Duplex with Finished Basement and Garage
For Sale
$675,000
Pending
15-17 Willow St, Worcester, MA 01603
Residential Income, Worcester, MA
Property Size2,992 SF
Lot Size0.35 Acres
Days on Market65
Property Features for 15-17 Willow St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL-7
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking
7
Fireplace
1
Directions
Rt 9 to Lovell st. Left on to Willow st. or Chandler to May to Lovell to Right on to Willow st.
Standard status
Pending
APN
M:14 B:011 L:12+13
Size
2,992 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8120
Amenities
automotive lift
air compressor
mini split air conditioning
leased solar panels
generator hookup
Building Details
Year built
1988
Floors in Building
4
Number of units
2
Listing Agency:
Keller Williams Pinnacle Central · Keller Williams Realty
(508) 754-3020
Listed By:
Sarah Gustafson
(508) 754-3020
Added: Jun 17
Changed: Aug 19
Last Checked: Aug 20 at 9:06PM
MLS# 73537893
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Welcome to 15–17 Willow St, a spacious duplex in Worcester. The property offers nearly 3,000 square feet of living space, including finished basement space. Inside, it features 5 bedrooms and 2.5 baths, with the ability to be configured as 6+ bedrooms for flexible living or guest arrangements. The home includes a fireplace and is built in 1988.
Additional improvements include a 2-car garage outfitted with an automotive lift and an air compressor. The addition features efficient mini split air conditioning units. Solar panels are leased, and the home has the ability to connect a generator.
The duplex is located on a dead-end street directly behind the Clark University owned Hadwen Arboretum.
Additional improvements include a 2-car garage outfitted with an automotive lift and an air compressor. The addition features efficient mini split air conditioning units. Solar panels are leased, and the home has the ability to connect a generator.
The duplex is located on a dead-end street directly behind the Clark University owned Hadwen Arboretum.
Key Highlights
- Nearly 3,000 SF duplex with finished basement space
- 5 bedrooms and 2.5 baths with ability to be 6+ bedrooms
- 2‑car garage with automotive lift and air compressor
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
$43,938
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
6.51%
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%
$878,760
$878.8K
Cap Rate 7%
$627,686
$627.7K
Cap Rate 9%
$488,200
$488.2K
Market Conditions
NOI Build-Up for 2,992 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
$66.4K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$62.8K $20.98/SF
− OpEx
−$18.8K −$6.29/SF
NOI
$43.9K $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%
$878,760
Cap Rate 7%
$627,686
Cap Rate 9%
$488,200
Alternative Uses
Best Use
Multifamily LT 5
$627.7K
$549.2K – $732.3K
NOI $43,938 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$576.2K
$504.2K – $672.2K
NOI $40,334 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$998.7K
$873.8K – $1.17M
NOI $69,907 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
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 - Duplex in Worcester on a dead-end street with a finished basement, 5 bedrooms, and a 2-car garage with automotive lift.
Where is this duplex located?
The property is located at 15-17 Willow St Worcester, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Nearly 3,000 SF duplex with finished basement space; 5 bedrooms and 2.5 baths with ability to be 6+ bedrooms; 2‑car garage with automotive lift and air compressor
