Two-Unit Colonial
For Sale
$655,000
352 Lake Avenue, Worcester, MA 01604
A separate entrance serves the secondary living area, which includes a kitchenette, bedroom, and full bath.
Property Size2,296 SF
Price / SF$285.28
Days on Market10
Property Features for 352 Lake Avenue
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-family
Lease Term
[]
Building Details
Year Built
1988
Listing Agency:
RE/MAX Vision
Listed By:
Mary Ellen Marrone
(508) 981-6480
Source:
Foster-healey
Added: Sep 26
Changed: Oct 4
Last Checked: Oct 4 at 10:08AM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
Built in 1988, this 2,296-square-foot Colonial duplex has a main residence and a separate living area. The primary unit includes an open living and dining space, an eat-in kitchen with a center island, two upstairs bedrooms, and a full bathroom. The additional unit has its own living room, kitchenette, bedroom, full bath, and entrance. A full-width front porch and detached two-car garage round out the property.
Updates include a new furnace, central air conditioning, and a basement system with a sump pump. The property is near UMass Medical, major routes, shopping, and dining.
Updates include a new furnace, central air conditioning, and a basement system with a sump pump. The property is near UMass Medical, major routes, shopping, and dining.
Key Highlights
- 2,296‑square‑foot Colonial duplex, built in 1988
- Secondary unit includes a living room, kitchenette, bedroom, full bath, and separate entrance
- Main residence has two upstairs bedrooms and an eat‑in kitchen with center island
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,717
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$674,340
$674.3K
Cap Rate 7%
$481,671
$481.7K
Cap Rate 9%
$374,633
$374.6K
Market Conditions
NOI Build-Up for 2,296 SF
Gross rent
$51.0K $22.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$48.2K $20.98/SF
− OpEx
−$14.5K −$6.29/SF
NOI
$33.7K $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 Rate 5%
$674,340
Cap Rate 7%
$481,671
Cap Rate 9%
$374,633
Alternative Uses
Best Use
Multifamily LT 5
$481.7K
$421.5K – $562.0K
NOI $33,717 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$442.2K
$386.9K – $515.9K
NOI $30,951 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$766.4K
$670.6K – $894.1K
NOI $53,645 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
211
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?
Duplex - A separate entrance serves the secondary living area, which includes a kitchenette, bedroom, and full bath.
Where is this duplex located?
The property is located at 352 Lake Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: 2,296‑square‑foot Colonial duplex, built in 1988; Secondary unit includes a living room, kitchenette, bedroom, full bath, and separate entrance; Main residence has two upstairs bedrooms and an eat‑in kitchen with center island
