Updated Two-Unit
For Sale
$889,900
16 Morningside Road, Worcester, MA 01602
Property improvements include electrical work, replacement windows, new bathrooms, and enhancements to the pool area.
Property Size2,914 SF
Price / SF$305.39
Days on Market15
Property Features for 16 Morningside Road
General Information
Standard status
Active
Size
2,914 SF
Property subtype
Multi-family
Site & Location
Neighborhood
Newton Hill Neighborhood Association
Additional Details
Multifamily Units
2
Amenities
swimming pool
laundry in basement
Building Details
Year Built
1908
Listing Agency:
Dell Realty Inc.
Listed By:
Dell Costa
(508) 294-8566
Source:
Somervillelofts
Added: Oct 16
Changed: Oct 28
Last Checked: Oct 30 at 6:53PM
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 Dell Realty Inc.
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Investment Insights
Based on property information with market context.
This 2,914-square-foot duplex was built in 1908 and contains two residential units. Interior work includes a full electrical rewire, separate new electrical service for both units, replacement windows and a sliding door, refreshed drywall and plaster, refinished hardwood floors, and three new full bathrooms. A laundry area was added in the basement, and closed-cell spray foam insulation was installed in the attic and basement.
Exterior improvements include a roof approximately 4 years old, a new driveway, vinyl siding repairs, gutters, a vinyl fence, retaining walls, and updated pool patios and liner. The property is zoned RS-7.
Exterior improvements include a roof approximately 4 years old, a new driveway, vinyl siding repairs, gutters, a vinyl fence, retaining walls, and updated pool patios and liner. The property is zoned RS-7.
Key Highlights
- Two‑unit duplex with 2,914 square feet
- Built in 1908; zoned RS‑7
- Full electrical rewiring and new electrical service for both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,793
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$855,860
$855.9K
Cap Rate 7%
$611,329
$611.3K
Cap Rate 9%
$475,478
$475.5K
Market Conditions
NOI Build-Up for 2,914 SF
Gross rent
$64.7K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$61.1K $20.98/SF
− OpEx
−$18.3K −$6.29/SF
NOI
$42.8K $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 Rate 5%
$855,860
Cap Rate 7%
$611,329
Cap Rate 9%
$475,478
Alternative Uses
Best Use
Multifamily LT 5
$611.3K
$534.9K – $713.2K
NOI $42,793 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$561.2K
$491.0K – $654.7K
NOI $39,282 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$972.6K
$851.1K – $1.13M
NOI $68,084 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
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Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Property improvements include electrical work, replacement windows, new bathrooms, and enhancements to the pool area.
Where is this duplex located?
The property is located at 16 Morningside Road Worcester, MA.
What is the asking price?
The asking price for this property is $889,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,914 square feet; Built in 1908; zoned RS‑7; Full electrical rewiring and new electrical service for both units
