Duplex with Off-Street
For Sale
$539,000
Pending
156 Pilgrim Ave, Worcester, MA 01604
Two residential units each include 2 bedrooms and 1 bath, with off-street parking and separate laundry.
Property Size1,844 SF
Days on Market10
Property Features for 156 Pilgrim Ave
General Information
Standard status
Pending
Size
1,844 SF
Property subtype
Multi Family Home
Building Details
Building Size
1,844 SF
Year Built
1960
Listing Agency:
ERA Key Realty Services- Auburn
(774) 239-4819
Listed By:
Briana Buffone
(774) 239-4819
Source:
Thefirmreg
Added: Jul 26
Changed: Jul 27
Last Checked: Jul 27 at 6:35AM
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 ERA Key Realty Services- Auburn
Investment Insights
Based on property information with market context.
This duplex offers two separate residential units, each featuring 2 bedrooms and 1 bath, along with separate laundry. The property includes off-street parking. A new hot water heater was installed in 2024. The second-floor unit underwent renovations in 2020 and again in 2026, and the second floor is currently delivered vacant.
The property is located in Worcester’s Grafton Hill area and is described as convenient to public transportation and major commuter routes. Public remarks note proximity to UMASS Medical Campus, downtown Worcester, Polar Park, and Lake Park.
The property presents an owner-occupied or income-focused setup with a unit configuration designed for straightforward residential leasing, including in-unit laundry for each unit.
The property is located in Worcester’s Grafton Hill area and is described as convenient to public transportation and major commuter routes. Public remarks note proximity to UMASS Medical Campus, downtown Worcester, Polar Park, and Lake Park.
The property presents an owner-occupied or income-focused setup with a unit configuration designed for straightforward residential leasing, including in-unit laundry for each unit.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 bath
- Separate laundry for each unit
- New hot water heater in 2024
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.9k | $22.20 |
| − Vacancy | −$2.3k | −$1.22 |
| EGI | $38.7k | $20.98 |
| − OpEx | −$11.6k | −$6.29 |
| NOI | $27.1k | $14.69 |
1,844 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$386.9K
$338.5K – $451.3K
NOI $27,080 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.3K
NOI $24,858 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$615.5K
$538.6K – $718.1K
NOI $43,084 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
707
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 - Two residential units each include 2 bedrooms and 1 bath, with off-street parking and separate laundry.
Where is this duplex located?
The property is located at 156 Pilgrim Ave Worcester, MA.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 bath; Separate laundry for each unit; New hot water heater in 2024
