NOT LISTED FOR SALE

2 Preston St Worcester, MA 01610

University Park Neighborhood
29 Beds
10 Baths
10,170 Sq Ft
3,049 Sq Ft Lot

Last Sold June 09, 2023

Last sale price $1,775,000 $175 Per Sq Ft

7 Days on Market

Highlights

  • Medical Services
  • Property is near public transit
  • Corner Lot
  • Deck
  • Wood Flooring
  • Community Pool

About This Home

As of June 2023

Incredible investment opportunity! 8% cap and over $217,800 in operating income. This well maintained fully occupied 10 unit brick building offers (9) 3-bedroom units and (1) 2-bedroom unit has been updated and well maintained over the years. 9/10 units are lead certified and features hardwood floors, updated kitchens, updated electrical with 100amp panel in each unit, hot water baseboard heating and laundry in unit. The building has undergone replacement of major components, including replacement of rear decks, all new electrical, baseboard heating serviced by (2) Buderus boilers and 2 Superstor Hot Water storage tanks. Building has had air sealing and insulation added to attic space. 7 security cameras with remote operation. All long-term tenants paying great rents.

Last Agent to Sell the Property

Kimberly Rickman

OWN IT Listed on: 04/11/2023

Last Buyer's Agent

Brooke Coughlin

Lamacchia Realty, Inc.

Lamacchia Realty, Inc.

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $20,108

Year Built

  • Built in 1910

Lot Details

  • 3,049 Sq Ft Lot
  • Corner Lot

Parking

  • Open Parking

Home Design

  • 10,170 Sq Ft Home
  • Brick Exterior Construction
  • Brick Foundation
  • Block Foundation
  • Rubber Roof

Flooring

  • Wood
  • Laminate

Bedrooms and Bathrooms

  • 29 Bedrooms
  • 10 Full Bathrooms

Basement

  • Basement Fills Entire Space Under The House
  • Interior Basement Entry
  • Dirt Floor

Location

  • Property is near public transit
  • Property is near schools

Utilities

  • No Cooling
  • 10 Heating Zones
  • Heating Available
  • Separate Meters
  • 100 Amp Service
  • Natural Gas Connected
  • Gas Water Heater

Additional Features

  • Laundry Room
  • Deck

Listing and Financial Details

  • Total Actual Rent $18,150
  • Rent includes unit 1(heat hot water)
  • Assessor Parcel Number M:06 B:17C L:00044,1768374

Community Details

Overview

  • 10 Units
  • Property has 1 Level

Amenities

  • Medical Services
  • Shops
  • Coin Laundry

Recreation

  • Tennis Courts
  • Community Pool
  • Park

Building Details

  • Electric Expense $3,000
  • Insurance Expense $5,500
  • Water Sewer Expense $12,000
  • Operating Expense $59,950
  • Net Operating Income $157,850

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$20,108

Year Built

Built in 1910

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: 5+ Family - 5+ Units Up/Down
  • Year Built: 1910
  • Year Built Details: Actual
  • SUB AGENCY OFFERED: No
  • Compensation Based On: Gross/Full Sale Price
  • APOD AVAILABLE: Yes
  • ResoPropertyType: ResidentialIncome
  • ResoBuildingAreaSource: PublicRecords
  • Special Features: None
  • Stories: 5

Interior Features

  • Flooring: Laminate,Hardwood
  • Interior Amenities: Unit 1 Rooms(Living Room,Kitchen), Unit 2 Rooms(Living Room,Kitchen)
  • Fireplace YN: No
  • Appliances: Unit 1(Range,Refrigerator), Unit 2(Range,Refrigerator), Gas Water Heater, Utility Connections for Gas Range
  • Total Bedrooms: 29
  • Full Bathrooms: 10
  • Total Bathrooms: 10
  • Laundry Features: Unit 1 Laundry Room, Unit 2 Laundry Room
  • Basement: Full, Interior Entry, Dirt Floor
  • Living Area: 10170
  • Spa YN: No
  • Stories Total: 5
  • MAIN LO: AN7258
  • MAIN SO: AN7224

Exterior Features

  • Construction Materials: Brick
  • Foundation Details: Block, Brick/Mortar
  • Home Warranty YN: No
  • Patio And Porch Features: Deck
  • Road Frontage Type: Public
  • Roof: Rubber
  • Waterfront YN: No

Garage/Parking

  • Garage YN: No
  • Open Parking YN: Yes

Utilities

  • Sewer: Public Sewer
  • Utilities: for Gas Range
  • Cooling: Unit 1(None)
  • Heating: Unit 1(Gas)
  • Cooling Y N: No
  • Electric: Circuit Breakers, 100 Amp Service, Individually Metered
  • Heating YN: Yes
  • Water Source: Public
  • HEAT ZONES: 10
  • COOLING ZONES: 0

Condo/Co-op/Association

  • Community Features: Public Transportation, Shopping, Pool, Tennis Court(s), Park, Medical Facility, Laundromat, Highway Access, House of Worship, Public School
  • Rent Includes: Unit 1(Heat,Hot Water)
  • Senior Community YN: No

Fee Information

  • Water Sewer Expenses: 12000

Lot Info

  • Parcel Number: M:06 B:17C L:00044,1768374
  • Zoning: RG-5
  • Farm Land Area Units: Square Feet
  • Lot Features: Corner Lot
  • Lot Size Acres: 0.07
  • Lot Size Sq Ft: 3049
  • Lot Size Units: Acres
  • ResoLotSizeUnits: Acres

Tax Info

  • Tax Year: 2023
  • Tax Annual Amount: 20108

Multi Family

  • Electric Expense: 3000
  • Insurance Expense: 5500
  • Net Operating Income: 157850
  • Number Of Units Total: 10
  • Operating Expense: 59950
  • Total Actual Rent: 18150
  • LEVELS 1: 1
  • Basement Included Sq Ft: No
  • LEASE 2: Y
  • LEASE 1: Y

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
06/09/2023 06/09/23 Sold $1,775,000 -10.8% $175 / Sq Ft
04/20/2023 04/20/23 For Sale $1,990,000 0.0% $196 / Sq Ft
04/19/2023 04/19/23 Pending -- -- --
04/17/2023 04/17/23 Pending -- -- --
04/11/2023 04/11/23 For Sale $1,990,000 +261.8% $196 / Sq Ft
02/01/2017 02/01/17 Sold $550,000 -7.6% $54 / Sq Ft View Prior Sale
12/08/2016 12/08/16 Pending -- -- --
09/19/2016 09/19/16 Price Changed $595,000 -4.8% $59 / Sq Ft
07/25/2016 07/25/16 Price Changed $625,000 -3.8% $61 / Sq Ft
06/28/2016 06/28/16 For Sale $650,000 -- $64 / Sq Ft
Source: MLS Property Information Network (MLS PIN)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Kimberly Rickman

    Seller's Agent in 2023

    Kimberly Rickman

    OWN IT

    (508) 667-4931

    2 in this area

    85 Total Sales

    Kimberly Rickman
    Section Image

  • B

    Buyer's Agent in 2023

    Brooke Coughlin

    Lamacchia Realty, Inc.

    (508) 612-0821

    3 in this area

    189 Total Sales

    Brooke Coughlin
    Section Image
  • Jim Glickman

    Seller's Agent in 2017

    Jim Glickman

    NAI Glickman Kovago & Jacobs

    (508) 459-4279

    36 Total Sales

    Jim Glickman
    Section Image
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Map

Source: MLS Property Information Network (MLS PIN)

MLS Number: 73097325

MLS Property Information Network (MLS PIN)
Massachusetts Worcester County Worcester 01610 University Park

2 Preston St, Worcester, MA

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MLS Property Information Network (MLS PIN) The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

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