Waterfront Duplex with Boat
For Sale
$1,400,000
228 Worcester Rd, Westminster, MA 01473
Two residential units offer water views, private decks, garages, and flexible owner-occupant or rental use.
Property Size3,900 SF
Price / SF$358.97
Days on Market10
Property Features for 228 Worcester Rd
General Information
Standard status
Active
Size
3,900 SF
Total Parking Spaces
22
Property subtype
Residential Income
Zoning
R1
Net Operating Income
$38,400
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$11,254
Amenities
boat dock
hardwood floors
propane fireplaces
private back decks
Building Details
Building Size
3,900 SF
Year Built
2018
Buildings
1
Stories
4
Listing Agency:
LAER Realty Partners
Listed By:
Olivia Paras
Source:
Laerrealty
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 4:28PM
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 LAER Realty Partners
Investment Insights
Based on property information with market context.
Built in 2018, this waterfront duplex on Wyman’s Pond includes approximately 3,900 square feet across two residences, each with three bedrooms and three bathrooms. Both units have hardwood flooring, open living and dining areas oriented toward the water, propane fireplaces, and kitchens equipped with oversized islands, walk-in pantries, and extensive cabinetry and counter space. The primary suites include walk-in closets and en-suite bathrooms with custom tile showers, soaking tubs, and double vanities.
Each residence includes a private rear deck and a one-car garage. Unit A also provides a finished basement for additional living area. The property spans nearly 3 acres and includes a boat dock. Unit A is occupied by a tenant through April, while the two-unit configuration supports either renting both residences or living in one unit while leasing the other. The property is zoned R1.
Each residence includes a private rear deck and a one-car garage. Unit A also provides a finished basement for additional living area. The property spans nearly 3 acres and includes a boat dock. Unit A is occupied by a tenant through April, while the two-unit configuration supports either renting both residences or living in one unit while leasing the other. The property is zoned R1.
Key Highlights
- Waterfront duplex on Wyman’s Pond with boat dock
- Nearly 3 acres with approximately 3,900 square feet of living space
- Two units, each with 3 bedrooms and 3 bathrooms
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
$52,719
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
3.77%
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%
$1,054,380
$1.1M
Cap Rate 7%
$753,129
$753.1K
Cap Rate 9%
$585,767
$585.8K
Market Conditions
NOI Build-Up for 3,900 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
$77.2K $19.80/SF
− Vacancy
−$1.9K −$0.49/SF
EGI
$75.3K $19.31/SF
− OpEx
−$22.6K −$5.79/SF
NOI
$52.7K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /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%
$1,054,380
Cap Rate 7%
$753,129
Cap Rate 9%
$585,767
Alternative Uses
Best Use
Multifamily LT 5
$753.1K
$659.0K – $878.7K
NOI $52,719 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$655.4K
$573.5K – $764.7K
NOI $45,879 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,226 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 01473, MA
8,213
Population
3,469
Households
2.4
Avg Household Size
44
Median Age
41%
College-Educated
96%
High-School Grad
35.4 sq mi
ZIP Area
232
Density / Sq Mi
$101,161
Median Household Income
$61,078
Median Earnings
$1,643
Median Rent
$394,000
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 water views, private decks, garages, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 228 Worcester Rd Westminster, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Waterfront duplex on Wyman’s Pond with boat dock; Nearly 3 acres with approximately 3,900 square feet of living space; Two units, each with 3 bedrooms and 3 bathrooms
