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426 Main St 15,435 SF 100% Leased Office Building Worcester, MA 01608 $4,955,508 CAD ($321.06 CAD/SF) 6.03% Cap Rate
Investment Highlights
- Complete rehab by current owners 2019-2020
- Units have central AC and fully applianced
- Located in downtown Worcester which is undergoing major revitalization
Executive Summary
The apartments at 426 Main St/3-5 Pleasant St, Worcester, MA consist of 12 one-bedroom units, 4 Studio units, and 2 commercial units. The property is a five-story elevator building situated on a 3,040-square-foot lot that underwent a complete rehab by the current owner in 2018. Downtown Worcester is undergoing major revitalization through a $565M+ CitySquare project and the Downtown Urban Revitalization Plan. Major developments include new residential units like The Benjamin, high-rise luxury apartments, the Mercantile Center office/retail complex, and ongoing infrastructure improvements near Union Station. Owner provides parking for tenants in a lot on Pleasant Street walking distance to the building.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$487,506
|
$35.28
|
| Other Income |
$2,753
|
$0.20
|
| Vacancy Loss |
$14,624
|
$1.06
|
| Effective Gross Income |
$475,635
|
$34.42
|
| Taxes |
$44,673
|
$3.23
|
| Operating Expenses |
$131,921
|
$9.55
|
| Total Expenses |
$176,594
|
$12.78
|
| Net Operating Income |
$299,042
|
$21.64
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $487,506 |
| Annual Per SF | $35.28 |
| Other Income (CAD) | |
|---|---|
| Annual | $2,753 |
| Annual Per SF | $0.20 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $14,624 |
| Annual Per SF | $1.06 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $475,635 |
| Annual Per SF | $34.42 |
| Taxes (CAD) | |
|---|---|
| Annual | $44,673 |
| Annual Per SF | $3.23 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $131,921 |
| Annual Per SF | $9.55 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $176,594 |
| Annual Per SF | $12.78 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $299,042 |
| Annual Per SF | $21.64 |
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
15,435 SF
Building Class
B
Year Built/Renovated
1900/2018
Price
$4,955,508 CAD
Price Per SF
$321.06 CAD
Cap Rate
6.03%
NOI
$298,817 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
3,087 SF
Slab To Slab
8’
Building FAR
2.08
Lot Size
0.17 AC
Opportunity Zone
Yes
Zoning
BG-6
Amenities
- Controlled Access
- Restaurant
- Signage
- Air Conditioning
1 1
Exceptionally walkable
100/100
Moderately drivable
60/100
Strong public transit
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $4,900,451 CAD | |
| Land Assessment | $527,766 CAD | Annual Taxes | $44,673 CAD ($2.89 CAD/SF) |
| Improvements Assessment | $4,372,685 CAD | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$527,766 CAD
Improvements Assessment
$4,372,685 CAD
Total Assessment
$4,900,451 CAD
Annual Taxes
$44,673 CAD ($2.89 CAD/SF)
Tax Year
2025
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426 Main St
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