Mixed-Use Property with
New
For Sale
$1,800,000
484 Burncoat St, Worcester, MA 01606
Includes separate residential and storage components alongside an operating childcare facility.
Property Size5,232 SF
Days on Market4
Property Features for 484 Burncoat St
General Information
Standard status
Active
Size
5,232 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR/2BA, 3 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$11,502
Amenities
coin-operated washer and dryer
Building Details
Building Size
5,232 SF
Year Built
1920
Buildings
2
Stories
6
Units
6
Listing Agency:
(774) 253-4761
Listed By:
Richard Ovian · License #453000062
(774) 253-4761
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 7:33AM
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 Richard Ovian
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property comprises two buildings with 5 residential units, a daycare center, and 12 garages used for storage. The residential component includes two 1-bedroom apartments, two 2-bedroom apartments, and one 3-bedroom apartment with an open floor plan. Select units offer central air, while another has a mini-split system; a coin-operated washer and dryer are located at 484 Burncoat Street.
The daycare center is licensed for 39 children and includes a security system monitored 24 hours a day. Its lease is in the second year of a three-year term, with an option for another three years, annual CPI increases, and tenant responsibility for heat, electricity, and hot water. Residential tenants generally pay heat and electricity, while owner-paid hot water varies by unit. The property has a Walk Score of 71, a Transit Score of 35, and a Bike Score of 29.
The daycare center is licensed for 39 children and includes a security system monitored 24 hours a day. Its lease is in the second year of a three-year term, with an option for another three years, annual CPI increases, and tenant responsibility for heat, electricity, and hot water. Residential tenants generally pay heat and electricity, while owner-paid hot water varies by unit. The property has a Walk Score of 71, a Transit Score of 35, and a Bike Score of 29.
Key Highlights
- Mixed‑use configuration with 5 residential units, a daycare center, and 12 storage garages
- Daycare center licensed for 39 children
- Daycare lease is in year two of a three‑year term with a three‑year renewal option
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
$70,632
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
3.92%
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%
$1,412,640
$1.4M
Cap Rate 7%
$1,009,029
$1.0M
Cap Rate 9%
$784,800
$784.8K
Market Conditions
NOI Build-Up for 5,232 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
$125.6K $24.00/SF
− Vacancy
−$12.6K −$2.40/SF
EGI
$113.0K $21.60/SF
− OpEx
−$42.4K −$8.10/SF
NOI
$70.6K $13.50/SF
Area
Worcester, MA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,412,640
Cap Rate 7%
$1,009,029
Cap Rate 9%
$784,800
Alternative Uses
Best Use
Mixed Use
$1.01M
$882.9K – $1.18M
NOI $70,632 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$1.01M
$881.6K – $1.18M
NOI $70,530 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,243 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Explore this area
Business Placement
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
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?
Mixed-use property - Includes separate residential and storage components alongside an operating childcare facility.
Where is this mixed-use property located?
The property is located at 484 Burncoat St Worcester, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Mixed‑use configuration with 5 residential units, a daycare center, and 12 storage garages; Daycare center licensed for 39 children; Daycare lease is in year two of a three‑year term with a three‑year renewal option
