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 Market238
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
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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 / Yr
$22,450
Cap Rate
5.61%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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.
