Updated Two-Unit
For Sale
$595,000
Pending
24 Ingleside Avenue, Worcester, MA 01604
Two matching residences offer flexible layouts, private outdoor areas, laundry space, and detached garage storage.
Property Size2,812 SF
Days on Market186
Property Features for 24 Ingleside Avenue
General Information
Standard status
Pending
Size
2,812 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
RL-7
Net Operating Income
$49,500
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,347
Amenities
private front & rear porches
bonus storage
partially fenced yard
dedicated laundry
No
Tile, Vinyl, Carpet, Hardwood, Wood, Stone/Ceramic Tile
Range, Dishwasher, Microwave, Refrigerator
Storm Door(s)
2.0
Electric Dryer Hookup, Washer Hookup
Full, Dirt Floor, Unfinished Basement
Storage, Walk-In Closet(s), Bathroom With Tub & Shower, Smart Thermostat, Ceiling Fan(s), Walk-Up Attic, Living Room, Kitchen, Family Room, Laundry Room
2
2.00
Fenced/Enclosed, Fenced
Conventional (2x4-2x6)
Asphalt/Composition Shingles
Sloped
Balcony/Deck, Rain Gutters, Stone Wall, Fenced Yard, Deck - Wood, Patio
Deck - Wood, Patio
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Lamacchia Realty, Inc.
(508) 425-7372
Listed By:
Elisha Lynch · License #9083030
(508) 425-7372
Source:
Compass
Added: Feb 27
Changed: Aug 30
Last Checked: Aug 31 at 9:44PM
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 two-unit duplex contains 2,812 square feet and was built in 1920. Each residence includes three bedrooms, a living room, dining room, kitchen, dedicated laundry area, and full bathroom. Unit 1 has been updated with granite countertops, custom cabinetry, and hardwood flooring. Both units provide front and rear porches, bonus storage, and access to a partially fenced yard. Two detached garage stalls and off-street parking add practical utility.
The property is located at 24 Ingleside Avenue in Worcester, within minutes of UMass Medical, downtown, and major commuter routes. RL-7 zoning is associated with the property. Additional interior features include appliances, walk-in closets, a walk-up attic, unfinished basement space, and smart thermostats.
The property is located at 24 Ingleside Avenue in Worcester, within minutes of UMass Medical, downtown, and major commuter routes. RL-7 zoning is associated with the property. Additional interior features include appliances, walk-in closets, a walk-up attic, unfinished basement space, and smart thermostats.
Key Highlights
- Two‑unit duplex with 2,812 square feet, built in 1920
- Each unit offers three bedrooms, living room, dining room, kitchen, laundry, and full bath
- Unit 1 updated with granite countertops, custom cabinetry, and hardwood flooring
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
$41,295
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
6.94%
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%
$825,900
$825.9K
Cap Rate 7%
$589,929
$589.9K
Cap Rate 9%
$458,833
$458.8K
Market Conditions
NOI Build-Up for 2,812 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
$62.4K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$59.0K $20.98/SF
− OpEx
−$17.7K −$6.29/SF
NOI
$41.3K $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%
$825,900
Cap Rate 7%
$589,929
Cap Rate 9%
$458,833
Alternative Uses
Best Use
Multifamily LT 5
$589.9K
$516.2K – $688.3K
NOI $41,295 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$541.5K
$473.8K – $631.8K
NOI $37,907 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$938.6K
$821.3K – $1.10M
NOI $65,701 @ 7.0% cap · market cap 11.04%
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
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 matching residences offer flexible layouts, private outdoor areas, laundry space, and detached garage storage.
Where is this duplex located?
The property is located at 24 Ingleside Avenue 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: Two‑unit duplex with 2,812 square feet, built in 1920; Each unit offers three bedrooms, living room, dining room, kitchen, laundry, and full bath; Unit 1 updated with granite countertops, custom cabinetry, and hardwood flooring
