Renovated Multifamily Property with
For Sale
$1,249,000
15 Forestdale Rd, Worcester, MA 01604
Recent electrical, plumbing, HVAC, and roofing upgrades support the building’s income-producing configuration.
Property Size4,338 SF
Price / SF$287.92
Days on Market111
Property Features for 15 Forestdale Rd
General Information
Standard status
Active
Size
4,338 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
RG5
Taxes and HOA fees
Annual Taxes
$11,016
Amenities
coin-operated laundry
Building Details
Building Size
4,338 SF
Year Built
1913
Buildings
1
Stories
4
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 12:50PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This multifamily property at 15 Forestdale Rd includes 4,338 square feet and was built in 1913. A gut-out renovation completed four years ago added new electrical, plumbing, HVAC, and roofing systems. Two units feature master suites and floor plans suited to either rental use or owner occupancy.
The property includes two adjacent lots, identified as lot 0 Forestdale and 17 Forestdale, with drawings and renderings available. A basement laundry room has coin-operated machines and a separate entrance. Unit 1 is expected to be vacant by the end of June and is currently being marketed for rent.
The property includes two adjacent lots, identified as lot 0 Forestdale and 17 Forestdale, with drawings and renderings available. A basement laundry room has coin-operated machines and a separate entrance. Unit 1 is expected to be vacant by the end of June and is currently being marketed for rent.
Key Highlights
- 4,338‑square‑foot multifamily property built in 1913
- Gut‑out renovation completed 4 years ago
- New electrical, plumbing, HVAC, and roof
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
$58,478
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
4.68%
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%
$1,169,560
$1.2M
Cap Rate 7%
$835,400
$835.4K
Cap Rate 9%
$649,756
$649.8K
Market Conditions
NOI Build-Up for 4,338 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
$111.9K $25.80/SF
− Vacancy
−$5.6K −$1.29/SF
EGI
$106.3K $24.51/SF
− OpEx
−$47.8K −$11.03/SF
NOI
$58.5K $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%
$1,169,560
Cap Rate 7%
$835,400
Cap Rate 9%
$649,756
Alternative Uses
Best Use
Apartment 5plus
$835.4K
$731.0K – $974.6K
NOI $58,478 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,355 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,502
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Recent electrical, plumbing, HVAC, and roofing upgrades support the building’s income-producing configuration.
Where is this multifamily property located?
The property is located at 15 Forestdale Rd Worcester, MA.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 4,338‑square‑foot multifamily property built in 1913; Gut‑out renovation completed 4 years ago; New electrical, plumbing, HVAC, and roof
