Updated Duplex with
For Sale
$674,900
33 Barnes Avenue, Worcester, MA 01605
Two leased units offer renovated bathrooms, updated heating and cooling, and separate living arrangements.
Property Size3,400 SF
Price / SF$198.50
Days on Market39
Property Features for 33 Barnes Avenue
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
Real Broker MA,LLC
(855) 797-3948
Listed By:
Tracy Barber
Source:
Elevatedboston
Added: Jul 5
Changed: Aug 11
Last Checked: Aug 12 at 3:41AM
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 Real Broker MA,LLC
Investment Insights
Based on property information with market context.
This 3,400-square-foot duplex, built in 1925, contains two residential units with a combined five bedrooms or more, depending on the upper-level configuration. The first-floor apartment has two bedrooms and gas heat, while the second- and third-floor unit includes four to five bedrooms and two bathrooms. Three bathrooms have been renovated, the third floor has been updated, and both units are fully de-leaded. Five mini-split systems provide heating and cooling for the second and third floors.
The property occupies a corner location on a quiet dead-end street at 33 Barnes Avenue in Worcester. Improvements include a two-car garage, a shed, and ample parking. The first-floor lease runs through August, and the upper unit has a Section 8 lease through September 30th. The garage is also rented, with the current renter interested in continuing occupancy or terminating the arrangement.
The property occupies a corner location on a quiet dead-end street at 33 Barnes Avenue in Worcester. Improvements include a two-car garage, a shed, and ample parking. The first-floor lease runs through August, and the upper unit has a Section 8 lease through September 30th. The garage is also rented, with the current renter interested in continuing occupancy or terminating the arrangement.
Key Highlights
- 3,400 SF duplex built in 1925
- Two‑car garage, shed, and ample parking on a corner lot
- First‑floor unit has 2 bedrooms and a lease through August
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
$49,930
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
7.40%
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%
$998,600
$998.6K
Cap Rate 7%
$713,286
$713.3K
Cap Rate 9%
$554,778
$554.8K
Market Conditions
NOI Build-Up for 3,400 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
$75.5K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$71.3K $20.98/SF
− OpEx
−$21.4K −$6.29/SF
NOI
$49.9K $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%
$998,600
Cap Rate 7%
$713,286
Cap Rate 9%
$554,778
Alternative Uses
Best Use
Multifamily LT 5
$713.3K
$624.1K – $832.2K
NOI $49,930 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$654.8K
$572.9K – $763.9K
NOI $45,834 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$1.13M
$993.0K – $1.32M
NOI $79,439 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,177
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
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 leased units offer renovated bathrooms, updated heating and cooling, and separate living arrangements.
Where is this duplex located?
The property is located at 33 Barnes Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: 3,400 SF duplex built in 1925; Two‑car garage, shed, and ample parking on a corner lot; First‑floor unit has 2 bedrooms and a lease through August
