Updated Four-Unit Multifamily
New
For Sale
$750,000
34 Dorchester St, Worcester, MA 01610
Two residences are scheduled for vacancy, while a plumbed attic creates additional expansion potential subject to approvals.
Property Size3,330 SF
Days on Market7
Property Features for 34 Dorchester St
General Information
Standard status
Active
Size
3,330 SF
Property subtype
Investment
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,100
Amenities
off-street parking
landscaped grounds
Building Details
Building Size
3,330 SF
Year Built
1910
Stories
5
Units
4
Listing Agency:
Bridgemont Realty LLC
Listed By:
Ben Hicks · License #9531820
(617) 529-0751
Source:
Elliman
Added: Sep 20
Last Checked: Sep 24 at 1:01PM
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 Bridgemont Realty LLC
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes two two-bedroom, one-bath residences and two one-bedroom, one-bath residences. Each unit has a separate entrance, spacious living and kitchen areas, and deleaded interiors. Units 2 and 3 are expected to be delivered vacant. A sizable unfinished attic with existing plumbing may support expansion of Unit 4 from one bedroom to three bedrooms, subject to required approvals and permitting.
Capital improvements include a roof approximately 10 years old, updated plumbing and heating systems, replacement windows, exterior stairs, and siding. The property also provides off-street parking and landscaped grounds. Built in 1910, it is located near Polar Park, Kelley Square, the Canal District, Quinsigamond Village, Route 146, the Mass Pike, shopping, and dining. Walk Score is 85, Bike Score is 58, and Transit Score is 50.
Capital improvements include a roof approximately 10 years old, updated plumbing and heating systems, replacement windows, exterior stairs, and siding. The property also provides off-street parking and landscaped grounds. Built in 1910, it is located near Polar Park, Kelley Square, the Canal District, Quinsigamond Village, Route 146, the Mass Pike, shopping, and dining. Walk Score is 85, Bike Score is 58, and Transit Score is 50.
Key Highlights
- Four‑unit property with two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
- Units 2 and 3 scheduled for delivery vacant
- Unfinished attic has existing plumbing and may support Unit 4 expansion, subject to approvals
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
$48,902
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
6.52%
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%
$978,040
$978.0K
Cap Rate 7%
$698,600
$698.6K
Cap Rate 9%
$543,356
$543.4K
Market Conditions
NOI Build-Up for 3,330 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
$73.9K $22.20/SF
− Vacancy
−$4.1K −$1.22/SF
EGI
$69.9K $20.98/SF
− OpEx
−$21.0K −$6.29/SF
NOI
$48.9K $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%
$978,040
Cap Rate 7%
$698,600
Cap Rate 9%
$543,356
Alternative Uses
Best Use
Multifamily LT 5
$698.6K
$611.3K – $815.0K
NOI $48,902 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$641.3K
$561.1K – $748.2K
NOI $44,890 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$1.11M
$972.6K – $1.30M
NOI $77,804 @ 7.0% cap · market cap 10.37%
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
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
Check the figures for this property
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 - Two residences are scheduled for vacancy, while a plumbed attic creates additional expansion potential subject to approvals.
Where is this quadplex located?
The property is located at 34 Dorchester St Worcester, MA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Four‑unit property with two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; Units 2 and 3 scheduled for delivery vacant; Unfinished attic has existing plumbing and may support Unit 4 expansion, subject to approvals
