Duplex with Fenced
For Sale
$624,900
Pending
19 Highland Terrace, Worcester, MA 01602
Two residential units offer hardwood flooring, kitchens, dedicated living areas, and flexible room layouts.
Property Size2,369 SF
Days on Market222
Property Features for 19 Highland Terrace
General Information
Standard status
Pending
Size
2,369 SF
Total Parking Spaces
8
Property subtype
Multi-family / 2 Family
Zoning
RS-7
Net Operating Income
$50,160
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,348
Amenities
fenced backyard
direct access to Duffy Field
No
Range, Dishwasher, Refrigerator
1
Yes
3.0
Washer Hookup, Dryer Hookup, Electric Dryer Hookup
Full, Interior Access, Concrete Floor, Unfinished Basement
Storage, Living Room, Dining Room, Kitchen, Mudroom, Other(See Remarks)
2
2.50
3
Frame
Shingle
Cleared, Level
Rain Gutters, Deck - Wood
Deck - Wood
Building Details
Year Built
1940
Listing Agency:
Real Broker MA, LLC
(508) 365-3532
Listed By:
Jim Black Group · License #9558902
(508) 365-3532
Source:
Compass
Added: Jan 20
Changed: Aug 30
Last Checked: Aug 30 at 5:40AM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,369 square feet and was built in 1940. The first-floor residence provides nearly 1,400 square feet with large rooms, a kitchen equipped with a range, dishwasher, and refrigerator, hardwood flooring, a living room with fireplace, and 1.5 bathrooms. Upstairs, the second unit includes a combined living and dining area, full kitchen, full bathroom, hardwood floors, and three bedrooms.
The property is positioned on a dead-end street in Worcester’s West Side, minutes from WPI, Becker College, and Assumption University. Exterior features include a fenced, level backyard, a wood deck, rain gutters, and direct access to Duffy Field behind the property. The unfinished basement offers storage, a mudroom, and interior access, with washer and dryer hookups provided.
The property is positioned on a dead-end street in Worcester’s West Side, minutes from WPI, Becker College, and Assumption University. Exterior features include a fenced, level backyard, a wood deck, rain gutters, and direct access to Duffy Field behind the property. The unfinished basement offers storage, a mudroom, and interior access, with washer and dryer hookups provided.
Key Highlights
- 2,369‑square‑foot duplex built in 1940
- First‑floor unit offers nearly 1,400 square feet and 1.5 bathrooms
- Second‑floor unit includes 3 bedrooms, a full kitchen, and a full bathroom
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
$34,789
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
5.57%
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%
$695,780
$695.8K
Cap Rate 7%
$496,986
$497.0K
Cap Rate 9%
$386,544
$386.5K
Market Conditions
NOI Build-Up for 2,369 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
$52.6K $22.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$49.7K $20.98/SF
− OpEx
−$14.9K −$6.29/SF
NOI
$34.8K $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%
$695,780
Cap Rate 7%
$496,986
Cap Rate 9%
$386,544
Alternative Uses
Best Use
Multifamily LT 5
$497.0K
$434.9K – $579.8K
NOI $34,789 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$456.2K
$399.2K – $532.3K
NOI $31,935 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$790.7K
$691.9K – $922.5K
NOI $55,350 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
956
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
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 residential units offer hardwood flooring, kitchens, dedicated living areas, and flexible room layouts.
Where is this duplex located?
The property is located at 19 Highland Terrace Worcester, MA.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: 2,369‑square‑foot duplex built in 1940; First‑floor unit offers nearly 1,400 square feet and 1.5 bathrooms; Second‑floor unit includes 3 bedrooms, a full kitchen, and a full bathroom
