Worcester, MA |
29 Units
$5,500,000
21 Fruit St
Available
$5,500,000
21 Fruit St
Available
Rich Cawley
P: 617-529-1141
F: 617-668-1126
E: rcawley@umf.com
P: 617-529-1141
F: 617-668-1126
E: rcawley@umf.com
Investment Overview
The apartments located at 21 Fruit St in Worcester are comprised of 29 units - 9 two-bedrooms, 12 one-bedrooms, and 8 studios (6 of the 8 studios are two-room studios), totaling 25,088 square feet, built in 1935. On-site laundry is situated in the basement. Located less than 1 mile from I-290, there is exceptional highway access. A strong tenant base is highlighted by WPI graduate students (with WPI less than 0.5mi away), professionals at large local companies, and healthcare workers at local hospitals. 21 Fruit offers the opportunity to add value by increasing rents through strategic renovations.
Investment Highlights
| Price | $5,500,000.00 |
| Price / Unit | $189,655.17 |
| Gross Rent Multiplier | 11.82 |
| Initial Investment | $5,500,000.00 |
Property Summary
| Number of Units | 29 |
| Year Constructed | 1935 |
| Type of Buildings | 4 story brick building |
| Parking | None |
| Heat | Steam by Gas / Owner Pays |
| Air Conditioning | Window units provided by Owner |
| Hot Water | Gas / Owner Pays |
| Roofs | Flat - |
| Exterior | Brick |
| Site Size | 13068 |
| Total Rentable Sq. Ft. | 25,088± |
Income & Expenses
| Income | Potential | Current |
|---|---|---|
| Gross Scheduled Rent | $549,600.00 | $465,300.00 |
| Less: Vacancy | ($27,480.00) | ($23,265.00) |
| Based On | 5.00% est. | 5.00% est. |
| Net Rent Income | $522,120.00 | $442,035.00 |
| Total Operating Income | $522,120.00 | $442,035.00 |
| Expense | Potential | Current |
|---|---|---|
| Real Estate Taxes | $62,741.00 | $62,282.00 |
| Insurance | $12,000.00 | $12,000.00 |
| Heat / Hot Water | $20,000.00 | $20,000.00 |
| Electric (Common) | $3,600.00 | $3,600.00 |
| Water & Sewer | $15,000.00 | $15,000.00 |
| Cable TV | $7,450.00 | $7,450.00 |
| Trash Collection | $3,000.00 | $3,000.00 |
| Management Fee | $26,106.00 | $22,101.75 |
| Based On: | 5.00% est. | 5.00% est. |
| Landscaping / Grounds | $2,000.00 | $2,000.00 |
| Maintenance & Repairs | $15,663.60 | $13,261.05 |
| Based On: | 3.00% est. | 3.00% est. |
| Fire & Security | $1,100.00 | $1,100.00 |
| Total Expenses | $168,660.60 | $161,794.80 |
| Net Operating Income | $353,459.40 | $280,240.20 |
| Potential Net Cash Flow | $353,459.40 | $280,240.20 |
| Cash-on Cash Return | 6.43% | 5.10% |
| Capitalization Rate | 6.43% | 5.10% |