Renovated 6-Unit Apartment
For Sale
$1,100,000
34 Irving St, Worcester, MA 01609
Six fully rented residences feature updated kitchens, refreshed interiors, and durable LVP flooring.
Property Size3,858 SF
Price / SF$285.12
Days on Market140
Property Features for 34 Irving St
General Information
Standard status
Active
Size
3,858 SF
Total Parking Spaces
11
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$93,396
Taxes and HOA fees
Annual Taxes
$9,498
Building Details
Building Size
3,858 SF
Year Built
1900
Stories
5
Listing Agency:
Minco Commercial
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 17
Changed: Sep 2
Last Checked: Sep 2 at 2:04PM
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 Minco Commercial
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains six fully rented 1-bedroom, 1-bath residences within a 3,858-square-foot building constructed in 1900. Renovations include fresh paint, updated kitchens with upgraded cabinetry and countertops, and durable LVP flooring. The property is zoned RG-5.
Capital improvements extend beyond the units, with a remodeled laundry room equipped with new coin-operated machines, new decks and stairs, vinyl siding, and a newly paved driveway. The roof is 6 years old.
The property is located at 34 Irving St in Worcester, near Polar Park and within walking distance of downtown dining, retail, and business districts.
Capital improvements extend beyond the units, with a remodeled laundry room equipped with new coin-operated machines, new decks and stairs, vinyl siding, and a newly paved driveway. The roof is 6 years old.
The property is located at 34 Irving St in Worcester, near Polar Park and within walking distance of downtown dining, retail, and business districts.
Key Highlights
- Six fully rented 1‑bedroom, 1‑bath units
- 3,858‑square‑foot apartment building constructed in 1900
- Updated kitchens with upgraded cabinetry and countertops
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
$52,008
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
4.73%
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%
$1,040,160
$1.0M
Cap Rate 7%
$742,971
$743.0K
Cap Rate 9%
$577,867
$577.9K
Market Conditions
NOI Build-Up for 3,858 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
$99.5K $25.80/SF
− Vacancy
−$5.0K −$1.29/SF
EGI
$94.6K $24.51/SF
− OpEx
−$42.6K −$11.03/SF
NOI
$52.0K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,040,160
Cap Rate 7%
$742,971
Cap Rate 9%
$577,867
Alternative Uses
Best Use
Apartment 5plus
$743.0K
$650.1K – $866.8K
NOI $52,008 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,140 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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?
Apartment building - Six fully rented residences feature updated kitchens, refreshed interiors, and durable LVP flooring.
Where is this apartment building located?
The property is located at 34 Irving St Worcester, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Six fully rented 1‑bedroom, 1‑bath units; 3,858‑square‑foot apartment building constructed in 1900; Updated kitchens with upgraded cabinetry and countertops
