Turn-Key Student Housing
22 Home St Worcester, MA 01609
22 Home St, Worcester, MA, 01609
$745,000
For Sale
$745,000
Two-unit student housing property with off-street parking and updated forced-air heating systems.
Property Size3,141 SF
Price / SF$237.19
Days on Market28
Property Features for 22 Home St
General Information
- Standard status
- Active
- Size
- 3,141 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1890
Listing agency
Cypress Realty, LLC
(781) 708-1598
Listed by
Erlian Lu · License #452508574
(781) 708-1598
Source
Iverty
Added: Jun 25 Updated: Jul 21 at 8:49AM Checked: Jul 21 at 8:49AM
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 well-managed, stabilized duplex has been operated as student housing for over 18 years. The property is leased through May 2027 and is offered turn-key. Both units have efficient heating via forced-air systems, and the upper unit also includes central cooling. Off-street parking supports tenant needs.
The location provides walkable access to WPI, restaurants, and Price Chopper.
The offering presents a two-family configuration with existing in-place tenancy extending through May 2027, along with the benefit of recent heating and cooling upgrades.
The location provides walkable access to WPI, restaurants, and Price Chopper.
The offering presents a two-family configuration with existing in-place tenancy extending through May 2027, along with the benefit of recent heating and cooling upgrades.
Key Highlights
- Two‑family student housing building built in 1890
- Leased through May 2027 with stable occupancy (WPI student housing managed for over 18 years)
- Off‑street parking included
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.7k | $22.20 |
| − Vacancy | −$3.8k | −$1.22 |
| EGI | $65.9k | $20.98 |
| − OpEx | −$19.8k | −$6.29 |
| NOI | $46.1k | $14.69 |
3,141 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$659.0K
$576.6K – $768.8K
NOI $46,127 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$604.9K
$529.3K – $705.7K
NOI $42,342 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$1.05M
$917.4K – $1.22M
NOI $73,388 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-unit student housing property with off-street parking and updated forced-air heating systems.
Where is this duplex located?
The property is located at 22 Home St Worcester, MA.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Two‑family student housing building built in 1890; Leased through May 2027 with stable occupancy (WPI student housing managed for over 18 years); Off‑street parking included
