Five-Unit Apartment
New
For Sale
$689,000
10 Denny St, Worcester, MA 01609
Separate utilities, a common-area electrical panel, and paved off-street parking support practical property operations.
Property Size3,144 SF
Days on Market3
Property Features for 10 Denny St
General Information
Standard status
Active
Size
3,144 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$7,319
Amenities
porches
Building Details
Building Size
3,144 SF
Year Built
1920
Stories
5
Units
5
Listing Agency:
Parent Real Estate
(774) 239-4010
Listed By:
Michael R. Parent
(774) 239-4010
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 8:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Parent Real Estate
Investment Insights
Based on property information with market context.
This five-unit apartment property at 10 Denny St in Worcester features vinyl/aluminum siding, recently completed porches, and hallways described as attractive and well maintained. The units are in very good condition, and each has separate utility service with residents responsible for heat, electric, and gas. A dedicated owner panel serves the common areas, while the parking area has been recently paved and includes drainage connected to the city storm drain.
The property offers off-street parking and highway access. Units are occupied under tenant-at-will arrangements without leases, and the source information identifies an option to rent to WPI students. The building was constructed in 1920.
The property offers off-street parking and highway access. Units are occupied under tenant-at-will arrangements without leases, and the source information identifies an option to rent to WPI students. The building was constructed in 1920.
Key Highlights
- Five apartment units at 10 Denny St, Worcester, MA 01609
- Separate utilities; tenants pay heat, electric, and gas
- Dedicated owner's panel serves common areas
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
$42,383
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
6.15%
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%
$847,660
$847.7K
Cap Rate 7%
$605,471
$605.5K
Cap Rate 9%
$470,922
$470.9K
Market Conditions
NOI Build-Up for 3,144 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
$81.1K $25.80/SF
− Vacancy
−$4.1K −$1.29/SF
EGI
$77.1K $24.51/SF
− OpEx
−$34.7K −$11.03/SF
NOI
$42.4K $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%
$847,660
Cap Rate 7%
$605,471
Cap Rate 9%
$470,922
Alternative Uses
Best Use
Apartment 5plus
$605.5K
$529.8K – $706.4K
NOI $42,383 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.2K – $1.22M
NOI $73,458 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Separate utilities, a common-area electrical panel, and paved off-street parking support practical property operations.
Where is this apartment building located?
The property is located at 10 Denny St Worcester, MA.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Five apartment units at 10 Denny St, Worcester, MA 01609; Separate utilities; tenants pay heat, electric, and gas; Dedicated owner's panel serves common areas
