December 13, 2024 – Ethan Lazar, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 5-unit multi-family property in Worcester, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $870,000.
10 Clegg Street is a three-story multi-family building in Worcester, Massachusetts. The Property consists of five (5) residential units comprised of four (4), 1-Bedroom/1-Bathroom units, and one (1), 4-Bedroom/1-Bathroom unit with 3,780 square feet of living area in 5,337 square feet of gross area on a 0.17-acre parcel. Each unit is separately metered for electricity, heat and hot water, which the tenants pay directly. The Property also features on-site parking for residents. The current rents are below market. The opportunity exists to increase rents to market rents via programmatic updates to the unrenovated units in one of Massachusetts’s largest and most dynamic cities. The Property is located in a quiet residential neighborhood and is one block from Main Street (MA Route 9) and is within walking distance of Webster Square Plaza. The Property is close to countless restaurants, bars and retailers. Additionally, 10 Clegg Street is seconds from Dr. Arthur F Sullivan Middle School and South Community High School, and 2-miles from Clark University and 3.25-miles from both the College of the Holy Cross and Worcester State University. 10 Clegg Street is a short walk (0.1-miles) from the Main Street & Gould Hill Road bus stop, with service on the route 19 and 33 bus lines offered by the Worcester Regional Transit Authority (WRTA). Worcester Union Station is centrally located 4-miles away with service on the MBTA Framingham/Worcester commuter rail line and also serves as a station for Amtrak, Greyhound, Peter Pan and WRTA bus routes. The Property also benefits from close proximity to Interstate 290, which connects central Worcester to Interstates 190, 495, and 90, as well as to other area highways. Additionally, MA Route 9 runs through the center of the city, and US Route 20 bisects the southern portion of the city. High profile attractions include the DCU Center and Palladium venues, and UMass Memorial Medical Center, the largest employer in the city. There are eight colleges and universities in Worcester, which brings a large student population (more than 36,000) to the rental market.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.