Three-Unit Student Housing
For Sale
$949,000
21 Dix St, Worcester, MA 01609
Leased student housing with off-street parking near WPI, restaurants, and Price Chopper.
Property Size3,777 SF
Price / SF$251.26
Days on Market67
Property Features for 21 Dix St
General Information
Standard status
Active
Size
3,777 SF
Property subtype
3 Family - 3 Units Up/Down
Building Details
Year Built
1890
Listing Agency:
Cypress Realty, LLC
(781) 708-1598
Listed By:
Erlian Lu
(781) 708-1598
Source:
Lockandkeyre
Added: Jun 25
Changed: Aug 29
Last Checked: Jul 15 at 1:37PM
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 Cypress Realty, LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property is configured with four bedrooms in each unit and is leased through May 2027. The property has served as WPI student housing for over 18 years and includes off-street parking for four cars.
Residents can walk to WPI, nearby restaurants, and Price Chopper. Built in 1890, the property offers an established triplex configuration with existing student-housing use and lease term in place.
Residents can walk to WPI, nearby restaurants, and Price Chopper. Built in 1890, the property offers an established triplex configuration with existing student-housing use and lease term in place.
Key Highlights
- Three‑unit property with 4 bedrooms per unit
- Leased through May 2027
- WPI student housing for over 18 years
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
$55,466
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
5.84%
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%
$1,109,320
$1.1M
Cap Rate 7%
$792,371
$792.4K
Cap Rate 9%
$616,289
$616.3K
Market Conditions
NOI Build-Up for 3,777 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
$83.8K $22.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$79.2K $20.98/SF
− OpEx
−$23.8K −$6.29/SF
NOI
$55.5K $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%
$1,109,320
Cap Rate 7%
$792,371
Cap Rate 9%
$616,289
Alternative Uses
Best Use
Multifamily LT 5
$792.4K
$693.3K – $924.4K
NOI $55,466 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$727.4K
$636.5K – $848.6K
NOI $50,916 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,248 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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?
Triplex - Leased student housing with off-street parking near WPI, restaurants, and Price Chopper.
Where is this triplex located?
The property is located at 21 Dix St Worcester, MA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Three‑unit property with 4 bedrooms per unit; Leased through May 2027; WPI student housing for over 18 years
