15 Bowdoin StWorcester, MA 01609

Property Details for 15 Bowdoin St

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional multifamily investment property, located at 15 Bowdoin St, Worcester, MA 01609, presents a compelling value-add opportunity. The portfolio comprises 21 units across five buildings, offering a diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, totaling 17,664 net rentable square feet. Currently boasting 36 beds, the property features ample parking with 25 spaces, a significant advantage in this market. The current Net Operating Income (NOI) stands at $214,059, yielding a 5.35% cap rate. However, a comprehensive value-add strategy is projected to significantly increase profitability, with a pro-forma NOI of $337,359 and a pro-forma cap rate of 8.43%. The asking price is $4,000,000, translating to an attractive price per unit of $261. The property's strategic location, approximately 0.6 miles from Worcester Polytechnic Institute (WPI), makes it highly desirable for student housing and long-term tenants. The existing buildings offer immediate income generation, while the potential for rent increases and property upgrades presents a clear path to enhanced returns. This portfolio represents a rare chance to acquire a well-positioned multifamily asset with substantial upside potential in a thriving Massachusetts market. Detailed financial statements and property information are available upon request.

Location Insight

City

Worcester

County

Worcester

State

Massachusetts

Latitude

42.2675

Longitude

-71.805

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