Updated
New
For Sale
$1,200,000
31 Chrome Street, Worcester, MA 01604
Four residential units include separate utilities, hardwood floors, and in-unit laundry hookups.
Property Size4,825 SF
Price / SF$248.70
Days on Market4
Property Features for 31 Chrome Street
General Information
Standard status
Active
Size
4,825 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR, 1 x 1BR
Multifamily Units
4
Amenities
garage
in-unit laundry hookups
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Compass
Listed By:
Dee Kerner · License #9512504
(508) 277-9881
Source:
Longwoodresidential
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 13 at 10:13AM
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 Compass
Investment Insights
Based on property information with market context.
This quadplex contains 4,825 square feet across three 3-bed units and one 1-bed unit. The residences have been updated with hardwood floors, open layouts, separate utilities, and in-unit laundry hookups. A new rubber roof adds a significant recent improvement, while paved off-street parking accommodates 3 cars and includes a garage.
The property is near the Mass Pike, I-290, and I-190, with commuter rail and Union Station approximately 1 mile away. UMass, local hospitals, and universities are minutes from the property, while Shrewsbury Street’s restaurants and entertainment are 2 miles away. The property is zoned RG-5 and was built in 1920.
The property is near the Mass Pike, I-290, and I-190, with commuter rail and Union Station approximately 1 mile away. UMass, local hospitals, and universities are minutes from the property, while Shrewsbury Street’s restaurants and entertainment are 2 miles away. The property is zoned RG-5 and was built in 1920.
Key Highlights
- Four‑unit layout with three 3‑bed residences and one 1‑bed residence
- 4,825 square feet built in 1920
- Updated interiors with hardwood floors and open layouts
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
$70,857
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
5.90%
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%
$1,417,140
$1.4M
Cap Rate 7%
$1,012,243
$1.0M
Cap Rate 9%
$787,300
$787.3K
Market Conditions
NOI Build-Up for 4,825 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
$107.1K $22.20/SF
− Vacancy
−$5.9K −$1.22/SF
EGI
$101.2K $20.98/SF
− OpEx
−$30.4K −$6.29/SF
NOI
$70.9K $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%
$1,417,140
Cap Rate 7%
$1,012,243
Cap Rate 9%
$787,300
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$885.7K – $1.18M
NOI $70,857 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$929.2K
$813.0K – $1.08M
NOI $65,043 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,734 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,059
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include separate utilities, hardwood floors, and in-unit laundry hookups.
Where is this quadplex located?
The property is located at 31 Chrome Street Worcester, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑unit layout with three 3‑bed residences and one 1‑bed residence; 4,825 square feet built in 1920; Updated interiors with hardwood floors and open layouts
