Updated Two-Unit
New
For Sale
$540,000
124 Belmont St, Worcester, MA 01605
Two residential units offer separate utilities and flexible occupancy options.
Property Size2,074 SF
Price / SF$260.37
Days on Market2
Property Features for 124 Belmont St
General Information
Standard status
Active
Size
2,074 SF
Property subtype
Residential Income
Zoning
BL-1
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,516
Building Details
Building Size
2,074 SF
Year Built
1890
Stories
2
Units
2
Listing Agency:
Return Realty Group, Inc.
(978) 608-6293
Listed By:
Ashley Diaz Garcia
(978) 608-6293
Source:
Alliancepartnersre
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 1:41PM
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 Return Realty Group, Inc.
Investment Insights
Based on property information with market context.
This 2,074-square-foot duplex, built in 1890, contains two updated residential units. The first-floor apartment has 3 bedrooms and 1 full bath, while the second-floor apartment includes 1 bedroom and 1 full bath. Separate utilities serve the units, supporting distinct occupancy arrangements and rental operations. The property is zoned BL-1.
Located at 124 Belmont St in Worcester, the property is near hospitals, UMass Memorial Medical Center, schools, shopping, restaurants, public transportation, and major highways. Rear egress stairs and the deck are scheduled for repair or replacement and code compliance before closing.
Located at 124 Belmont St in Worcester, the property is near hospitals, UMass Memorial Medical Center, schools, shopping, restaurants, public transportation, and major highways. Rear egress stairs and the deck are scheduled for repair or replacement and code compliance before closing.
Key Highlights
- Two‑unit duplex with 3‑bedroom and 1‑bedroom apartments
- 2,074 square feet across two residential units
- First‑floor unit: 3 bedrooms and 1 full bath
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
$30,457
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
5.64%
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%
$609,140
$609.1K
Cap Rate 7%
$435,100
$435.1K
Cap Rate 9%
$338,411
$338.4K
Market Conditions
NOI Build-Up for 2,074 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
$46.0K $22.20/SF
− Vacancy
−$2.5K −$1.22/SF
EGI
$43.5K $20.98/SF
− OpEx
−$13.1K −$6.29/SF
NOI
$30.5K $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%
$609,140
Cap Rate 7%
$435,100
Cap Rate 9%
$338,411
Alternative Uses
Best Use
Multifamily LT 5
$435.1K
$380.7K – $507.6K
NOI $30,457 @ 7.0% cap · market cap 5.64%
Second Best
Apartment 5plus
$399.4K
$349.5K – $466.0K
NOI $27,959 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$692.3K
$605.7K – $807.6K
NOI $48,458 @ 7.0% cap · market cap 8.97%
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
4,329
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 residential units offer separate utilities and flexible occupancy options.
Where is this duplex located?
The property is located at 124 Belmont St Worcester, MA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom and 1‑bedroom apartments; 2,074 square feet across two residential units; First‑floor unit: 3 bedrooms and 1 full bath
