Duplex With Attic And
For Sale
$580,000
104 1/2 Rodney St, Worcester, MA 01605
Side-by-side units feature updated kitchens and baths, porches, off-street parking, and flexible attic and basement areas.
Property Size3,500 SF
Price / SF$165.71
Days on Market137
Property Features for 104 1/2 Rodney St
General Information
Standard status
Active
Size
3,500 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$21,000
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,636
Building Details
Building Size
3,500 SF
Year Built
1913
Stories
4
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 17
Changed: Aug 31
Last Checked: Aug 31 at 1:43PM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
This two-family duplex contains 3,500 square feet in a side-by-side layout, with each unit supported by newer kitchens and baths, original woodwork, and neutral interior walls. Walk-up attic space and a walk-out basement add functional areas for storage or future use. Front and rear porches extend the property’s usable outdoor space, while off-street parking connects directly to the basement.
Built in 1913 and zoned RG-5, the property is near UMass Memorial, downtown Worcester, and the city’s East Side. Route 290 and Route 9 provide convenient regional access. Both units are occupied on a month-to-month basis without leases.
Built in 1913 and zoned RG-5, the property is near UMass Memorial, downtown Worcester, and the city’s East Side. Route 290 and Route 9 provide convenient regional access. Both units are occupied on a month-to-month basis without leases.
Key Highlights
- 3,500‑square‑foot side‑by‑side duplex with two residential units
- Walk‑up attic and walk‑out basement with potential for additional living space
- Newer kitchens and baths, original woodwork, and neutral walls
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
$51,399
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
8.86%
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%
$1,027,980
$1.0M
Cap Rate 7%
$734,271
$734.3K
Cap Rate 9%
$571,100
$571.1K
Market Conditions
NOI Build-Up for 3,500 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
$77.7K $22.20/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$73.4K $20.98/SF
− OpEx
−$22.0K −$6.29/SF
NOI
$51.4K $14.69/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,027,980
Cap Rate 7%
$734,271
Cap Rate 9%
$571,100
Alternative Uses
Best Use
Multifamily LT 5
$734.3K
$642.5K – $856.7K
NOI $51,399 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$674.0K
$589.8K – $786.4K
NOI $47,182 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,776 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,595
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
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?
Duplex - Side-by-side units feature updated kitchens and baths, porches, off-street parking, and flexible attic and basement areas.
Where is this duplex located?
The property is located at 104 1/2 Rodney St Worcester, MA.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 3,500‑square‑foot side‑by‑side duplex with two residential units; Walk‑up attic and walk‑out basement with potential for additional living space; Newer kitchens and baths, original woodwork, and neutral walls
