Updated Two-Family
New
For Sale
$689,900
179 Pilgrim Ave, Worcester, MA 01604
Two renovated units provide separate laundry areas, flexible living spaces, and a detached garage on a corner lot.
Property Size2,485 SF
Price / SF$277.63
Days on Market6
Property Features for 179 Pilgrim Ave
General Information
Standard status
Active
Size
2,485 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RG-5
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,569
Amenities
fenced yard
separate laundry areas
central air
hardwood flooring
granite countertops
stainless steel appliances
bonus room
mini-split systems
Ecobee smart thermostat
vinyl siding
vinyl replacement windows
Building Details
Building Size
2,485 SF
Year Built
1920
Year Renovated
2025
Buildings
1
Stories
2
Units
2
Listing Agency:
Lamacchia Realty, Inc.
(508) 864-8163
Listed By:
Maribeth Marzeotti · License #453010951
(508) 864-8163
Source:
Alliancepartnersre
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 19 at 2:16PM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
This 2,485-square-foot duplex contains two three-bedroom, one-bath units, each with living and dining areas plus dedicated laundry space. The first-floor residence includes central air, hardwood floors, a bonus room, and a kitchen upgraded in 2019 with granite counters, improved cabinetry, stainless steel appliances, and tile flooring extending through the hall and bathroom. That bathroom was renovated in 2021. The upper unit received a full renovation in 2025, including new windows, insulation, plumbing, an insulated rear entry door, and room-by-room mini-split heating and cooling. The property also includes two hot water heaters installed in 2025, vinyl siding, replacement windows, and a detached two-car garage with a fenced yard.
Built in 1920, the property is located at 179 Pilgrim Ave in Worcester, Massachusetts, near Grafton Street. Access is available to the Mass Pike, Routes 290 and 146, with shopping, restaurants, and everyday amenities nearby. Zoning is RG-5.
Built in 1920, the property is located at 179 Pilgrim Ave in Worcester, Massachusetts, near Grafton Street. Access is available to the Mass Pike, Routes 290 and 146, with shopping, restaurants, and everyday amenities nearby. Zoning is RG-5.
Key Highlights
- 2,485 SF duplex with two 3‑bedroom, 1‑bath units
- Detached 2‑car garage, fenced yard, and corner‑lot setting
- Upper unit renovated to the studs in 2025
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
$36,493
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
5.29%
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%
$729,860
$729.9K
Cap Rate 7%
$521,329
$521.3K
Cap Rate 9%
$405,478
$405.5K
Market Conditions
NOI Build-Up for 2,485 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
$55.2K $22.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$52.1K $20.98/SF
− OpEx
−$15.6K −$6.29/SF
NOI
$36.5K $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%
$729,860
Cap Rate 7%
$521,329
Cap Rate 9%
$405,478
Alternative Uses
Best Use
Multifamily LT 5
$521.3K
$456.2K – $608.2K
NOI $36,493 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$478.6K
$418.7K – $558.3K
NOI $33,499 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$829.4K
$725.8K – $967.7K
NOI $58,061 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
688
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 renovated units provide separate laundry areas, flexible living spaces, and a detached garage on a corner lot.
Where is this duplex located?
The property is located at 179 Pilgrim Ave Worcester, MA.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: 2,485 SF duplex with two 3‑bedroom, 1‑bath units; Detached 2‑car garage, fenced yard, and corner‑lot setting; Upper unit renovated to the studs in 2025
