Two-Family Residential Income
For Sale
$599,900
Pending
8 Elton St, Worcester, MA 01604
Two-unit home with hardwood floors, updated kitchen features, and covered porches on a level lot.
Property Size1,775 SF
Days on Market97
Property Features for 8 Elton St
General Information
Standard status
Pending
Size
1,775 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
RL-7
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,962
Building Details
Building Size
1,775 SF
Year Built
1903
Stories
3
Units
2
Listing Agency:
Bahnan Realty Company
Listed By:
George Bahnan
(508) 635-7758
Source:
Janicemitchellre
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 23 at 6:53AM
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 Bahnan Realty Company
Investment Insights
Based on property information with market context.
This beautifully maintained two-family home offers bright, well-kept living spaces in both units. Interior finishes include hardwood floors, classic wood trim, and generous natural light. One unit features an updated kitchen with stainless steel appliances, stone countertops, tile flooring, recessed lighting, and an open living and dining area, while the other provides a warm wood-detail look with a comfortable, functional layout. A partially finished basement adds flexible bonus space that can serve as a recreation area, office, gym, or additional storage.
The property sits on a level lot at the end of a quiet dead-end street. Exterior amenities include a spacious covered front porch, a rear porch, a paved driveway, and a detached storage shed with outdoor space for everyday use. It is described as being conveniently close to shopping, dining, parks, schools, hospitals, and commuter routes.
With two separate residential units and multiple indoor and outdoor gathering spaces, the home supports owner-occupancy or income-oriented use.
The property sits on a level lot at the end of a quiet dead-end street. Exterior amenities include a spacious covered front porch, a rear porch, a paved driveway, and a detached storage shed with outdoor space for everyday use. It is described as being conveniently close to shopping, dining, parks, schools, hospitals, and commuter routes.
With two separate residential units and multiple indoor and outdoor gathering spaces, the home supports owner-occupancy or income-oriented use.
Key Highlights
- 1903‑built two‑family home with hardwood floors, classic wood trim, and bright, naturally lit living areas in both units
- Updated unit kitchen features stainless steel appliances, stone countertops, tile flooring, recessed lighting, and an open living/dining area
- Second unit offers warm wood detail and a comfortable functional layout
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
$26,066
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
4.35%
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%
$521,320
$521.3K
Cap Rate 7%
$372,371
$372.4K
Cap Rate 9%
$289,622
$289.6K
Market Conditions
NOI Build-Up for 1,775 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
$39.4K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$37.2K $20.98/SF
− OpEx
−$11.2K −$6.29/SF
NOI
$26.1K $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%
$521,320
Cap Rate 7%
$372,371
Cap Rate 9%
$289,622
Alternative Uses
Best Use
Multifamily LT 5
$372.4K
$325.8K – $434.4K
NOI $26,066 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$341.8K
$299.1K – $398.8K
NOI $23,928 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
176
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?
Duplex - Two-unit home with hardwood floors, updated kitchen features, and covered porches on a level lot.
Where is this duplex located?
The property is located at 8 Elton St Worcester, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1903‑built two‑family home with hardwood floors, classic wood trim, and bright, naturally lit living areas in both units; Updated unit kitchen features stainless steel appliances, stone countertops, tile flooring, recessed lighting, and an open living/dining area; Second unit offers warm wood detail and a comfortable functional layout
