Updated Apartment
For Sale
$679,900
5 Diamond Street, Worcester, MA 01610
Nine-bedroom multifamily property with three equipped kitchens, spacious living areas, and a concrete-floor basement.
Property Size2,988 SF
Price / SF$227.54
Days on Market13
Property Features for 5 Diamond Street
General Information
Standard status
Active
Size
2,988 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1890
Listing Agency:
Keller Williams Pinnacle Central
Listed By:
The Riel Estate Team
(413) 584-2900
Source:
Mapleandmainrealty
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 8 at 3:50PM
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 Keller Williams Pinnacle Central
Investment Insights
Based on property information with market context.
This 2988-square-foot apartment building dates to 1890 and has received extensive interior and system updates. Improvements include plumbing, electrical service, kitchens, bathrooms, wall finishes, and flooring. The property contains nine bedrooms, three fully equipped kitchens, separate pantry areas, and generously sized living rooms.
A dry basement with a concrete floor provides additional storage and is identified as offering potential for future expansion. The property is located on Diamond Street in Worcester, with access to major routes described as being only minutes away.
A dry basement with a concrete floor provides additional storage and is identified as offering potential for future expansion. The property is located on Diamond Street in Worcester, with access to major routes described as being only minutes away.
Key Highlights
- 2988 square feet in an apartment building constructed in 1890
- Nine bedrooms and three fully applianced kitchens
- Updated plumbing, electrical, kitchens, bathrooms, walls, and flooring
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
$40,280
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
5.92%
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%
$805,600
$805.6K
Cap Rate 7%
$575,429
$575.4K
Cap Rate 9%
$447,556
$447.6K
Market Conditions
NOI Build-Up for 2,988 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
$77.1K $25.80/SF
− Vacancy
−$3.9K −$1.29/SF
EGI
$73.2K $24.51/SF
− OpEx
−$33.0K −$11.03/SF
NOI
$40.3K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$805,600
Cap Rate 7%
$575,429
Cap Rate 9%
$447,556
Alternative Uses
Best Use
Apartment 5plus
$575.4K
$503.5K – $671.3K
NOI $40,280 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$997.3K
$872.7K – $1.16M
NOI $69,813 @ 7.0% cap · market cap 10.27%
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
889
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?
Apartment building - Nine-bedroom multifamily property with three equipped kitchens, spacious living areas, and a concrete-floor basement.
Where is this apartment building located?
The property is located at 5 Diamond Street Worcester, MA.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: 2988 square feet in an apartment building constructed in 1890; Nine bedrooms and three fully applianced kitchens; Updated plumbing, electrical, kitchens, bathrooms, walls, and flooring
