Renovated Duplex with Separate
For Sale
$549,000
Pending
144-146 Plantation St, Worcester, MA 01604
Renovated two-family home with separate utilities and off-street parking near major routes and shopping.
Property Size2,002 SF
Days on Market17
Property Features for 144-146 Plantation St
General Information
Standard status
Pending
Size
2,002 SF
Property subtype
2 Family - 2 Units Up/Down
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Cameron Real Estate Group - Framingham
(617) 957-2482
Listed By:
Enis Shehu
(617) 957-2482
Source:
Lockandkeyre
Added: Jul 27
Changed: Aug 11
Last Checked: Aug 12 at 6:26AM
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 Cameron Real Estate Group - Framingham
Investment Insights
Based on property information with market context.
This beautifully renovated two-family duplex provides two spacious living areas with functional layouts and updated finishes throughout. The property includes separate utilities for each unit and offers off-street parking, supporting both investor and owner-occupant use.
Built in 1920, the duplex is located at 144-146 Plantation St in Worcester, Massachusetts. It’s positioned near UMass Memorial Medical Center and convenient access to I-290 and Route 9, with shopping, restaurants, and public transportation also nearby.
With its updated interiors, separate utilities, and parking, the property is set up for straightforward day-to-day occupancy and shows well for buyers seeking a well-maintained two-unit home.
Built in 1920, the duplex is located at 144-146 Plantation St in Worcester, Massachusetts. It’s positioned near UMass Memorial Medical Center and convenient access to I-290 and Route 9, with shopping, restaurants, and public transportation also nearby.
With its updated interiors, separate utilities, and parking, the property is set up for straightforward day-to-day occupancy and shows well for buyers seeking a well-maintained two-unit home.
Key Highlights
- Renovated two‑family duplex with updated finishes throughout
- Separate utilities for each unit
- Off‑street 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
$29,400
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
5.36%
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%
$588,000
$588.0K
Cap Rate 7%
$420,000
$420.0K
Cap Rate 9%
$326,667
$326.7K
Market Conditions
NOI Build-Up for 2,002 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
$44.4K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$42.0K $20.98/SF
− OpEx
−$12.6K −$6.29/SF
NOI
$29.4K $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%
$588,000
Cap Rate 7%
$420,000
Cap Rate 9%
$326,667
Alternative Uses
Best Use
Multifamily LT 5
$420.0K
$367.5K – $490.0K
NOI $29,400 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$385.5K
$337.4K – $449.8K
NOI $26,988 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$668.2K
$584.7K – $779.6K
NOI $46,776 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,003
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 - Renovated two-family home with separate utilities and off-street parking near major routes and shopping.
Where is this duplex located?
The property is located at 144-146 Plantation St Worcester, MA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Renovated two‑family duplex with updated finishes throughout; Separate utilities for each unit; Off‑street parking
