LEICESTER, MA — Northeast Private Client Group has announced the listing of Leicester Gardens, a well-maintained 24-unit multifamily property at 1671 Main Street in Leicester, Massachusetts, offered for $5,665,000. The garden-style community presents investors with a stabilized, income-producing asset in a supply-constrained Central Massachusetts market with continued rental demand.
Built in 1958 and recently improved through capital upgrades completed between 2024 and 2025, Leicester Gardens comprises two one-bedroom units and 22 two-bedroom units, several of which include exterior balconies. Units are heated through tenant-paid electric baseboard systems, while hot water is provided by a central, landlord-paid electric system.
Strong Operations and Value in a High-Demand Submarket
The property currently generates a 6.73% cap rate, with a pro forma cap rate of 7.48%, supported by stable occupancy, consistent maintenance, and professional management. The offering equates to $236,042 per unit.
Residents benefit from ample off-street parking, on-site laundry facilities, and proximity to major retail conveniences. Leicester Gardens is less than a mile from national retailers such as Walmart, Starbucks, AT&T, and Cumberland Farms, and just 20 minutes from downtown Worcester, one of New England’s fastest-growing secondary markets.
Recent capital improvements bolster the property’s long-term durability and reduce near-term deferred maintenance—key advantages for investors seeking dependable cash flow.
Positioned for Continued Rental Demand
Situated on 3.38 acres, Leicester Gardens represents a rare opportunity to acquire a stabilized, well-maintained asset in a growing suburban community. The Worcester metro area continues to experience heightened demand from renters seeking affordability and convenience compared to Boston’s higher-cost housing markets.
Northeast Private Client Group notes that the combination of upgraded units, tenant-paid electric heat, and strong fundamentals makes Leicester Gardens an appealing addition to any regional multifamily portfolio.
The property is available for immediate acquisition.
