Four-Unit Residential Income
For Sale
$825,000
Pending
37 Oak Ave, Worcester, MA 01605
Four-family building with parking driveway and a vacant third-floor unit slated for full renovation.
Property Size4,060 SF
Days on Market58
Property Features for 37 Oak Ave
General Information
Standard status
Pending
Size
4,060 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,480
Building Details
Building Size
4,060 SF
Year Built
1890
Stories
4
Units
4
Listing Agency:
Property Investors & Advisors, LLC
(508) 868-0927
Listed By:
Brian Allen · License #9583389
(508) 868-0927
Source:
Elliman
Added: Jun 25
Changed: Aug 8
Last Checked: Jul 23 at 11:39AM
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 Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
This four-family residential income property consists of three 2-bedroom units and one 1-bedroom unit. The building includes a driveway with ample parking and practical on-site utilities, with two steam heating systems serving the first and second floors, as well as two electric water heaters and two gas water heaters. Property improvements include extensive PVC waste pipe updates, and most units have washer/dryer hookups. The third-floor unit is currently vacant and will be fully renovated with vinyl plank flooring, quartz countertops, and fresh paint throughout.
The property is located just steps from UMass Memorial Medical Center, with walkability scoring very well and transit/bike scores described as moderate.
Overall, the layout supports multiple rental configurations with unit-by-unit updates focused on modern finishes in the currently vacant unit.
The property is located just steps from UMass Memorial Medical Center, with walkability scoring very well and transit/bike scores described as moderate.
Overall, the layout supports multiple rental configurations with unit-by-unit updates focused on modern finishes in the currently vacant unit.
Key Highlights
- 4‑family building with three 2‑bedroom units and one 1‑bedroom unit
- Third‑floor unit currently vacant and slated for full renovation with vinyl plank flooring, quartz countertops, and fresh paint
- Driveway provides lots of on‑site parking
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
$59,622
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
7.23%
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%
$1,192,440
$1.2M
Cap Rate 7%
$851,743
$851.7K
Cap Rate 9%
$662,467
$662.5K
Market Conditions
NOI Build-Up for 4,060 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
$90.1K $22.20/SF
− Vacancy
−$5.0K −$1.22/SF
EGI
$85.2K $20.98/SF
− OpEx
−$25.6K −$6.29/SF
NOI
$59.6K $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%
$1,192,440
Cap Rate 7%
$851,743
Cap Rate 9%
$662,467
Alternative Uses
Best Use
Multifamily LT 5
$851.7K
$745.3K – $993.7K
NOI $59,622 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$781.9K
$684.1K – $912.2K
NOI $54,731 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $94,860 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,782
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?
Quadplex - Four-family building with parking driveway and a vacant third-floor unit slated for full renovation.
Where is this quadplex located?
The property is located at 37 Oak Ave Worcester, MA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 4‑family building with three 2‑bedroom units and one 1‑bedroom unit; Third‑floor unit currently vacant and slated for full renovation with vinyl plank flooring, quartz countertops, and fresh paint; Driveway provides lots of on‑site parking
