EXCLUSIVE INVESTMENT OFFERING | $9,900,000
10-Building | 30-Unit Multifamily Portfolio
WPI District | West Side, Worcester, Massachusetts
CONFIDENTIAL OFFERING MEMORANDUM — For Qualified Investors Only
Investment Summary
| Portfolio | 10 buildings, 30 units (most extensively renovated), 4 with garage parking |
| Location | West Side, Worcester, MA — WPI District |
| Unit Mix | 2BR: 2 | 3BR: 7 | 4BR: 16 | 5BR: 5 (+ 4 garage spaces) |
| Gross Income (2026-2027) | $1,065,600 (stabilized, all units at market rent) |
| Operating Expenses | $366,318 (underwritten, 34.4% ratio) |
| Net Operating Income | $699,282 |
| Asking Price | $9,900,000 |
| Cap Rate | 7.1% |
| Price Per Unit | $330,000 |
Key Investment Highlights
Extensively Updated & Stabilized
Most units have gone through extensive renovations and updates and are in good condition. All units are leased at current market rents, providing immediate, reliable cash flow from day one.
Worcester's West Side Premium
The West Side is the most desirable and stable residential area in Worcester, commanding higher rents and lower vacancy than other parts of the city.
WPI Student Housing Demand
All properties are within walking distance of WPI (5,800+ students, U.S. News #82). Student demand keeps vacancy near zero with a predictable annual cycle.
Predictable Turnover Schedule
Student-driven portfolio operates on a consistent annual schedule aligned with the academic year. Plan unit turns, maintenance, and rent adjustments months in advance.
Built-In Rent Growth
6 units have rent increases scheduled for 2026-2027 totaling $64,800 in additional annual income (+6.5%) as recently updated units reach full market rent.
Market Tailwinds
Worcester County transaction volume hit $710M in 2025 (3x 2024). Cap rates compressed to 7.2%. Boston investors actively seeking Worcester's yield premium.
Portfolio Overview
Click any property to view details, photos, and unit-level information
| Address | Units | Bed Mix | 2026-27 Income | Garage |
|---|---|---|---|---|
| 36 Westland St | 3 | 3/3/2 BR | $87,600 | Yes |
| 31 Lee St | 3 | 4/3/3 BR | $91,200 | No |
| 59 Dover St | 3 | 3/3/3 BR | $88,200 | Yes |
| 2 Haviland St | 3 | 4/4/2 BR | $97,800 | Yes |
| 172 Russell St | 3 | 5/5/5 BR | $136,800 | No |
| 176 Russell St | 3 | 4/4/4 BR | $108,000 | No |
| 26 Lee St | 3 | 4/4/4 BR | $114,000 | Yes |
| 34 Wachusett St | 3 | 4/4/4 BR | $103,200 | No |
| 167 Highland St | 3 | 4/4/4 BR | $108,000 | No |
| 188 Park Ave | 3 | 5/5/4 BR | $130,800 | No |
| TOTAL (Stabilized) | 30 | $1,065,600 | 4 of 10 |
All rents reflect 2026-2027 stabilized lease roll. Garage income included in property totals where applicable.
Financial Analysis
Scheduled Gross Income (2026-2027 Stabilized Rent Roll)
| Property | Annual Income | Monthly |
|---|---|---|
| 36 Westland St | $87,600 | $7,300 |
| 31 Lee St | $91,200 | $7,600 |
| 59 Dover St | $88,200 | $7,350 |
| 2 Haviland St | $97,800 | $8,150 |
| 172 Russell St | $136,800 | $11,400 |
| 176 Russell St | $108,000 | $9,000 |
| 26 Lee St | $114,000 | $9,500 |
| 34 Wachusett St | $103,200 | $8,600 |
| 167 Highland St | $108,000 | $9,000 |
| 188 Park Ave | $130,800 | $10,900 |
| TOTAL | $1,065,600 | $88,800 |
Detailed Unit-Level Rent Roll
Complete unit-level rent showing bedroom/bathroom counts and scheduled increases for 2026-2027
| Property | Unit | BR | BA | 2025-2026 | 2026-2027 | Change |
|---|---|---|---|---|---|---|
| 36 Westland St | Garage | - | - | $8,400 | $8,400 | — |
| 1 | 3 | 1 | $28,800 | $28,800 | — | |
| 2 | 3 | 1 | $28,800 | $28,800 | — | |
| 3 | 2 | 1 | $21,600 | $21,600 | — | |
| 31 Lee St | 1 | 4 | 1 | $36,000 | $36,000 | — |
| 2 | 3 | 1 | $28,800 | $28,800 | — | |
| 3 | 3 | 1 | $26,400 | $26,400 | — | |
| 59 Dover St | Garage | - | - | $4,200 | $4,200 | — |
| 1 | 3 | 1 | $28,800 | $28,800 | — | |
| 2 | 3 | 1 | $28,800 | $28,800 | — | |
| 3 | 3 | 1 | $26,400 | $26,400 | — | |
| 2 Haviland St | Garage | - | - | $1,800 | $1,800 | — |
| 1 | 4 | 1 | $36,000 | $36,000 | — | |
| 2 | 4 | 1 | $36,000 | $36,000 | — | |
| 3 | 2 | 1 | $24,000 | $24,000 | — | |
| 172 Russell St | 1 | 5 | 2 | $45,600 | $45,600 | — |
| 2 | 5 | 2 | $45,600 | $45,600 | — | |
| 3 | 5 | 2 | $33,000 | $45,600 | +$12,600 | |
| 176 Russell St | 1 | 4 | 1 | $36,000 | $36,000 | — |
| 2 | 4 | 1 | $36,000 | $36,000 | — | |
| 3 | 4 | 1 | $36,000 | $36,000 | — | |
| 26 Lee St | Garage | - | - | $3,600 | $3,600 | — |
| 1 | 4 | 2 | $38,400 | $38,400 | — | |
| 2 | 4 | 1 | $36,000 | $36,000 | — | |
| 3 | 4 | 1 | $36,000 | $36,000 | — | |
| 34 Wachusett St | 1 | 4 | 1 | $25,800 | $34,800 | +$9,000 |
| 2 | 4 | 1 | $26,400 | $33,600 | +$7,200 | |
| 3 | 4 | 1 | $28,800 | $34,800 | +$6,000 | |
| 167 Highland St | 1 | 4 | 1 | $36,000 | $36,000 | — |
| 2 | 4 | 1 | $36,000 | $36,000 | — | |
| 3 | 4 | 1 | $36,000 | $36,000 | — | |
| 188 Park Ave | 1 | 5 | 2 | $31,200 | $48,000 | +$16,800 |
| 2 | 5 | 2 | $34,800 | $48,000 | +$13,200 | |
| 3 | 4 | 1 | $34,800 | $34,800 | — | |
| TOTAL | 30 + 4G | $1,000,800 | $1,065,600 | +$64,800 | ||
Green values indicate scheduled rent increases for 2026-2027. Total increase of $64,800/year (+6.5%) as recently updated units reach full market rent. All rents are annual figures.
Worcester Market Trends
Population Growth
Cap Rate Trend
Avg. Price Per Unit
Transaction Volume ($M)
Key Market Takeaways
- Transaction volume: $710M in 2025 — nearly 3x the $257M in 2024. Buyer demand at multi-year highs.
- Cap rate compression: County average tightened from 8.5% (2020) to 7.2% (2025), driving higher valuations.
- Price appreciation: Average price per unit surged 122% from $100K (2020) to $222K (2025).
- Population growth: Worcester adding 2,000+ residents annually. Median age 33.9 — young, renter-heavy.
WPI: The Demand Engine
Worcester Polytechnic Institute is a top-ranked private STEM university (U.S. News #82) with 5,800+ students and growing enrollment. WPI's limited on-campus housing means upperclassmen and graduate students must find off-campus rentals — and this portfolio is positioned directly in their primary housing zone. The student body comes from high-income households (annual tuition exceeds $54,000), resulting in tenants with strong financial backing and reliable rent payments.
| Founded | 1865 (161 years) |
| Enrollment | 5,800+ (growing YoY) |
| U.S. News Ranking | #82 National |
| Annual Tuition | $54,000+ (high-income families) |
| Avg. Graduate Salary | $92,000 (PayScale) |
| Housing Impact | Only first-years guaranteed housing. WPI purchased two hotels to convert to dorms — demonstrating acute off-campus demand. |
Student-Driven Turnover Advantage
Unlike traditional rental portfolios where vacancy and turnover are unpredictable, this student-driven portfolio operates on a consistent annual cycle aligned with the academic year. The owner knows exactly when turnover will occur, can plan unit turns and maintenance during the summer, and can market upcoming vacancies months in advance.
WPI Student Enrollment Trend
The Neighborhood
Worcester's West Side offers tree-lined streets, proximity to WPI, and iconic green spaces like Elm Park — one of the oldest public parks in America
WPI Campus — Steps from the Portfolio
Elm Park — Worcester's Historic Gem
One of the first publicly purchased parks in America (1854), Elm Park features scenic walking paths, a picturesque pond with historic iron bridges, and mature tree canopy — all within walking distance of the portfolio properties.
Property Locations & WPI Proximity
All 10 properties are within walking distance of the WPI campus
Property Gallery
Click any property for full details, photo gallery, and unit-level information
4
Garage
36 Westland St
Worcester, MA 01602
13
31 Lee St
Worcester, MA 01602
12
Garage
59 Dover St
Worcester, MA 01602
14
Garage
2 Haviland St
Worcester, MA 01602
18
172 Russell St
Worcester, MA 01602
14
176 Russell St
Worcester, MA 01602
16
Garage
26 Lee St
Worcester, MA 01602
3
34 Wachusett St
Worcester, MA 01602
19
167 Highland St
Worcester, MA 01602
11
188 Park Ave
Worcester, MA 01602
Your Team & Contact Information
The Brody Murphy Novak Group has been active in real estate since 2008 with nearly $1 billion in combined sales volume. In 2025, the team closed over $100 million in sales volume across residential and multifamily investment properties.
2025 Multifamily Sales Track Record
| Property | Units | Type |
|---|---|---|
| 5-7 North Margin Street, Boston | 11 | Sale |
| 195 Endicott / 99 Prince / 139-145 Richmond St | 37 | Portfolio Sale |
| 77-81 Park Drive, Boston | 54 | Sale |
| TOTAL | 102 |
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This offering memorandum is confidential and intended solely for qualified investors. Financial projections are based on owner-provided data as of March 2026. This document does not constitute a binding agreement. Past performance is not indicative of future results.
© 2026 The Brody Murphy Novak Group at Douglas Elliman Real Estate. All rights reserved.