Russell Street Apartments

Worcester, Massachusetts is a city with deep historical roots and a character shaped by both industry and innovation. Founded in 1673, it grew steadily as a center of manufacturing during the Industrial Revolution, earning the nickname “The Heart of the Commonwealth” because of its central location in the state. Over time, Worcester became known for producing everything from wire and machinery to textiles, and that industrial legacy still influences its architecture and layout today. The city is also an important educational hub, home to a range of colleges and universities that bring youthful energy and intellectual life to the area. Institutions such as Worcester Polytechnic Institute, Clark University, and the University of Massachusetts Chan Medical School attract students from around the world. These schools contribute to research, technology, and healthcare advancements, helping to reshape Worcester from an old factory town into a modern center for learning and innovation. Worcester’s cultural scene reflects its diversity and resilience. The city hosts theaters, museums, and music venues that serve both residents and visitors. The Worcester Art Museum, with its impressive collection, and the Hanover Theatre for the Performing Arts are key landmarks. Annual festivals celebrating food, music, and different cultural traditions highlight the many communities that call the city home and show how Worcester continues to evolve.Northeast Private Client Group is pleased to present the Russell Street Apartments, a 13-unit multifamily investment property located in Worcester, Massachusetts. The Russell Street Apartments consist of two adjacent residential buildings located at 70 and 72 Russell Street. The property at 70 Russell Street comprises eight units, including four one-bedroom apartments and four three-bedroom apartments. The building at 72 Russell Street contains five units, consisting of two one-bedroom apartments and three four-bedroom apartments. Both buildings are serviced by central, natural gas–fired heating and domestic hot water systems, with utility costs paid by the landlord. Tenants are separately metered and responsible for electricity in both properties. Units at 70 Russell Street feature gas cooking appliances, with gas usage paid by tenants. The properties offer a total of nine off-street parking spaces. There is currently no laundry facility at 70 Russell Street; however, a former basement laundry room presents an opportunity for income enhancement through reactivation. Units at 72 Russell Street include washer and dryer hookups in the three-/four-bedroom layouts. The properties have benefited from substantial capital investment during the current ownership period. Improvements include vinyl replacement windows throughout, flat rubber roof replacements (2015), central boiler replacement (2016), new hot water heaters (2021), porch repairs (2024), installation of a new fire alarm system (2024), and a full soffit rebuild and replacement (2025). The majority of units have been renovated, including three units that were completely rebuilt following a fire in 2023. A new owner will acquire a stabilized asset with demonstrated rental upside and minimal near-term capital expenditure requirements. The property’s proximity to local colleges, major medical facilities, and employment centers supports consistent rental demand. Additionally, recent higher-end residential development in the surrounding area has begun to anchor the neighborhood, providing a competitive advantage for offering more affordable rental units. Current in-place rents are approximately 15% below comparable market levels, representing an estimated increase of $265 per unit per month.