News: Front Section
Posted: February 23, 2018
Cawley of United Multi Family brokers $835,000 building sale
United Multi Family
Worcester, MA United Multi Family brokered the sale of an 18 unit apartment building at 24 Charlton St. for $835,000 ($46,389 per unit) in an “all cash” transaction. Kurt Cawley of the Boston office of United Multi Family handled the sale. The property was sold by Ifeanyi Menkiti to Henry Van Nguyen.
The brick residences were built in 1900 and comprised of all four room units plus additional income from on-site laundry.
According to the owner there were updates in 2011 that included replacement windows, roof, electric and plumbing, along with lead compliance certificates for all units. Located one block away from the planned 118-acre, $100 million Downtown Worcester Revitalization Project and walking distance to the local bus transit, Worcester Station and Clark University.
The pro-forma CAP rate at the time of sale was 11.31% with the property having a gross annual income of $160,740.
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