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Richard C. Lee's Blog

By Rich Lee | Agent in Boston, MA

Worcester, MA Multifamily Income Properties

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.  Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

Worcester, MA 6 Unit Multifamily Apartment Building Sales and Average Sale PriceWorcester, MA 6 Unit Multifamily Apartment Building Sales and Average Sale Price

Worcester 6 unit apartment buildings sold for an average sale price of $240,000 in 2010.  That compares to an average sale price of $440,156 at the height of the market in 2004.  Sales have fallen to 7 for 2010 versus 16 sales during 2004.

Worcester, MA 6 Unit Multifamily Apartment Building Average Rent Per UnitWorcester, MA 6 Unit Multifamily Apartment Building Average Rent Per Unit

Investors should know that Worcester rents per unit for 6 unit apartment buildings seem to have fallen somewhat to $785 per month in 2010.  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.

Worcester, MA 6 Unit Multifamily Apartment Building Average Rent MultiplierWorcester, MA 6 Unit Multifamily Apartment Building Average Rent Multiplier

As usual, cap rates for Worcester 6 unit apartment buildings are not available but the next best thing, gross rent multipliers are available.  These Worcester income properties had an average gross rent multiplier of 4.2 in 2010.  That compares with a gross rent multiplier of 6.4 in 2004.

Do you need help selling an apartment building?  Do you need help finding a suitable multifamily income investment property?  I can help you today.

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