Turn-Key Multifamily
For Sale
$649,900
Pending
175 West Boylston Drive, Worcester, MA 01606
For sale turn-key multifamily asset positioned for either owner occupancy or investment.
Property Size2,430 SF
Days on Market66
Property Features for 175 West Boylston Drive
General Information
Standard status
Pending
Size
2,430 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1880
Listing Agency:
MyPlace Realty
(978) 654-1177
Listed By:
Dennis Doung
(978) 654-1177
Source:
Lockandkeyre
Added: Jun 26
Changed: Aug 28
Last Checked: Aug 29 at 9:36AM
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 MyPlace Realty
Investment Insights
Based on property information with market context.
Offered for sale is a turn-key multifamily property suitable for either owner occupancy or investment. The asset is presented as ready to deploy, with the seller highlighting its “turn key” condition.
Located at 175 West Boylston Drive in Worcester, Massachusetts (01606), the property is offered as a residential income-oriented multifamily option.
This offering is categorized as other multifamily/residential income property. Interested parties should confirm all details and operating information during due diligence.
Located at 175 West Boylston Drive in Worcester, Massachusetts (01606), the property is offered as a residential income-oriented multifamily option.
This offering is categorized as other multifamily/residential income property. Interested parties should confirm all details and operating information during due diligence.
Key Highlights
- Turn‑key multifamily asset for owner occupancy or investment
- Built in 1880
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
$32,758
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
5.04%
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%
$655,160
$655.2K
Cap Rate 7%
$467,971
$468.0K
Cap Rate 9%
$363,978
$364.0K
Market Conditions
NOI Build-Up for 2,430 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
$62.7K $25.80/SF
− Vacancy
−$3.1K −$1.29/SF
EGI
$59.6K $24.51/SF
− OpEx
−$26.8K −$11.03/SF
NOI
$32.8K $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%
$655,160
Cap Rate 7%
$467,971
Cap Rate 9%
$363,978
Alternative Uses
Best Use
Apartment 5plus
$468.0K
$409.5K – $546.0K
NOI $32,758 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$811.1K
$709.7K – $946.3K
NOI $56,776 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
615
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?
Multifamily property - For sale turn-key multifamily asset positioned for either owner occupancy or investment.
Where is this multifamily property located?
The property is located at 175 West Boylston Drive Worcester, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Turn‑key multifamily asset for owner occupancy or investment; Built in 1880
