Mixed-Use Property with Three Commercial
For Sale
$1,449,900
377 Park Avenue, Worcester, MA 01610
1920 building combines residential apartments, storefront space, parking, and updated units in a multi-level configuration.
Property Size4,201 SF
Price / SF$345.13
Days on Market107
Property Features for 377 Park Avenue
General Information
Standard status
Active
Size
4,201 SF
Property subtype
Multi-family
Occupancy
100%
Building Details
Year Built
1920
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Skys Realty
Listed By:
Kathy Luu
(617) 680-0690
Source:
Inrealtyinc
Added: May 16
Changed: Aug 29
Last Checked: Aug 4 at 7:02AM
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.
Constructed in 1920, this mixed-use property combines three commercial units with two residential apartments. The commercial component includes a restaurant, a coffee shop, and a retail unit, while the residential spaces are arranged as a two-bedroom apartment on the second floor and a one-bedroom apartment on the first floor. Units have been updated, and the property is offered in its current condition.
The building includes a third-floor area that can provide additional storage or be used by an owner, subject to applicable requirements. Parking is available along the side of the property and on the street. The existing configuration brings together commercial storefronts and residential occupancy within one multi-level building.
The building includes a third-floor area that can provide additional storage or be used by an owner, subject to applicable requirements. Parking is available along the side of the property and on the street. The existing configuration brings together commercial storefronts and residential occupancy within one multi-level building.
Key Highlights
- Three commercial units: restaurant, coffee shop, and retail
- Two residential apartments, including one two‑bedroom and one one‑bedroom unit
- Updated units throughout the property
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
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
210k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 37%
Groceries 9%
Home Improvements & Furnishings 6%
McDonald's
Dining
33,435 visits/mo
0.3 miles
Price Chopper Supermarkets
Groceries
18,977 visits/mo
0.3 miles
Wendy's
Dining
16,455 visits/mo
0.5 miles
Burger King
Dining
15,444 visits/mo
0.3 miles
Dollar Tree
Shops & Services
13,487 visits/mo
0.1 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 - 1920 building combines residential apartments, storefront space, parking, and updated units in a multi-level configuration.
Where is this mixed-use property located?
The property is located at 377 Park Avenue 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 commercial units: restaurant, coffee shop, and retail; Two residential apartments, including one two‑bedroom and one one‑bedroom unit; Updated units throughout the property
