Four-Unit Quadplex with Separate
For Sale
$950,000
15 Circuit Avenue East, Worcester, MA 01603
Each residence has separate heat and electric with dedicated breaker panels.
Property Size4,196 SF
Price / SF$226.41
Days on Market174
Property Features for 15 Circuit Avenue East
General Information
Standard status
Active
Size
4,196 SF
Total Parking Spaces
3
Property subtype
Multi-family / 4 Family
Zoning
Res
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$10,539
Amenities
No
Wood, Tile
4.0
Full, Concrete Floor
Living Room, Kitchen, Sunroom, Dining Room
4
4.00
Scenic View(s), Yes
Frame
Shingle
Garden, Garden Area, Porch, Patio
Porch, Patio
Building Details
Year Built
1910
Listing Agency:
Bridgemont Realty LLC
(617) 529-0751
Listed By:
Ben Hicks · License #9531820
(617) 529-0751
Source:
Compass
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 8:32AM
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 Bridgemont Realty LLC
Investment Insights
Based on property information with market context.
Built in 1910, this 4196 SF quadplex contains four 3-bedroom, 1-bath residences and is delivered 100% vacant. The property includes separate heat and electric for each unit, with breaker panels rather than fuses. Interior spaces include living rooms, kitchens, sunrooms, and dining rooms, with wood and tile finishes. Frame construction, shingle siding, garden areas, a porch, and a patio complete the physical improvements.
The property is located at 15 Circuit Avenue East in Worcester’s Columbus Park neighborhood. Clark University is a 10-minute walk away, while the Coes Reservoir Boardwalk is an 8-minute walk. The location also provides access to the College of the Holy Cross, Worcester State University, and downtown Worcester amenities. Res zoning applies.
The property is located at 15 Circuit Avenue East in Worcester’s Columbus Park neighborhood. Clark University is a 10-minute walk away, while the Coes Reservoir Boardwalk is an 8-minute walk. The location also provides access to the College of the Holy Cross, Worcester State University, and downtown Worcester amenities. Res zoning applies.
Key Highlights
- Four 3‑bedroom, 1‑bath units within 4196 SF
- Delivered 100% vacant
- Separate heat and electric for each 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
$61,620
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
6.49%
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%
$1,232,400
$1.2M
Cap Rate 7%
$880,286
$880.3K
Cap Rate 9%
$684,667
$684.7K
Market Conditions
NOI Build-Up for 4,196 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
$93.2K $22.20/SF
− Vacancy
−$5.1K −$1.22/SF
EGI
$88.0K $20.98/SF
− OpEx
−$26.4K −$6.29/SF
NOI
$61.6K $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%
$1,232,400
Cap Rate 7%
$880,286
Cap Rate 9%
$684,667
Alternative Uses
Best Use
Multifamily LT 5
$880.3K
$770.3K – $1.03M
NOI $61,620 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$808.1K
$707.1K – $942.7K
NOI $56,564 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,037 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
761
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?
Quadplex - Each residence has separate heat and electric with dedicated breaker panels.
Where is this quadplex located?
The property is located at 15 Circuit Avenue East Worcester, MA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four 3‑bedroom, 1‑bath units within 4196 SF; Delivered 100% vacant; Separate heat and electric for each unit
