Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    38-1/2 Bowdoin St Worcester, MA 01609

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Pending
    $449,000

    Well-maintained multifamily home in a convenient location with strong rental income.

    Lot size:
    0.05 Acres

    Property Features for 38-1/2 Bowdoin St

    General Information

    Property type
    Investment
    Standard status
    Pending
    Lot size
    0.05 Acres

    Building Details

    Year built
    1910

    We can help!

    Listing Contact
    George Nanis
    Source: Elliman

    Listing Agent: George Nanis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Worcester Multifamily Investment Opportunity

    This multifamily home in Worcester presents an investment opportunity. The property is well-maintained and offers potential for rental income. The first-floor unit features a 3-bedroom layout. The second-floor unit includes 2 bedrooms and a bonus room suitable for a home office or storage. Both units provide closet and storage space. A shared basement laundry area is available for tenant use. The property also includes attic space that could be used for storage or future expansion. On-street parking is available, and public transportation is accessible, with a bus line nearby. The location provides access to schools and shopping.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Worcester
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.8070603
    Latitude
    42.2679645

    Nearby Similar for Sale

    • New
      $749,900
      2,940 SF

      Worcester Duplex Near UMass Med

      Well-maintained duplex in desirable location near UMass Medical School.
      28 Nonquit St, Worcester, MA 01604
      View Details
    • New
      $730,000
      3,536 SF

      Worcester Multifamily Investment Opportunity

      Spacious three-unit property with updated features and income potential.
      31 Boardman St, Worcester, MA 01606
      View Details
    • New
      $740,000
      3,780 SF

      Worcester Multifamily with Garage

      Well-maintained three-family property in desirable Greendale neighborhood.
      15 Ericsson St, Worcester, MA 01606
      View Details
    • $539,900
      2,496 SF

      Two-Family Home with Garage

      Two-unit property with garage, vacant and ready for occupancy.
      53 Collins St, Worcester, MA 01606
      View Details
    • New
      $1,049,000
      4,870 SF

      Renovated Three-Family in Worcester

      Fully renovated three-family property with modern amenities and convenient location.
      139 Lincoln St, Worcester, MA 01605
      View Details
    • New
      $1,650,000
      6,885 SF

      Worcester Multifamily Investment Opportunity

      Two well-maintained buildings near WPI and Elm Park.
      9-11 Dover St, Worcester, MA 01609
      View Details
    • $750,000
      2,694 SF

      Income-Producing Rooming House Near WPI

      Turnkey investment property near WPI with immediate income potential.
      60 Fruit St, Worcester, MA 01609
      View Details
    • $699,900
      2,854 SF

      Renovated Multi-Family in Worcester

      Completely renovated multi-family property with in-unit laundry hookups.
      256 Belmont St, Worcester, MA 01604
      View Details
    • $800,000
      4,940 SF

      Worcester Multifamily and Single Family

      Multifamily and single family homes near downtown Worcester.
      49 Dorchester St, Worcester, MA 01610
      View Details
    • $920,000
      6,204 SF

      Industrial/Automotive Property For Sale

      6,204 SF industrial/automotive property with drive-in doors.
      27 Canterbury St, Worcester, MA 01610
      View Details
    • $495,000

      Versatile Commercial Building in Worcester

      3,026 SF commercial building in Worcester's Main South corridor.
      9 Stafford St, Worcester, MA 01603
      View Details

    FAQs

    What type of property is this?
    Duplex - Well-maintained multifamily home in a convenient location with strong rental income.
    Where is this duplex located?
    The property is located at 38-1/2 Bowdoin St Worcester, MA.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: - Strong rental income potential in a highly convenient Worcester location.; - Two well-maintained units: **a spacious 3-bedroom and a 2-bedroom with bonus room.**; - Prime location near schools, shopping, and public transportation (bus line steps away).
    (508) 754-3020
    Request Owner's contact information
    38-1/2 Bowdoin St Worcester, MA 01609
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    38-1/2 Bowdoin St
    Worcester, MA 01609
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    38-1/2 Bowdoin St Worcester, MA 01609
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    George Nanis
    (508) 754-3020 (508) 612-1573 (774) 413-0272
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!