Renovated Duplex with Internal
New
For Sale
$649,000
5/5A Ferdinand St, Worcester, MA 01603
Two leased residences feature separate living arrangements, updated systems, and designer-finished kitchens and baths.
Property Size2,700 SF
Price / SF$240.37
Days on Market4
Property Features for 5/5A Ferdinand St
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$56,400
Building Details
Year Built
1890
Buildings
1
Tenancy
Multi
Listing Agency:
Dell Realty Inc.
(508) 294-8566
Listed By:
Dell Costa
(508) 294-8566
Source:
Lockandkeyre
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 4:49AM
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 Dell Realty Inc.
Investment Insights
Based on property information with market context.
This duplex at 5/5A Ferdinand St includes a 2-bedroom, 1-bathroom first-floor apartment created through a fully permitted internal ADU conversion, plus a 3-bedroom, 2-bathroom primary residence across the second and third floors. The upper residence includes an en-suite primary bedroom, while the property’s 2,700 square feet accommodate both units. Originally built in 1890, the building was reworked to the studs and finished with quartz countertops, tiled bathrooms, recessed lighting, stainless steel appliances, new flooring, updated kitchens, and a composite porch-deck.
The fully electrified property includes new heat pumps for central heating and air conditioning, an ERV ventilation system, closed-cell insulation, new windows, electrical service, plumbing, water heaters, and lighting. Both units are leased, and the property is located in Worcester, Massachusetts.
The fully electrified property includes new heat pumps for central heating and air conditioning, an ERV ventilation system, closed-cell insulation, new windows, electrical service, plumbing, water heaters, and lighting. Both units are leased, and the property is located in Worcester, Massachusetts.
Key Highlights
- 2,700‑square‑foot duplex with two residential units
- First‑floor 2‑bedroom, 1‑bathroom unit created through a fully permitted internal ADU conversion
- 3‑bedroom, 2‑bathroom primary residence spans the second and third floors
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
$39,650
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
6.11%
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%
$793,000
$793.0K
Cap Rate 7%
$566,429
$566.4K
Cap Rate 9%
$440,556
$440.6K
Market Conditions
NOI Build-Up for 2,700 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
$59.9K $22.20/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$56.6K $20.98/SF
− OpEx
−$17.0K −$6.29/SF
NOI
$39.7K $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%
$793,000
Cap Rate 7%
$566,429
Cap Rate 9%
$440,556
Alternative Uses
Best Use
Multifamily LT 5
$566.4K
$495.6K – $660.8K
NOI $39,650 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$520.0K
$455.0K – $606.6K
NOI $36,397 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$901.2K
$788.6K – $1.05M
NOI $63,084 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
761
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
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?
Duplex - Two leased residences feature separate living arrangements, updated systems, and designer-finished kitchens and baths.
Where is this duplex located?
The property is located at 5/5A Ferdinand St Worcester, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,700‑square‑foot duplex with two residential units; First‑floor 2‑bedroom, 1‑bathroom unit created through a fully permitted internal ADU conversion; 3‑bedroom, 2‑bathroom primary residence spans the second and third floors
