Renovated Multifamily
For Sale
$829,900
19 Reeves St, Worcester, MA 01607
Updated units, new exterior components, and upgraded mechanical systems support investor and owner-occupant use.
Property Size3,492 SF
Price / SF$237.66
Days on Market111
Property Features for 19 Reeves St
General Information
Standard status
Active
Size
3,492 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Highway Access
Yes
Amenities
in-unit washer/dryer
Building Details
Year Built
2026
Listing Agency:
Lamacchia Realty, Inc.
(774) 813-7528
Listed By:
Amber Martin
(774) 813-7528
Source:
Lockandkeyre
Added: May 12
Changed: Aug 29
Last Checked: May 26 at 9:55AM
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 multifamily property has been renovated throughout with expanded units arranged around open living areas. Interior improvements include cooktop islands with breakfast bars, updated cabinetry, flooring, tile, appliances, and in-unit washer and dryer stations. Exterior work includes new siding, gutters, windows, a large driveway, and bulkhead improvements.
Mechanical and site upgrades extend beyond the finishes. The property includes new hot air furnaces, electric water heaters, a dry basement with a new concrete pad, and an exterior French drain. Built in 2026, it is located at 19 Reeves St in Worcester, near Holy Cross and with access to the Mass Pike, Rt 20/Auburn Line, Rt 146, and I-290. The property also has a bike score of 25, a walk score of 55, and a transit score of 21.
Mechanical and site upgrades extend beyond the finishes. The property includes new hot air furnaces, electric water heaters, a dry basement with a new concrete pad, and an exterior French drain. Built in 2026, it is located at 19 Reeves St in Worcester, near Holy Cross and with access to the Mass Pike, Rt 20/Auburn Line, Rt 146, and I-290. The property also has a bike score of 25, a walk score of 55, and a transit score of 21.
Key Highlights
- Expanded multifamily units with open floor plans
- Cooktop islands, breakfast bars, updated cabinets, appliances, and in‑unit washer/dryer stations
- New siding, gutters, windows, large driveway, and bulkhead
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
$47,074
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
5.67%
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%
$941,480
$941.5K
Cap Rate 7%
$672,486
$672.5K
Cap Rate 9%
$523,044
$523.0K
Market Conditions
NOI Build-Up for 3,492 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
$90.1K $25.80/SF
− Vacancy
−$4.5K −$1.29/SF
EGI
$85.6K $24.51/SF
− OpEx
−$38.5K −$11.03/SF
NOI
$47.1K $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%
$941,480
Cap Rate 7%
$672,486
Cap Rate 9%
$523,044
Alternative Uses
Best Use
Apartment 5plus
$672.5K
$588.4K – $784.6K
NOI $47,074 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,589 @ 7.0% cap · market cap 9.83%
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
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Updated units, new exterior components, and upgraded mechanical systems support investor and owner-occupant use.
Where is this multifamily property located?
The property is located at 19 Reeves St Worcester, MA.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: Expanded multifamily units with open floor plans; Cooktop islands, breakfast bars, updated cabinets, appliances, and in‑unit washer/dryer stations; New siding, gutters, windows, large driveway, and bulkhead
