Worcester, MA 6 unit multifamily income property prices might be higher than they were 10 years ago but the higher rents more than compensates for the higher prices. Â Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.
Worcester 6 unit apartment buildings sold for an average sale price of $240,000 in 2010. Â That compares to an average sale price of $440,156 at the height of the market in 2004. Â Sales have fallen to 7 for 2010 versus 16 sales during 2004.
Investors should know that Worcester rents per unit for 6 unit apartment buildings seem to have fallen somewhat to $785 per month in 2010. Â I suspect the fall might have to do with the particular 6 units being sold as opposed to an overall market rent decline in the City of Worcester.
As usual, cap rates for Worcester 6 unit apartment buildings are not available but the next best thing, gross rent multipliers are available. Â These Worcester income properties had an average gross rent multiplier of 4.2 in 2010. Â That compares with a gross rent multiplier of 6.4 in 2004.
Do you need help selling an apartment building? Â Do you need help finding a suitable multifamily income investment property? Â I can helpÂ you today.