Updated Two-Family
For Sale
$689,900
177-179 Pilgrim Avenue, Worcester, MA 01604
Corner-lot duplex with renovated interiors, separate laundry areas, fenced yard, and detached garage.
Property Size2,485 SF
Price / SF$277.63
Days on Market27
Property Features for 177-179 Pilgrim Avenue
General Information
Standard status
Active
Size
2,485 SF
Total Parking Spaces
2
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
central air
hardwood flooring
granite countertops
stainless steel appliances
fenced yard
separate laundry areas
vinyl siding
vinyl replacement windows
mini-split systems
smart thermostat
Building Details
Year Built
1920
Year Renovated
2025
Listing Agency:
Lamacchia Realty,Inc.
Listed By:
Maribeth Marzeotti
(617) 846-8000
Source:
Highlandre
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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 Lamacchia Realty,Inc.
Investment Insights
Based on property information with market context.
This 1920-built duplex contains two three-bedroom, one-bath units, each with dedicated living and dining areas plus separate laundry space. The first-floor residence includes central air, hardwood flooring through much of the unit, and a kitchen remodeled in 2019 with granite counters, upgraded cabinetry, stainless steel appliances, and tile extending through the hall and bathroom. Its bathroom was updated in 2021, and an adjoining bonus room can serve as an office, den, or playroom. The upper unit received a full 2025 renovation that included windows, insulation, plumbing, a rear insulated door, and room-by-room mini-split heating and cooling. The property also has two 2025 water heaters, a 2011 first-floor gas furnace, vinyl siding, replacement windows, and an Ecobee thermostat installed through Mass Save.
Set on a corner lot at 177-179 Pilgrim Avenue in Worcester, the property includes a fenced yard and detached two-car garage. Its location provides access to the Mass Pike, Routes 290 and 146, along with nearby shopping, restaurants, and daily services.
Set on a corner lot at 177-179 Pilgrim Avenue in Worcester, the property includes a fenced yard and detached two-car garage. Its location provides access to the Mass Pike, Routes 290 and 146, along with nearby shopping, restaurants, and daily services.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 full bath per unit
- Second‑floor renovation completed in 2025, including windows, insulation, plumbing, and mini‑splits
- First‑floor kitchen remodeled in 2019; bathroom renovation completed in 2021
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
$36,493
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
5.29%
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%
$729,860
$729.9K
Cap Rate 7%
$521,329
$521.3K
Cap Rate 9%
$405,478
$405.5K
Market Conditions
NOI Build-Up for 2,485 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
$55.2K $22.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$52.1K $20.98/SF
− OpEx
−$15.6K −$6.29/SF
NOI
$36.5K $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%
$729,860
Cap Rate 7%
$521,329
Cap Rate 9%
$405,478
Alternative Uses
Best Use
Multifamily LT 5
$521.3K
$456.2K – $608.2K
NOI $36,493 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$478.6K
$418.7K – $558.3K
NOI $33,499 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$829.4K
$725.8K – $967.7K
NOI $58,061 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
688
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 - Corner-lot duplex with renovated interiors, separate laundry areas, fenced yard, and detached garage.
Where is this duplex located?
The property is located at 177-179 Pilgrim Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $689,900.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 full bath per unit; Second‑floor renovation completed in 2025, including windows, insulation, plumbing, and mini‑splits; First‑floor kitchen remodeled in 2019; bathroom renovation completed in 2021
