Duplex with Walk-Up Third
For Sale
$469,900
17 Hunnewell Road, Worcester, MA 01606
Duplex offers hardwood floors, window seats, and a walk-up third floor for expansion or storage, plus parking for 4–5 cars.
Property Size1,852 SF
Price / SF$253.73
Days on Market49
Property Features for 17 Hunnewell Road
General Information
Standard status
Active
Size
1,852 SF
Total Parking Spaces
5
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Building Details
Year Built
1923
Stories
3
Listing Agency:
RE/MAX Vision
(508) 439-3002
Listed By:
Colleen Griffin · License #9063104
(617) 396-3100
Source:
Longwoodresidential
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 29 at 10:21AM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
This duplex features old-world details including window seats and natural woodwork, along with hardwood flooring throughout both floors. Interiors include ample closet space and French doors, and the units are configured with a second bedroom or dining room. A walk-up third floor provides space that may support future expansion or additional storage. Updates include a roof and heating, and the property includes a large driveway with parking for approximately 4–5 cars.
Access is supported by quick routes to Rte 290, Rte 190, and Ma Pike, providing convenient commuter connectivity.
The property presents a two-unit setup with additional vertical space and updated major systems, suitable for a buyer considering cash or a rehab loan.
Access is supported by quick routes to Rte 290, Rte 190, and Ma Pike, providing convenient commuter connectivity.
The property presents a two-unit setup with additional vertical space and updated major systems, suitable for a buyer considering cash or a rehab loan.
Key Highlights
- 1923‑built duplex with old‑world features including window seats and natural woodwork
- Hardwood flooring throughout both floors
- Walk‑up third floor offers possible future expansion or additional storage
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
$27,197
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
5.79%
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%
$543,940
$543.9K
Cap Rate 7%
$388,529
$388.5K
Cap Rate 9%
$302,189
$302.2K
Market Conditions
NOI Build-Up for 1,852 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
$41.1K $22.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$38.9K $20.98/SF
− OpEx
−$11.7K −$6.29/SF
NOI
$27.2K $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%
$543,940
Cap Rate 7%
$388,529
Cap Rate 9%
$302,189
Alternative Uses
Best Use
Multifamily LT 5
$388.5K
$340.0K – $453.3K
NOI $27,197 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$356.7K
$312.1K – $416.1K
NOI $24,966 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$618.2K
$540.9K – $721.2K
NOI $43,271 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
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 - Duplex offers hardwood floors, window seats, and a walk-up third floor for expansion or storage, plus parking for 4–5 cars.
Where is this duplex located?
The property is located at 17 Hunnewell Road Worcester, MA.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: 1923‑built duplex with old‑world features including window seats and natural woodwork; Hardwood flooring throughout both floors; Walk‑up third floor offers possible future expansion or additional storage
