Renovated Triplex Near Clark
For Sale
$1,150,000
484 Park Avenue, Worcester, MA 01610
Three-family property with updated interiors, in-unit laundry, and access to nearby universities, shops, restaurants, and public transportation.
Property Size4,257 SF
Price / SF$270.14
Days on Market12
Property Features for 484 Park Avenue
General Information
Standard status
Active
Size
4,257 SF
Property subtype
Multi-family
Additional Details
Gross Income
$103,200
Public Transit
Yes
Multifamily Units
3
Amenities
in-unit laundry
Building Details
Year Built
1898
Buildings
1
Listing Agency:
Beljen Properties
Listed By:
Rubee Hans
(401) 333-9333
Source:
Residentialproperties
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 11:00AM
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 Beljen Properties
Investment Insights
Based on property information with market context.
This three-family property contains 4,257 square feet and dates to 1898. The second- and third-floor units have been renovated with new kitchens, bathrooms, appliances, and hardwood flooring. Each unit includes laundry, while the property also features a new roof and freshly painted exterior.
The property is located at 484 Park Avenue in Worcester, approximately a 5-minute walk from Clark University. Worcester Polytechnic Institute is 1.5 miles away, and Worcester State University is 1.6 miles away. Shops, restaurants, and public transportation are also nearby.
The property is located at 484 Park Avenue in Worcester, approximately a 5-minute walk from Clark University. Worcester Polytechnic Institute is 1.5 miles away, and Worcester State University is 1.6 miles away. Shops, restaurants, and public transportation are also nearby.
Key Highlights
- Three‑family property with 4,257 square feet
- Second- and third‑floor units renovated with new kitchens, bathrooms, appliances, and hardwood floors
- Laundry provided in each unit
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
$62,515
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
5.44%
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%
$1,250,300
$1.3M
Cap Rate 7%
$893,071
$893.1K
Cap Rate 9%
$694,611
$694.6K
Market Conditions
NOI Build-Up for 4,257 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
$94.5K $22.20/SF
− Vacancy
−$5.2K −$1.22/SF
EGI
$89.3K $20.98/SF
− OpEx
−$26.8K −$6.29/SF
NOI
$62.5K $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%
$1,250,300
Cap Rate 7%
$893,071
Cap Rate 9%
$694,611
Alternative Uses
Best Use
Multifamily LT 5
$893.1K
$781.4K – $1.04M
NOI $62,515 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$819.8K
$717.3K – $956.4K
NOI $57,386 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,463 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential 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 - Three-family property with updated interiors, in-unit laundry, and access to nearby universities, shops, restaurants, and public transportation.
Where is this triplex located?
The property is located at 484 Park Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Three‑family property with 4,257 square feet; Second- and third‑floor units renovated with new kitchens, bathrooms, appliances, and hardwood floors; Laundry provided in each unit
