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Mashika Johnson
  • New to Real Estate
  • Columbia, SC
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FOUR TRIPLEXES AVAILABLE FOR ASSIGNMENT IN WORCESTER, MA

Mashika Johnson
  • New to Real Estate
  • Columbia, SC
Posted Jan 11 2022, 03:51

VALUE ADD OPPORTUNITY IN WORCESTER

Currently looking to assign four triplexes in Worcester. All of the properties need renovations from lipstick to medium/full rehabs. The city has grants available to help with 50% of the rehab costs. See more information at the link below.

http://www.worcesterma.gov/housing-neighborhood-development/housing-neighborhood-grants (Scroll down to the section that says "Worcester Housing Now Initiative" and you will see the three different "tiers" -- Owner Occupied, Investor Owned, and Acquisition + Rehab for investors.) FMR for 2022 is $1491 for a two bedroom and $1843 for a three bedroom. Three units are occupied for a total gross rent of $3750/month. The tenants are month to month so they can be vacated. After renovations you can start charging the fair market rents immediately! (Please see document regarding the FMR for Worcester at the following link https://drive.google.com/drive...)

137A Eastern Ave Worcester, MA 01605 

Bedrooms: 9 Baths: 3 

Units: 3 three bedroom 1 bath units 

SQFT: 3549 

Year Built: 1898 

ARV: $552,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester): $66,348

NOI: $33,174

Asking price: $498,000

EMD: $18,000

Cap Rate: 6% 

139 Eastern Ave Worcester, MA 01605 

Bedrooms: 6 Baths: 3 

Units: 3 two bedroom 1 bath units 

SQFT: 2415 

Year Built: 1894 

ARV: $447,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester) :$53,676 NOI: $26,838 Asking price: $395,000

EMD: $18,000

Cap Rate: 6% 

31 North Street Worcester, MA 01605 

Bedrooms: 6 Baths: 3 

Units: 3 two bedroom 1 bath units 

SQFT: 2244 

Year Built: 1910 

ARV: $447,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester): $53,676

NOI: $26,838

Asking price: $360,000

EMD: $24,000

Cap Rate: 6% 

35 North Street Worcester, MA 01605 

Bedrooms: 6 Baths: 3 

Units: 3 two bedroom 1 bath units SQFT: 2244 

Year Built: 1910 

ARV: $447,000

Estimated Renovation Costs: $15,000 rehab per unit = $45,000 

Gross Potential Rent (based on FMR for Worcester) : $53,676

NOI: $26,838

Asking price: $360,000

EMD: $24,000

Cap Rate: 6% 

There is an additional lot zoned for multifamily on the side of 35 North Street that will be included in the sale.

Total Purchase Price For All Four Properties: $1,613,000

Total EMD For All Four Properties: $84,000

View pictures of the properties at the following link: https://drive.google.com/file/d/1fHtbiaa8VOQ8szI7_N6iBrjCjT9jT9Q5/view?usp=sharing

If you are interested in purchasing the properties, please send me a  message.

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