Two-Building Six-Unit Apartment
For Sale
$850,000
15-17 Dorchester St, Worcester, MA 01610
Two residential buildings provide varied layouts, individual utilities, and gas, baseboard, and central heating systems.
Property Size4,727 SF
Price / SF$179.82
Days on Market44
Property Features for 15-17 Dorchester St
General Information
Standard status
Active
Size
4,727 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1890
Buildings
2
Listing Agency:
RE/MAX Vision
Listed By:
Richard Trifone · License #BB954834
Source:
Exitcaperealty
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 1:05PM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
This apartment property includes two triple-decker buildings on one parcel at 15-17 Dorchester St. The 4,727-square-foot configuration contains six apartments with separate utilities. The front building includes one-bedroom units on the basement and first floors, with a larger three-bedroom layout on the remaining level; each apartment has a kitchen and living room. The rear building offers two two-bedroom apartments and one one-bedroom apartment. Heating varies by unit, including baseboard, gas parlor heaters, and gas-fired central heat.
Built in 1890, the property is positioned near Polar Park, the Canal District, Quinsigamond Village, and the Walmart shopping plaza. Route 146 and the Massachusetts Turnpike are also identified as nearby transportation connections.
Built in 1890, the property is positioned near Polar Park, the Canal District, Quinsigamond Village, and the Walmart shopping plaza. Route 146 and the Massachusetts Turnpike are also identified as nearby transportation connections.
Key Highlights
- Two triple‑decker buildings on one lot with six total apartments
- 4,727 square feet across the property
- Front building includes two 1‑bedroom units and one 3‑bedroom unit
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
$63,722
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
7.50%
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%
$1,274,440
$1.3M
Cap Rate 7%
$910,314
$910.3K
Cap Rate 9%
$708,022
$708.0K
Market Conditions
NOI Build-Up for 4,727 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
$122.0K $25.80/SF
− Vacancy
−$6.1K −$1.29/SF
EGI
$115.9K $24.51/SF
− OpEx
−$52.1K −$11.03/SF
NOI
$63.7K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,274,440
Cap Rate 7%
$910,314
Cap Rate 9%
$708,022
Alternative Uses
Best Use
Apartment 5plus
$910.3K
$796.5K – $1.06M
NOI $63,722 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,444 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
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?
Apartment building - Two residential buildings provide varied layouts, individual utilities, and gas, baseboard, and central heating systems.
Where is this apartment building located?
The property is located at 15-17 Dorchester St Worcester, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two triple‑decker buildings on one lot with six total apartments; 4,727 square feet across the property; Front building includes two 1‑bedroom units and one 3‑bedroom unit
