Two-Family Residential Income
For Sale
$529,000
16 Northboro Street, Worcester, MA 01604
Two-unit home with hardwood floors, garage, four off-street parking spaces, and a full basement.
Property Size1,769 SF
Price / SF$299.04
Days on Market42
Property Features for 16 Northboro Street
General Information
Standard status
Active
Size
1,769 SF
Total Parking Spaces
4
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1913
Listing Agency:
La Maison
Listed By:
Tai Cheng
(617) 661-6600
Source:
Cambridgerealty
Added: Jul 2
Changed: Aug 12
Last Checked: Aug 12 at 3:43AM
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 La Maison
Investment Insights
Based on property information with market context.
This classic two-family residence offers two separate units with a combined four bedrooms and two full bathrooms. The property includes hardwood floors, generous living spaces, a garage, and a full basement suitable for additional storage. Parking is available with four off-street spaces, in addition to street parking.
The home is situated on a corner lot near major highways and public transportation, with access to local schools, shopping, restaurants, and UMass Memorial Medical Center. Unit 1 is listed at a lower market rent of $1,650.00, while the second-floor unit is currently vacant and reported at a market rent of $2,200.00.
Please note that showings are restricted because the second unit is tenant-occupied, with no showings available prior to the scheduled open houses on 07/25/2026 from 11:00am to 12:30pm and 07/26/2026 from 1:00pm to 2:30pm.
The home is situated on a corner lot near major highways and public transportation, with access to local schools, shopping, restaurants, and UMass Memorial Medical Center. Unit 1 is listed at a lower market rent of $1,650.00, while the second-floor unit is currently vacant and reported at a market rent of $2,200.00.
Please note that showings are restricted because the second unit is tenant-occupied, with no showings available prior to the scheduled open houses on 07/25/2026 from 11:00am to 12:30pm and 07/26/2026 from 1:00pm to 2:30pm.
Key Highlights
- Classic two‑family home built in 1913 with two units and a combined 4 bedrooms and 2 full bathrooms
- Hardwood floors and generous living spaces in both units
- Corner lot with a garage and four car parking (off‑street), plus street parking available
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
$25,978
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
4.91%
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%
$519,560
$519.6K
Cap Rate 7%
$371,114
$371.1K
Cap Rate 9%
$288,644
$288.6K
Market Conditions
NOI Build-Up for 1,769 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
$39.3K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$37.1K $20.98/SF
− OpEx
−$11.1K −$6.29/SF
NOI
$26.0K $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%
$519,560
Cap Rate 7%
$371,114
Cap Rate 9%
$288,644
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.7K – $433.0K
NOI $25,978 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$340.7K
$298.1K – $397.5K
NOI $23,847 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$590.5K
$516.7K – $688.9K
NOI $41,332 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,774
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-unit home with hardwood floors, garage, four off-street parking spaces, and a full basement.
Where is this duplex located?
The property is located at 16 Northboro Street Worcester, MA.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Classic two‑family home built in 1913 with two units and a combined 4 bedrooms and 2 full bathrooms; Hardwood floors and generous living spaces in both units; Corner lot with a garage and four car parking (off‑street), plus street parking available
