Renovated Two-Family
For Sale
$629,900
187 Holden Street, Worcester, MA 01606
Duplex with flexible living areas, extensive outdoor space, and a renovated upper unit with modern kitchen finishes.
Property Size2,652 SF
Price / SF$237.52
Days on Market8
Property Features for 187 Holden Street
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1890
Listing Agency:
Champion Real Estate,Inc.
Listed By:
Rosa Wyse
(781) 933-7200
Source:
Jmulkerinrealty
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 16 at 8:08PM
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 Champion Real Estate,Inc.
Investment Insights
Based on property information with market context.
This 2,652-square-foot duplex, built in 1890, offers two distinct residential units with adaptable layouts. The second unit includes four bedrooms and two full bathrooms, along with a renovated kitchen featuring quartz countertops and stainless steel appliances. Its finished third floor creates a private primary suite with an office, den, and full bathroom. The first unit provides two bedrooms, an eat-in kitchen, and a heated sun porch that expands the usable living area.
The property includes nearly an acre of land, a large backyard, and a brook along the rear of the site. Nick's Woods, a conservation area with hiking trails, is nearby, adding access to wooded outdoor surroundings while the property remains within Worcester.
The property includes nearly an acre of land, a large backyard, and a brook along the rear of the site. Nick's Woods, a conservation area with hiking trails, is nearby, adding access to wooded outdoor surroundings while the property remains within Worcester.
Key Highlights
- 2,652‑square‑foot duplex built in 1890
- Second unit includes 4 bedrooms and 2 full bathrooms
- Renovated kitchen with quartz countertops and stainless steel appliances
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
$38,945
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
6.18%
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%
$778,900
$778.9K
Cap Rate 7%
$556,357
$556.4K
Cap Rate 9%
$432,722
$432.7K
Market Conditions
NOI Build-Up for 2,652 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
$58.9K $22.20/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$55.6K $20.98/SF
− OpEx
−$16.7K −$6.29/SF
NOI
$38.9K $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%
$778,900
Cap Rate 7%
$556,357
Cap Rate 9%
$432,722
Alternative Uses
Best Use
Multifamily LT 5
$556.4K
$486.8K – $649.1K
NOI $38,945 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$510.7K
$446.9K – $595.8K
NOI $35,750 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$885.2K
$774.5K – $1.03M
NOI $61,963 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
88
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with flexible living areas, extensive outdoor space, and a renovated upper unit with modern kitchen finishes.
Where is this duplex located?
The property is located at 187 Holden Street Worcester, MA.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: 2,652‑square‑foot duplex built in 1890; Second unit includes 4 bedrooms and 2 full bathrooms; Renovated kitchen with quartz countertops and stainless steel appliances
