, well-located multifamily asset in a supply constrained market.

FOR SALE DETAILS

PRICE

$1,350,000 USD

PRICE/SF

$205 USD /SF

# OF UNITS

6

PRICE/UNIT

$225,000

CAP RATE

7.93%

% LEASED

0%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.1 AC

LAND SF

4,269 SF

ZONING

BG-3

APN/PARCEL ID

WORC-000005-000021-000075

ASK ABOUT THIS PROPERTY

Connor SmithMarcus & MillichapMore Info
617-896-7209

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Connor SmithMarcus & MillichapMore Info
617-896-7209

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