This well located 7-unit property at 3 Chelsea St in Worcester, Massachusetts, consists of four studio apartments and two 2-bedroom/1-bathroom units on a 0.21-acre parcel. Each unit is separately metered for heat and electricity, and the owner is responsible for hot water and municipal water & sewer. The property also features two sources of parking income. The five front garage bays are rented to one operator for $700/month and there is a large contractor garage behind the property rented for $750/month. There is an opportunity to dramatically increase rents through systematic improvements to unit interiors. Additionally, the property is situated just .3 miles from the College of Holy Cross. Listed at a 7.8% cap rate at $142,857 per unit, this property represents a strong investment opportunity in the growing Worcester market.
3 Chelsea St, Worcester, MA, 01610
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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