Turnkey 5-Unit
For Sale
$1,078,995
10 Ellsworth, Worcester, MA 01610
Fully occupied 5-unit property with three four-bedroom units and two one-bedroom units, featuring separate utilities and updated systems.
Property Size6,140 SF
Price / SF$175.73
Days on Market109
Property Features for 10 Ellsworth
General Information
Standard status
Active
Size
6,140 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
MG-2
Occupancy
100%
Net Operating Income
$28,800
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$12,706
Building Details
Building Size
6,140 SF
Year Built
1900
Stories
5
Tenancy
Multi
Listing Agency:
eXp Realty LLC
(888) 854-7493
Listed By:
Candor Investment Group
(978) 710-5616
Source:
Churchillprop
Added: Jun 17
Changed: Oct 1
Last Checked: Oct 2 at 6:46PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This turnkey multifamily includes five fully occupied units: three spacious 4-bedroom apartments and two 1-bedroom units. The property is described as well maintained, with updated systems and minimal deferred maintenance, along with separate utilities for the units.
The asset is located minutes from Clark University, Polar Park, downtown Worcester, and major commuter routes, supporting convenient access to jobs, dining, and public transportation.
As an income-producing 5-unit building, it offers a straightforward unit mix centered on larger 4-bedroom layouts while also providing two smaller 1-bedroom units.
The asset is located minutes from Clark University, Polar Park, downtown Worcester, and major commuter routes, supporting convenient access to jobs, dining, and public transportation.
As an income-producing 5-unit building, it offers a straightforward unit mix centered on larger 4-bedroom layouts while also providing two smaller 1-bedroom units.
Key Highlights
- Fully occupied 5‑unit multifamily built in 1900 with three 4‑bedroom units and two 1‑bedroom units
- Separate utilities and updated systems per public remarks
- All units described as spacious 4‑bedroom and 1‑bedroom configurations
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
$82,770
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
7.67%
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%
$1,655,400
$1.7M
Cap Rate 7%
$1,182,429
$1.2M
Cap Rate 9%
$919,667
$919.7K
Market Conditions
NOI Build-Up for 6,140 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
$158.4K $25.80/SF
− Vacancy
−$7.9K −$1.29/SF
EGI
$150.5K $24.51/SF
− OpEx
−$67.7K −$11.03/SF
NOI
$82.8K $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%
$1,655,400
Cap Rate 7%
$1,182,429
Cap Rate 9%
$919,667
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,770 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.79M – $2.39M
NOI $143,458 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,818
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 5-unit property with three four-bedroom units and two one-bedroom units, featuring separate utilities and updated systems.
Where is this apartment building located?
The property is located at 10 Ellsworth Worcester, MA.
What is the asking price?
The asking price for this property is $1,078,995.
What are key features of this property?
This property features: Fully occupied 5‑unit multifamily built in 1900 with three 4‑bedroom units and two 1‑bedroom units; Separate utilities and updated systems per public remarks; All units described as spacious 4‑bedroom and 1‑bedroom configurations
