Renovated 32-Unit Apartment
For Sale
$11,900,000
22 Waverly St, Worcester, MA 01604
Fully renovated 32-unit apartment building in prime location.
Property Size32,000 SF
Lot Size0.48 Acres
Days on Market265
Property Features for 22 Waverly St
General Information
Standard status
Active
Size
32,000 SF
Lot size
0.48 Acres
Property subtype
Investment
Building Details
Building Size
32,000 SF
Year Built
1910
Stories
4
Units
32
Listing Agency:
Lamacchia Realty, Inc.
(508) 713-2212
Listed By:
Mulryan and Maher Group
(508) 713-2212
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 20 at 10:15AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
This is a fully renovated 32-unit apartment building. The historic school building has been completely modernized, featuring a new roof, all new utilities, and updated interiors throughout. The property includes 30 one-bedroom apartments and 2 studios. Each unit offers quartz countertops, new appliances, and modern finishes. Residents have access to 19 storage areas, 3 parking lots, a ButterflyMX intercom system, and a full security system. The property is located within walking distance to Polar Park, restaurants, and nightlife, with quick access to major highways.
Key Highlights
- Prime location: Walking distance to Polar Park, fine restaurants, and nightlife.
- Fully renovated 32‑unit apartment building with modern interiors.
- New roof and all new utilities.
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
$431,376
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
3.63%
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%
$8,627,520
$8.6M
Cap Rate 7%
$6,162,514
$6.2M
Cap Rate 9%
$4,793,067
$4.8M
Market Conditions
NOI Build-Up for 32,000 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
$825.6K $25.80/SF
− Vacancy
−$41.3K −$1.29/SF
EGI
$784.3K $24.51/SF
− OpEx
−$352.9K −$11.03/SF
NOI
$431.4K $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%
$8,627,520
Cap Rate 7%
$6,162,514
Cap Rate 9%
$4,793,067
Alternative Uses
Best Use
Apartment 5plus
$6.16M
$5.39M – $7.19M
NOI $431,376 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.68M
$9.35M – $12.46M
NOI $747,663 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,804
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 - Fully renovated 32-unit apartment building in prime location.
Where is this apartment building located?
The property is located at 22 Waverly St Worcester, MA.
What is the asking price?
The asking price for this property is $11,900,000.
What are key features of this property?
This property features: Prime location: Walking distance to Polar Park, fine restaurants, and nightlife.; Fully renovated 32‑unit apartment building with modern interiors.; New roof and all new utilities.
