Two-Family Farmhouse on
For Sale
$1,499,900
12 Nelson Pl, Worcester, MA 01605
Antique two-family farmhouse on 3.49 acres with 15 rooms and a three-story barn plus outbuildings, sold as is.
Property Size3,513 SF
Lot Size3.49 Acres
Days on Market25
Property Features for 12 Nelson Pl
General Information
Standard status
Active
Size
3,513 SF
Total Parking Spaces
10
Lot size
3.49 Acres
Property subtype
Multi Family Home
Zoning
RS-10
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,988
Building Details
Building Size
3,513 SF
Year Built
1846
Stories
3
Units
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Worcester
(508) 641-4988
Listed By:
Jane O'connor · License #453000523
(508) 641-4988
Source:
Housatonicrealestate
Added: Jul 20
Changed: Aug 8
Last Checked: Jul 20 at 10:28AM
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 Coldwell Banker Realty - Worcester
Investment Insights
Based on property information with market context.
An antique two-family farmhouse sits on 3.49 acres and includes a total of 15 rooms, with two full bathrooms and multiple half baths distributed across both units. The property also features a three-story barn and several outbuildings. The home is being sold as is, including a selection of antiques that convey.
The property is zoned RS 10 and is described as being primarily valued for potential future development of the land. The seller makes no representation as to how many possible lots could be created, and the entire package is sold in its current condition.
With a multi-unit layout, on-site agricultural-style structures, and additional land area, this listing is best suited for buyers seeking a restoration-focused residence, multi-generational use, or development of the underlying acreage within the RS 10 zoning framework.
The property is zoned RS 10 and is described as being primarily valued for potential future development of the land. The seller makes no representation as to how many possible lots could be created, and the entire package is sold in its current condition.
With a multi-unit layout, on-site agricultural-style structures, and additional land area, this listing is best suited for buyers seeking a restoration-focused residence, multi-generational use, or development of the underlying acreage within the RS 10 zoning framework.
Key Highlights
- Antique two‑family farmhouse built in 1846 with 15 rooms across both units
- 3.49‑acre property with a three‑story barn and several outbuildings
- 2 full baths plus multiple half baths across both units
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
$51,589
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
3.44%
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%
$1,031,780
$1.0M
Cap Rate 7%
$736,986
$737.0K
Cap Rate 9%
$573,211
$573.2K
Market Conditions
NOI Build-Up for 3,513 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
$78.0K $22.20/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$73.7K $20.98/SF
− OpEx
−$22.1K −$6.29/SF
NOI
$51.6K $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%
$1,031,780
Cap Rate 7%
$736,986
Cap Rate 9%
$573,211
Alternative Uses
Best Use
Multifamily LT 5
$737.0K
$644.9K – $859.8K
NOI $51,589 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$676.5K
$592.0K – $789.3K
NOI $47,357 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,079 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
223
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 - Antique two-family farmhouse on 3.49 acres with 15 rooms and a three-story barn plus outbuildings, sold as is.
Where is this duplex located?
The property is located at 12 Nelson Pl Worcester, MA.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Antique two‑family farmhouse built in 1846 with 15 rooms across both units; 3.49‑acre property with a three‑story barn and several outbuildings; 2 full baths plus multiple half baths across both units
