Side-by-Side Duplex with Expansion
For Sale
$615,000
104 Rodney St, Worcester, MA 01605
Two-unit property with updated kitchens, baths, porches, and off-street parking.
Property Size3,500 SF
Price / SF$175.71
Days on Market136
Property Features for 104 Rodney St
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,636
Listing Agency:
LAER Realty Partners
(774) 670-8025
Listed By:
Lisa Paciello Reece
(774) 670-8025
Source:
Exprealty
Added: Apr 17
Changed: Aug 29
Last Checked: Aug 29 at 2:59PM
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 LAER Realty Partners
Investment Insights
Based on property information with market context.
This 3,500-square-foot duplex contains two side-by-side units with newer kitchens and bathrooms, original woodwork, and neutral wall finishes. The property also includes front and rear porches, a walk-up attic, and a walk-out basement with direct access to off-street parking. The basement and attic provide additional areas for future use, subject to applicable requirements.
The property is near UMass/Memorial, downtown Worcester, and the city's East Side, with access to Routes 290 and 9. Tenancies are month to month without leases, providing a flexible occupancy structure for an owner or investor. The combination of two residential units, separate side-by-side layouts, and existing basement and attic areas creates a clearly defined multifamily configuration.
The property is near UMass/Memorial, downtown Worcester, and the city's East Side, with access to Routes 290 and 9. Tenancies are month to month without leases, providing a flexible occupancy structure for an owner or investor. The combination of two residential units, separate side-by-side layouts, and existing basement and attic areas creates a clearly defined multifamily configuration.
Key Highlights
- 3,500‑square‑foot duplex with 2 side‑by‑side units
- Walk‑up attic and walk‑out basement
- Newer kitchens and baths with original woodwork
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
8.36%
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 8.36%
Second Best
Apartment 5plus
$674.0K
$589.8K – $786.4K
NOI $47,182 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,776 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 - Two-unit property with updated kitchens, baths, porches, and off-street parking.
Where is this duplex located?
The property is located at 104 Rodney St Worcester, MA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 3,500‑square‑foot duplex with 2 side‑by‑side units; Walk‑up attic and walk‑out basement; Newer kitchens and baths with original woodwork
