Versatile Garage with Income
For Sale
$399,900
44 Ellsworth Street, Worcester, MA 01610
Two-unit building with garage, apartment, parking, and development potential.
Property Size1,352 SF
Price / SF$295.78
Days on Market172
Property Features for 44 Ellsworth Street
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Commercial
Building Details
Year Built
1998
Listing Agency:
RE/MAX Partners
Listed By:
James Kalogeropoulos
(617) 661-6600
Source:
Cambridgerealty
Added: Feb 20
Changed: Aug 8
Last Checked: Jul 16 at 2:02AM
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 RE/MAX Partners
Investment Insights
Based on property information with market context.
This property offers a versatile garage space with additional income and development potential. The two-unit building includes a functional garage space equipped with a 10-foot overhead door, man door access, and 200-amp electrical service, suitable for contractors, trades, or storage. The second level features a one-bedroom studio apartment with gas forced hot air heat, presenting an option for owner occupancy, office use, or rental income. Ample on-site parking and a fenced-in layout enhance security and usability. An additional parcel of land provides more storage and parking or valuable development potential, enhancing long-term upside. This flexible asset is suited for owner-users, investors, or those seeking live/work potential. The property size is 1352 square feet.
Key Highlights
- Versatile garage space with 10‑foot overhead door, man door access, and 200‑amp electrical service.
- Additional parcel of land included, offering more storage/parking or development potential.
- One‑bedroom studio apartment with gas forced hot air heat for owner occupancy, office use, or rental income.
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
$22,450
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
5.61%
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%
$449,000
$449.0K
Cap Rate 7%
$320,714
$320.7K
Cap Rate 9%
$249,444
$249.4K
Market Conditions
NOI Build-Up for 1,352 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
$36.5K $27.00/SF
− Vacancy
−$6.6K −$4.86/SF
EGI
$29.9K $22.14/SF
− OpEx
−$7.5K −$5.54/SF
NOI
$22.4K $16.61/SF
Area
Worcester, MA
Vacancy
18.00%
Lease Rate
$27.00 /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%
$449,000
Cap Rate 7%
$320,714
Cap Rate 9%
$249,444
Alternative Uses
Best Use
Office B
$320.7K
$280.6K – $374.2K
NOI $22,450 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$265.5K
$232.3K – $309.7K
NOI $18,583 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$451.3K
$394.9K – $526.5K
NOI $31,589 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,933
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-unit building with garage, apartment, parking, and development potential.
Where is this mixed-use property located?
The property is located at 44 Ellsworth Street Worcester, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Versatile garage space with **10‑foot overhead door**, man door access, and **200‑amp electrical service**.; Additional parcel of land included, offering more storage/parking or development potential.; One‑bedroom studio apartment with gas forced hot air heat for owner occupancy, office use, or rental income.
