Renovated Triplex with Office
For Sale
$1,099,000
440 Park Avenue, Worcester, MA 01610
Residential income property with off-street parking, public transportation access, and commercial signage near colleges, restaurants, shopping, and parks.
Property Size3,222 SF
Price / SF$341.09
Days on Market140
Property Features for 440 Park Avenue
General Information
Standard status
Active
Size
3,222 SF
Total Parking Spaces
10
Property subtype
Multi-family / 3 Family
Zoning
BG-3
Net Operating Income
$68,652
Additional Details
Public Transit
Yes
Office Units
4
Taxes and HOA fees
Annual Taxes
$8,138
Amenities
No
4.0
Full
Living Room, Kitchen, Laundry Room
3
1
3.50
4
City View(s), Yes
Frame
Shingle
Porch, Deck
Building Details
Year Built
1900
Listing Agency:
Quinsigamond Realty
(508) 798-2020
Listed By:
Michael Madulka · License #9010673
(508) 798-2020
Source:
Compass
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 29 at 1:57PM
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 Quinsigamond Realty
Investment Insights
Based on property information with market context.
This 3,222-square-foot triplex, built in 1900, includes interior renovations completed within recent years. The first floor offers potential for office use, and commercial signage is already present on the property. Off-street parking supports the building’s residential and possible office configuration, while porch and deck areas add exterior amenity space.
The property is located at 440 Park Avenue in Worcester, near Clark University and Worcester State University. Restaurants, shopping, and parks are nearby, and the site is served by a public transportation route. Zoning is BG-3. A letter of initial lead compliance is dated 1991 and covers the spaces and common areas.
The property is located at 440 Park Avenue in Worcester, near Clark University and Worcester State University. Restaurants, shopping, and parks are nearby, and the site is served by a public transportation route. Zoning is BG-3. A letter of initial lead compliance is dated 1991 and covers the spaces and common areas.
Key Highlights
- 3,222‑square‑foot triplex on 440 Park Avenue
- Interior renovations completed within recent years
- First‑floor potential for office use
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
$47,316
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
4.31%
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%
$946,320
$946.3K
Cap Rate 7%
$675,943
$675.9K
Cap Rate 9%
$525,733
$525.7K
Market Conditions
NOI Build-Up for 3,222 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
$71.5K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$67.6K $20.98/SF
− OpEx
−$20.3K −$6.29/SF
NOI
$47.3K $14.69/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$946,320
Cap Rate 7%
$675,943
Cap Rate 9%
$525,733
Alternative Uses
Best Use
Multifamily LT 5
$675.9K
$591.5K – $788.6K
NOI $47,316 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$620.5K
$542.9K – $723.9K
NOI $43,434 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$1.08M
$941.0K – $1.25M
NOI $75,280 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
1,128
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Residential income property with off-street parking, public transportation access, and commercial signage near colleges, restaurants, shopping, and parks.
Where is this triplex located?
The property is located at 440 Park Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 3,222‑square‑foot triplex on 440 Park Avenue; Interior renovations completed within recent years; First‑floor potential for office use
