December 20, 2024 – Ethan Lazar, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 6-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 $995,000.
19 Ward Street is a three-story multi-family building in Worcester, Massachusetts. The Property consists of six (6), 2-Bedroom/1-Bathroom units with 5,328 square feet of living area in 7,934 square feet of gross area on a 0.08-acre parcel. Each unit is separately metered for electricity, electric baseboard heat, and gas-fired hot water, which the Tenants pay directly. The landlord is responsible for common electric and domestic water and sewer. 19 Ward Street is a cash flowing property with immediate rental upside. Three (3) out of the six (6) units have been extensively renovated. Unit features include new kitchens featuring granite countertops and stainless-steel appliances, new bathrooms, and new flooring. The opportunity exists to increase rents in the renovated units as well programmatic upgrades to the remaining unrenovated unit to maximize rents in a supply constrained market. 19 Ward Street is a short walk (0.2-miles) from the Vernon Street & Jefferson Street bus stop, with service on the route 11 bus line, and is 0.4-miles from the route 4 line on Millbury Street offered by the Worcester Regional Transit Authority (WRTA). Worcester Union Station is centrally located just 0.8-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. 19 Ward Street is well-located on the edge of the Oak Hill neighborhood of Worcester, just a short walk from Worcester’s Downtown and less than 2-miles from the College of the Holy Cross and Clark University campuses. Worcester features a walkable downtown with a plethora of employment and entertainment opportunities. 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.