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94 Elm Street

Price
$1,115,000.00
Listing Tags
turnkey
Beds
20
Size
5026 sqft
Type
Single Family

Overview

A 20-bed men's recovery residence in the heart of Worcester, Massachusetts, in continuous operation for nearly ten years. The home spans 5,026 square feet of enclosed space and is available for purchase or for lease.

Lease and Income Structure

The property spans approximately 5,026 square feet of enclosed space and supports a service capacity of 20 recovery housing beds, one private and nineteen shared. Nearly ten years of continuous operation reflect a stable, proven program, and the pro forma is built on the house's own operating assumptions rather than a projection for an unopened building.

Location and Market Context

Worcester is the second-largest city in Massachusetts and a regional hub for healthcare, higher education and employment. Demand for structured recovery housing here is long-standing, and a home with a decade of operation carries referral relationships a new residence has to build from nothing.

Key Property Details

  • Address: 94 Elm Street, Worcester, MA 01609
  • Property Type: Single-Family recovery housing facility
  • Building Size: Approximately 5,026 sq. ft. enclosed
  • Total Beds: 20 (1 private, 19 shared)
  • Current Use: Men's recovery residence
  • Operating History: Nearly 10 years
Property Financials
Bed Data
Private Beds 1
Shared Beds 19
Total Beds 20
Vacancy Rate (estimated) 20%
House Mentors 1
Revenue-Producing Beds 15.00
Weekly Rent $200.00
Intake Fee $200.00
Revenue (Annual)
Total Potential Rent Income $208,000.00
Less: Vacancy & Loss $41,600.00
Less: Mentor Rent Credit $10,400.00
Plus: Intake Fee Revenue $6,400.00
Plus: Laundry Service Revenue $3,328.00
Total Revenue $165,728.00
Expenses (Annual)
Operating Expenses $27,237.00
Property Taxes $7,068.00
Property Insurance $4,400.00
Operator Compensation $24,000.00
Total Expenses $62,705.00
Net Income
Net Operating Income $103,023.00
Valuation
Capitalization Rate 8%
Value on Cap Rate $1,287,788.00