Renovated 9-Unit Apartment
New
For Sale
Contact for pricing
12 Hunnewell Road, Worcester, MA 01606
Two renovated multifamily buildings offer updated kitchens, upgraded systems, and on-site laundry.
Property Size8,184 SF
Price / SF$384.60
Days on Market4
Property Features for 12 Hunnewell Road
General Information
Standard status
Active
Size
8,184 SF
Class
B
Total Parking Spaces
18
Property subtype
Multifamily
Zoning
RS-7
Net Operating Income
$192,680
Units
Unit Mix
9 x 2BR
Multifamily Units
9
Amenities
coin-operated laundry
Building Details
Year Built
1950
Year Renovated
2025
Buildings
3
Stories
3
Units
9
Tenancy
Multi
Listing Agency:
Fayyad Realty Advisors
Listed By:
Tariq Fayyad · License #9577024
(617) 500-1000
Source:
Crexi
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 10:24PM
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 Fayyad Realty Advisors
Investment Insights
Based on property information with market context.
This multifamily property includes two renovated apartment buildings with nine two-bedroom residences totaling 8,184 square feet. Apartment improvements include refreshed kitchens with modern cabinetry and countertops, while substantial plumbing and electrical upgrades have been completed. Professionally maintained common areas and on-site coin-operated laundry add practical resident amenities. Possible garage space is also noted.
Built in 1950, the property is located at 12 Hunnewell Road in Worcester’s established residential setting and carries RS-7 zoning. The unit configuration, building upgrades, and shared amenities provide a defined apartment operating profile across the two-building asset.
Built in 1950, the property is located at 12 Hunnewell Road in Worcester’s established residential setting and carries RS-7 zoning. The unit configuration, building upgrades, and shared amenities provide a defined apartment operating profile across the two-building asset.
Key Highlights
- Two renovated apartment buildings with nine two‑bedroom units
- 8,184 square feet across the multifamily property
- Updated kitchens with modern cabinetry and countertops
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
$110,324
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
3.51%
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%
$2,206,480
$2.2M
Cap Rate 7%
$1,576,057
$1.6M
Cap Rate 9%
$1,225,822
$1.2M
Market Conditions
NOI Build-Up for 8,184 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
$211.1K $25.80/SF
− Vacancy
−$10.6K −$1.29/SF
EGI
$200.6K $24.51/SF
− OpEx
−$90.3K −$11.03/SF
NOI
$110.3K $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%
$2,206,480
Cap Rate 7%
$1,576,057
Cap Rate 9%
$1,225,822
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,324 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,215 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
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 - Two renovated multifamily buildings offer updated kitchens, upgraded systems, and on-site laundry.
Where is this apartment building located?
The property is located at 12 Hunnewell Road Worcester, MA.
What is the asking price?
The asking price for this property is $3,147,597.
What are key features of this property?
This property features: Two renovated apartment buildings with nine two‑bedroom units; 8,184 square feet across the multifamily property; Updated kitchens with modern cabinetry and countertops
