Residential Income
New
For Sale
$876,750
Pending
36 Westland St, Worcester, MA 01602
Historic residential income asset built in 1890 with strong walkability and access to some transit.
Property Size3,640 SF
Days on Market5
Property Features for 36 Westland St
General Information
Standard status
Pending
Size
3,640 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,179
Building Details
Building Size
3,640 SF
Year Built
1890
Stories
3
Units
3
Listing Agency:
Douglas Elliman Real Estate - Park Plaza
(617) 955-2224
Listed By:
Steven Novak · License #9517748
(617) 955-2224
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 12 at 7:15AM
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 Douglas Elliman Real Estate - Park Plaza
Investment Insights
Based on property information with market context.
This residential income property dates to 1890 and is located at 36 Westland St in Worcester, Massachusetts. The surrounding area records a walk score of 94, a bike score of 52, and a transit score of 44, providing a highly walkable setting with bike access and some public transportation availability.
Key Highlights
- Built in 1890
- Located at 36 Westland St, Worcester, MA 01602
- Walk score of 94
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
$49,069
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
5.60%
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%
$981,380
$981.4K
Cap Rate 7%
$700,986
$701.0K
Cap Rate 9%
$545,211
$545.2K
Market Conditions
NOI Build-Up for 3,640 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
$93.9K $25.80/SF
− Vacancy
−$4.7K −$1.29/SF
EGI
$89.2K $24.51/SF
− OpEx
−$40.1K −$11.03/SF
NOI
$49.1K $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%
$981,380
Cap Rate 7%
$700,986
Cap Rate 9%
$545,211
Alternative Uses
Best Use
Apartment 5plus
$701.0K
$613.4K – $817.8K
NOI $49,069 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,047 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Historic residential income asset built in 1890 with strong walkability and access to some transit.
Where is this residential income property located?
The property is located at 36 Westland St Worcester, MA.
What is the asking price?
The asking price for this property is $876,750.
What are key features of this property?
This property features: Built in 1890; Located at 36 Westland St, Worcester, MA 01602; Walk score of 94
