Renovated Two-Unit
For Sale
$625,000
12 Crown St., Worcester, MA 01609
Vacant property includes matching two-bedroom layouts, shared laundry, and a partially finished attic.
Property Size3,352 SF
Price / SF$186.46
Days on Market113
Property Features for 12 Crown St.
General Information
Standard status
Active
Size
3,352 SF
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$52,800
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,031
Amenities
common area laundry room
professionally landscaped yard
Building Details
Building Size
3,352 SF
Year Built
1854
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Realty - Brookline
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 13
Changed: Aug 30
Last Checked: Aug 31 at 12:50PM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
Built in 1854, this 3,352-square-foot duplex contains two separate residential units, each arranged with 2 bedrooms, 1 bathroom, a living room, dining room, and eat-in kitchen. Both units were renovated within the last six years, while period architectural elements remain part of the building’s character. A dedicated common laundry room serves the property, and the building is fully vacant. The partially finished attic provides additional interior space within the existing structure.
The property is located at 12 Crown St. in Worcester, Massachusetts, on a quiet street with landscaped grounds that include established shrubs, bushes, and small trees. Public transportation, colleges, universities, and medical centers are nearby. The property is identified as RG-5 and offers a two-unit configuration with separate living spaces and shared laundry facilities.
The property is located at 12 Crown St. in Worcester, Massachusetts, on a quiet street with landscaped grounds that include established shrubs, bushes, and small trees. Public transportation, colleges, universities, and medical centers are nearby. The property is identified as RG-5 and offers a two-unit configuration with separate living spaces and shared laundry facilities.
Key Highlights
- 3,352‑square‑foot duplex built in 1854
- Two units, each with 2 bedrooms and 1 bathroom
- Both units renovated within the last six years
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
$49,225
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
7.88%
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%
$984,500
$984.5K
Cap Rate 7%
$703,214
$703.2K
Cap Rate 9%
$546,944
$546.9K
Market Conditions
NOI Build-Up for 3,352 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
$74.4K $22.20/SF
− Vacancy
−$4.1K −$1.22/SF
EGI
$70.3K $20.98/SF
− OpEx
−$21.1K −$6.29/SF
NOI
$49.2K $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%
$984,500
Cap Rate 7%
$703,214
Cap Rate 9%
$546,944
Alternative Uses
Best Use
Multifamily LT 5
$703.2K
$615.3K – $820.4K
NOI $49,225 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$645.5K
$564.8K – $753.1K
NOI $45,187 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$1.12M
$979.0K – $1.31M
NOI $78,318 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,799
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?
Duplex - Vacant property includes matching two-bedroom layouts, shared laundry, and a partially finished attic.
Where is this duplex located?
The property is located at 12 Crown St. Worcester, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,352‑square‑foot duplex built in 1854; Two units, each with 2 bedrooms and 1 bathroom; Both units renovated within the last six years
