Two-Family Home with Off-Street
For Sale
$625,000
Pending
29 Passway Five, Worcester, MA 01602
Two-family residence offering two private units and off-street parking for up to six vehicles.
Property Size2,506 SF
Days on Market96
Property Features for 29 Passway Five
General Information
Standard status
Pending
Size
2,506 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Zoning
RL-7
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,495
Building Details
Building Size
2,506 SF
Year Built
1954
Stories
2
Units
2
Listing Agency:
The Neighborhood Realty Group
(508) 459-1876
Listed By:
Yaquelin Richard
(540) 654-0148
Source:
Thefirmreg
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 23 at 6:31AM
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 The Neighborhood Realty Group
Investment Insights
Based on property information with market context.
This two-family home provides two separate living units with independent functionality. The upper unit is sun-filled and includes four bedrooms, a full bath, and a bonus office space.
The lower unit features a private entrance, three bedrooms, and a full bath. Off-street parking is available for up to six vehicles.
The property is positioned near major highways and public transportation, with access to shopping, restaurants, and everyday amenities.
The lower unit features a private entrance, three bedrooms, and a full bath. Off-street parking is available for up to six vehicles.
The property is positioned near major highways and public transportation, with access to shopping, restaurants, and everyday amenities.
Key Highlights
- Two‑family residence built in 1954 with two private units
- Off‑street parking for up to six vehicles
- Upper unit: four bedrooms, full bath, plus bonus office space
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
$36,801
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
5.89%
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%
$736,020
$736.0K
Cap Rate 7%
$525,729
$525.7K
Cap Rate 9%
$408,900
$408.9K
Market Conditions
NOI Build-Up for 2,506 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
$55.6K $22.20/SF
− Vacancy
−$3.1K −$1.22/SF
EGI
$52.6K $20.98/SF
− OpEx
−$15.8K −$6.29/SF
NOI
$36.8K $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%
$736,020
Cap Rate 7%
$525,729
Cap Rate 9%
$408,900
Alternative Uses
Best Use
Multifamily LT 5
$525.7K
$460.0K – $613.4K
NOI $36,801 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$482.6K
$422.3K – $563.0K
NOI $33,782 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$836.4K
$731.9K – $975.9K
NOI $58,551 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
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-family residence offering two private units and off-street parking for up to six vehicles.
Where is this duplex located?
The property is located at 29 Passway Five Worcester, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑family residence built in 1954 with two private units; Off‑street parking for up to six vehicles; Upper unit: four bedrooms, full bath, plus bonus office space
