Mixed-Use Building with
New
For Sale
$1,449,900
377 Park Ave, Worcester, MA 01610
Three commercial units and two residential apartments create a flexible mixed-use configuration.
Property Size4,201 SF
Days on Market5
Property Features for 377 Park Ave
General Information
Standard status
Active
Size
4,201 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
MG-1
Taxes and HOA fees
Annual Taxes
$9,517
Building Details
Building Size
4,201 SF
Year Built
1920
Buildings
1
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Skys Realty
(508) 963-9333
Listed By:
Kathy Luu · License #453011025
(508) 963-9333
Source:
Housatonicrealestate
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 25 at 6:09AM
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 Skys Realty
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property combines three commercial units along the front with two residential apartments positioned behind them. The commercial component includes a restaurant, coffee shop, and retail unit. Residential layouts include a two-bedroom apartment on the second floor and a one-bedroom apartment on the first floor. A third-floor area provides additional storage space. The units have been updated, and the property is occupied by long-term tenants.
Located at 377 Park Ave in Worcester, the property offers access to major routes and includes parking along the side and street. The sale is offered as-is.
Located at 377 Park Ave in Worcester, the property offers access to major routes and includes parking along the side and street. The sale is offered as-is.
Key Highlights
- Three front commercial units: restaurant, coffee shop, and retail
- Two rear residential apartments with two- and one‑bedroom layouts
- Updated commercial and residential units
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
$67,886
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
4.68%
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%
$1,357,720
$1.4M
Cap Rate 7%
$969,800
$969.8K
Cap Rate 9%
$754,289
$754.3K
Market Conditions
NOI Build-Up for 4,201 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
$95.8K $22.80/SF
− Vacancy
−$5.3K −$1.25/SF
EGI
$90.5K $21.55/SF
− OpEx
−$22.6K −$5.39/SF
NOI
$67.9K $16.16/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,357,720
Cap Rate 7%
$969,800
Cap Rate 9%
$754,289
Alternative Uses
Best Use
Specialty Retail
$969.8K
$848.6K – $1.13M
NOI $67,886 @ 7.0% cap · market cap 4.68%
Second Best
Retail
$824.9K
$721.8K – $962.4K
NOI $57,741 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,154 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
101k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Groceries 35%
Dining 7%
Electronics 5%
Big Y World Class Market
Groceries
35,667 visits/mo
0.2 miles
Gulf Oil
Shops & Services
13,415 visits/mo
0.3 miles
Speedway
Shops & Services
11,481 visits/mo
0.1 miles
Family Dollar
Shops & Services
8,629 visits/mo
0.3 miles
7-Eleven
Shops & Services
8,269 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three commercial units and two residential apartments create a flexible mixed-use configuration.
Where is this mixed-use property located?
The property is located at 377 Park Ave Worcester, MA.
What is the asking price?
The asking price for this property is $1,449,900.
What are key features of this property?
This property features: Three front commercial units: restaurant, coffee shop, and retail; Two rear residential apartments with two- and one‑bedroom layouts; Updated commercial and residential units
