Worcester Multifamily Investment
For Sale
$449,000
Pending
38-1/2 Bowdoin St, Worcester, MA 01609
Well-maintained multifamily home in convenient location with strong rental income.
Property Size2,266 SF
Lot Size0.05 Acres
Days on Market269
Property Features for 38-1/2 Bowdoin St
General Information
Standard status
Pending
Size
2,266 SF
Lot size
0.05 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,808
Building Details
Building Size
2,266 SF
Year Built
1910
Stories
3
Units
2
Listing Agency:
(508) 612-1573
Listed By:
George Nanis
(508) 612-1573
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 16
Last Checked: Aug 22 at 9:18AM
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 George Nanis
Investment Insights
Based on property information with market context.
This multifamily property is located in a convenient Worcester location. The property is well-maintained and offers rental income. The first-floor unit features a 3-bedroom layout. The second-floor unit includes 2 bedrooms plus a bonus room. Both units have closet and storage space. There is shared basement laundry for tenant convenience. The property also features attic space. On-street parking is available, and public transportation is easily accessible, with a bus line nearby. The location is near schools and shopping.
Key Highlights
- Strong rental income potential with low upkeep.
- Highly convenient Worcester location near schools and shopping.
- Two units: a spacious 3‑bedroom unit and a 2‑bedroom unit with a bonus room.
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
$30,547
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
6.80%
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%
$610,940
$610.9K
Cap Rate 7%
$436,386
$436.4K
Cap Rate 9%
$339,411
$339.4K
Market Conditions
NOI Build-Up for 2,266 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
$58.5K $25.80/SF
− Vacancy
−$2.9K −$1.29/SF
EGI
$55.5K $24.51/SF
− OpEx
−$25.0K −$11.03/SF
NOI
$30.5K $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%
$610,940
Cap Rate 7%
$436,386
Cap Rate 9%
$339,411
Alternative Uses
Best Use
Apartment 5plus
$436.4K
$381.8K – $509.1K
NOI $30,547 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$756.3K
$661.8K – $882.4K
NOI $52,944 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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?
Multifamily property - Well-maintained multifamily home in convenient location with strong rental income.
Where is this multifamily property located?
The property is located at 38-1/2 Bowdoin St Worcester, MA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Strong rental income potential with low upkeep.; Highly convenient Worcester location near schools and shopping.; Two units: a spacious **3‑bedroom unit** and a **2‑bedroom unit with a bonus room.**
