Multifamily Residence with Walk-Up
For Sale
$595,000
Pending
21 Dorothy Ave, Worcester, MA 01606
Residential income property with refreshed exterior finishes, updated electrical service, and additional attic storage.
Property Size2,404 SF
Days on Market10
Property Features for 21 Dorothy Ave
General Information
Standard status
Pending
Size
2,404 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
RL-7
Taxes and HOA fees
Annual Taxes
$5,967
Amenities
walk up attic
perennial garden
Building Details
Building Size
2,404 SF
Year Built
1915
Stories
2
Units
2
Listing Agency:
RE/MAX Vision
(508) 667-8973
Listed By:
William P. Callahan · License #9004302
(508) 667-8973
Source:
Janicemitchellre
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 4 at 6:21AM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
This multifamily residence, built in 1915, includes a walk-up attic and several recent property updates. Improvements include a newer roof, fresh exterior paint, and updated electric service. A perennial garden adds maintained outdoor space to the property.
Located at 21 Dorothy Ave in Worcester, Massachusetts, the property is zoned RL-7. Its multifamily configuration supports residential income use, while the attic and recent capital improvements add practical utility for ownership and operations.
Located at 21 Dorothy Ave in Worcester, Massachusetts, the property is zoned RL-7. Its multifamily configuration supports residential income use, while the attic and recent capital improvements add practical utility for ownership and operations.
Key Highlights
- Multifamily residence built in 1915
- Recent roof replacement
- Fresh exterior paint
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
$32,407
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
5.45%
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%
$648,140
$648.1K
Cap Rate 7%
$462,957
$463.0K
Cap Rate 9%
$360,078
$360.1K
Market Conditions
NOI Build-Up for 2,404 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
$62.0K $25.80/SF
− Vacancy
−$3.1K −$1.29/SF
EGI
$58.9K $24.51/SF
− OpEx
−$26.5K −$11.03/SF
NOI
$32.4K $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%
$648,140
Cap Rate 7%
$462,957
Cap Rate 9%
$360,078
Alternative Uses
Best Use
Apartment 5plus
$463.0K
$405.1K – $540.1K
NOI $32,407 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$802.4K
$702.1K – $936.1K
NOI $56,168 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Residential income property with refreshed exterior finishes, updated electrical service, and additional attic storage.
Where is this multifamily property located?
The property is located at 21 Dorothy Ave Worcester, MA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Multifamily residence built in 1915; Recent roof replacement; Fresh exterior paint
