Last Sold Price
8 beds5,600 sqft$191/sqft
5 Palm St, Worcester, MA 01604

Description

Incredible investment opportunity! Rare, well maintained 7 unit property with just under an 8% cap rate and a monthly rent roll of $9,900 with room for growth. (4) 1-bedroom units, (2) 2-bedroom units, (1) 2 story 2-bedroom cottage 9230 square feet on .26 acre lot. All units are separately metered and tenants pay their own utilities. The location is hard to beat being minutes to all major highways, the train station, airport, restaurants, shopping, hospitals, colleges/universities and Polar Park...Incredible investment opportunity! Rare, well maintained 7 unit property with just under an 8% cap rate and a monthly rent roll of $9,900 with room for growth. (4) 1-bedroom units, (2) 2-bedroom units, (1) 2 story 2-bedroom cottage 9230 square feet on .26 acre lot. All units are separately metered and tenants pay their own utilities. The location is hard to beat being minutes to all major highways, the train station, airport, restaurants, shopping, hospitals, colleges/universities and Polar Park making it an ideal location for all tenants and for APPRECIATION! Group showing Sunday June 4th 11am-2pm. Investors, you won’t want to miss this! View Offer Memorandum in attached documents for further details.
LISTING CLOSED: 08/04/2023 12:00 AM

  1. Listed by Benjamin Carbone • Byrnes Real Estate Group LLC
  2. Listed by Brooke Packard • Byrnes Real Estate Group LLC

Property Details for 5 Palm Street

Status
MLS #
73115091
Days on Market
8
Taxes
$11,423 / year
HOA Fees
-
Property Type
MLS Type
Multi-family / 5-9 Family
Year Built
1925
Town
Worcester
Area
MA-Worcester
Garage Spaces
0
Open Parking Spaces
2.00
Parking Spaces Total
2

Location

Listing Courtesy of Byrnes Real Estate Group LLC, Benjamin Carbone; Byrnes Real Estate Group LLC, Brooke Packard

Sold By Top View Realty, George Bahnan

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Building Information for 5 Palm Street

Stories3Residences7Year Built1925Building Size-Lot Size0.26 AC / 11,357 SF

Payment Calculator

$6,391 per month

30 year fixed, 6.55% Interest

Principal and Interest

$5,439

Property Taxes

$952

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 5 Palm Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Golf Course, Medical Facility, Highway Access, Private School, Public School, University
  • Current Financing: Conv. Fixed
  • Living Area: 5600.0
  • SqFt with Basement: No
  • Total Units: 7
  • Waterfront: No
  • Water View: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Appliances: Gas Water Heater, Utility Connections for Gas Range, Utility Connections Varies per Unit
  • Basement Features: Full
  • Num of Baths: 8.0
  • Num of Full Baths: 7
  • Num of Half Baths: 1
  • Bathrooms Total Decimal: 7.50
  • Bathrooms Total Integer: 8
  • FireplaceYN: No
  • Fireplaces: 0
  • Flooring: Wood, Vinyl
  • Laundry Features: Washer Hookup
  • SpaYN: No
Exterior Features
  • Construction: Frame
  • Exterior Features: Storage Shed
  • Exterior Features: Storage Shed, Porch - Enclosed
  • Lot Description: Corner Lot
  • Patio And Porch Features: Enclosed
  • Roof Material: Shingle
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Off-Street
  • Open Parking: Yes
  • Parking Features: Off-Street
  • Parking Features: Off-Street
Utilities
  • Electric: Varies per Unit
  • Sewer: City/Town Sewer
  • Utility Connections: for Gas Range, Washer Hookup, Varies per Unit
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
Tax Information
  • Tax ID: M:18 B:003 L:00196,1780074
  • Assessments: $796,600
  • Book: 68527
  • Tax Year: 2023
  • Zoning: RG-5
Building / Association Information
Living Characteristics
  • Beds Total: 8
  • Total Living Levels: 3
Other Building Characteristics
  • Foundation: Stone
Income / Expenses
  • Electricity: $600.00
  • Annual Expenses Source: Owner
  • GOI: $118,800.00
  • Gross Scheduled Income: $.00
  • Insurance: $4,800.00
  • GRE: $22,355
  • RME: $2,500
  • NOI: $92,881.00
  • Operating Expense: $22,355.00
  • WSE: $3,032.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: Y
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: Y
  • Levels U2: 1
Unit 3 Description
  • Lease U3: N
Unit 4 Description
  • Lease U4: Y
Rental Info
Rental Info
  • Total Actual Rent: $9,900.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2
  • Selling Broker Comp: 2
  • Other Agent Compensation: 0

Property History for 5 Palm Street

DateEvent & SourcePriceAppreciation
Aug 4, 2023

Sold

MLS PIN #73115091

$1,070,000
Jun 6, 2023

Under Agreement

MLS PIN #73115091

Jun 6, 2023

Contingent

MLS PIN #73115091

DateEvent & SourcePrice
08/04/2023

Sold

MLS PIN #73115091

$1,070,000
06/06/2023

Under Agreement

MLS PIN #73115091

06/06/2023

Contingent

MLS PIN #73115091

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 5 Palm Street

Taxable ValueLand$131,300Additions$895,600Total$1,026,900
Tax Record2025$13,545 ($1,129 / month)
Home Facts
Baths7.5Total Finished SqFt5,600 SqFtAbove Grade Finished SqFt5,600 SqFtUnfinished Basement SqFt2,226 SqFtStories3Lot Size11,357 SqFtStyleMulti-Family Res (5+ Units)Year Built1925ZoningRG-5CountyWORCESTERAPNWORC M:18 B:003 L:00196

Schools near 5 Palm Street

This home is within Worcester School District.
Rating
School
Type
Grades
Distance
Public - PK to 6
Public - PK to 6
Public - K to 6
Public - 7 to 8
Rating
School
Distance
Jacob Hiatt Magnet School
PublicPK to 6

Worcester Dual Language Magnet School
PublicPK to 6

Union Hill School
PublicK to 6

Worcester East Middle School
Public7 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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Nearby home values

AddressSold priceBedsBathsSqftLot (Sqft)
This home: 5 Palm Street, Worcester, MA 01604
$1,070,000
8
5,600
11,357
$1
3
4,206
5,000
$355,000
3
1,200
3,437
$600,000
9
4,204
6,250
$145,000
3
1,200
3,010
$1
3
4,080
6,250

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Byrnes Real Estate Group LLC, Benjamin Carbone; Byrnes Real Estate Group LLC, Brooke Packard

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. 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., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS 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.