Six-Unit Apartment
For Sale
$850,000
15-17 Dorchester St, Worcester, MA 01610
Residential Income, Worcester, MA
Property Size4,727 SF
Lot Size0.09 Acres
Price / SF$179.82
Days on Market43
Property Features for 15-17 Dorchester St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG-5
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 5, Bedroom 9, Bathroom 2, Bedroom 10, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 7, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 8
Parking
4
Directions
Vernon St to Dorchester St
Standard status
Active
APN
M:05 B:018 L:00017
Size
4,727 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2022
Tax Annual Amount
4548
Building Details
Year built
1890
Floors in Building
5
Number of units
6
Listing Agency:
RE/MAX Vision · RE/MAX International
(508) 595-9900
Listed By:
Jeff Burk · License #9035530
(508) 595-9900
Added: Jul 19
Changed: Aug 19
Last Checked: Aug 30 at 4:06PM
MLS# 73552012
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily offering comprises two triple-decker buildings on one 0.0924-acre lot, totaling 4,727 square feet and six residential units. The front structure includes three units with one to three bedrooms, along with kitchens and living rooms; the basement and first-floor apartments are each one-bedroom layouts. The rear building contains two two-bedroom apartments and one one-bedroom apartment, with kitchen and living areas in every unit. Heating systems include baseboard, gas parlor heaters, and central gas heat.
Separate utilities serve each unit. The property was built in 1890 and is zoned RG-5. It is near Polar Park, the Canal District, Quinsigamond Village, a Walmart shopping plaza, Route 146, and the Massachusetts Turnpike.
Separate utilities serve each unit. The property was built in 1890 and is zoned RG-5. It is near Polar Park, the Canal District, Quinsigamond Village, a Walmart shopping plaza, Route 146, and the Massachusetts Turnpike.
Key Highlights
- Two triple‑decker buildings on one 0.0924‑acre lot
- 6 residential units totaling 4,727 square feet
- Unit mix includes 1- to 3‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$63,722
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,274,440
$1.3M
Cap Rate 7%
$910,314
$910.3K
Cap Rate 9%
$708,022
$708.0K
Market Conditions
NOI Build-Up for 4,727 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$122.0K $25.80/SF
− Vacancy
−$6.1K −$1.29/SF
EGI
$115.9K $24.51/SF
− OpEx
−$52.1K −$11.03/SF
NOI
$63.7K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,274,440
Cap Rate 7%
$910,314
Cap Rate 9%
$708,022
Alternative Uses
Best Use
Apartment 5plus
$910.3K
$796.5K – $1.06M
NOI $63,722 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,444 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two multifamily buildings provide six units with separate utilities and varied bedroom layouts.
Where is this apartment building located?
The property is located at 15-17 Dorchester St Worcester, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two triple‑decker buildings on one 0.0924‑acre lot; 6 residential units totaling 4,727 square feet; Unit mix includes 1- to 3‑bedroom apartments
