5-Unit Apartment
For Sale
$1,295,000
35-37 Tirrell Street, Worcester, MA 01603
Stately five-unit multifamily property with separate utilities for each unit and a new 2023 roof.
Property Size6,976 SF
Price / SF$185.64
Days on Market32
Property Features for 35-37 Tirrell Street
General Information
Standard status
Active
Size
6,976 SF
Total Parking Spaces
11
Property subtype
Residential Income
Zoning
RG-5
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$13,343
Building Details
Building Size
6,976 SF
Year Built
1889
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
2 Sisters Realty & Associates
(774) 641-3325
Listed By:
Donna Caissie
(774) 641-3325
Source:
Liongatere
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 23 at 7:56AM
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 2 Sisters Realty & Associates
Investment Insights
Based on property information with market context.
This stately five-unit apartment building offers 6,976 sq. ft. of maintained living space configured with three three-bedroom units and two two-bedroom units. Each unit has separate utilities plus a landlord meter. The interior features period details, including hardwood floors, classic tile bathroom floors, custom built-ins, and fireplaces, along with unit upgrades such as cabinetry and granite countertops.
Recent improvements include a new roof completed in 2023 and one new steam boiler. The property also includes a 24x32 garage, providing additional enclosed storage or income potential.
Located within walking distance to Clark University with convenient commuter access, the building is positioned in a very walkable area with some transit access and a somewhat bikeable score.
Recent improvements include a new roof completed in 2023 and one new steam boiler. The property also includes a 24x32 garage, providing additional enclosed storage or income potential.
Located within walking distance to Clark University with convenient commuter access, the building is positioned in a very walkable area with some transit access and a somewhat bikeable score.
Key Highlights
- Stately 5‑unit multifamily built in 1889 with 6,976 sq. ft. of living space
- Unit mix includes three 3‑bedroom units and two 2‑bedroom units
- Each unit has separate utilities plus a landlord meter
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
$94,040
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
7.26%
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%
$1,880,800
$1.9M
Cap Rate 7%
$1,343,429
$1.3M
Cap Rate 9%
$1,044,889
$1.0M
Market Conditions
NOI Build-Up for 6,976 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
$180.0K $25.80/SF
− Vacancy
−$9.0K −$1.29/SF
EGI
$171.0K $24.51/SF
− OpEx
−$76.9K −$11.03/SF
NOI
$94.0K $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%
$1,880,800
Cap Rate 7%
$1,343,429
Cap Rate 9%
$1,044,889
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,040 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $162,991 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
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?
Apartment building - Stately five-unit multifamily property with separate utilities for each unit and a new 2023 roof.
Where is this apartment building located?
The property is located at 35-37 Tirrell Street Worcester, MA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Stately 5‑unit multifamily built in 1889 with 6,976 sq. ft. of living space; Unit mix includes three 3‑bedroom units and two 2‑bedroom units; Each unit has separate utilities plus a landlord meter
