Four-Unit Residential Income
For Sale
$879,900
6 Buffum St, Worcester, MA 01603
Four-unit property with updated plumbing and electrical, multiple private entries, and parking for at least two vehicles per unit.
Property Size2,998 SF
Price / SF$293.50
Days on Market49
Property Features for 6 Buffum St
General Information
Standard status
Active
Size
2,998 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Zoning
RL-7
Occupancy
100%
Net Operating Income
$49,500
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,207
Building Details
Building Size
2,998 SF
Year Built
1880
Stories
5
Tenancy
Multi
Listing Agency:
Conway - West Roxbury
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 24
Changed: Sep 9
Last Checked: Sep 9 at 6:12AM
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 Conway - West Roxbury
Investment Insights
Based on property information with market context.
This for-sale four-unit residential income property was gutted and updated in 1989–1990 with new plastic drains, copper piping, and electrical throughout. Additional units were added in 1991 and 1992 with variance and permitting. Unit configurations include a first-floor unit with an open farmers porch and two parking spaces, and a second unit with a separate private driveway and entrance. A fourth unit features a private deck and spiral stairs to the bedroom. Recent roof replacements are in place, with the oldest estimated at about 10 years.
The property provides parking for at least two vehicles per unit, with wording in the remarks indicating tenants do not park on the street. Tenants are described as long-term, and utility responsibility is split: electricity is included in rent for the first unit, while the second, third, and fourth tenants pay all utilities.
The property is currently occupied with one person living in each unit. The remarks note group showings only, and pictures are available from before tenants moved in.
The property provides parking for at least two vehicles per unit, with wording in the remarks indicating tenants do not park on the street. Tenants are described as long-term, and utility responsibility is split: electricity is included in rent for the first unit, while the second, third, and fourth tenants pay all utilities.
The property is currently occupied with one person living in each unit. The remarks note group showings only, and pictures are available from before tenants moved in.
Key Highlights
- 1880‑built 4‑unit property updated with new plastic drains, copper piping, and electrical throughout (gutted in 1989/1990).
- Units #3 and #4 added in 1991 and 1992 with variance and permitted approvals.
- Each unit has parking for at least 2 vehicles; first unit has an open farmers porch and 2‑car parking.
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
$44,027
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
5.00%
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%
$880,540
$880.5K
Cap Rate 7%
$628,957
$629.0K
Cap Rate 9%
$489,189
$489.2K
Market Conditions
NOI Build-Up for 2,998 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
$66.6K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$62.9K $20.98/SF
− OpEx
−$18.9K −$6.29/SF
NOI
$44.0K $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%
$880,540
Cap Rate 7%
$628,957
Cap Rate 9%
$489,189
Alternative Uses
Best Use
Multifamily LT 5
$629.0K
$550.3K – $733.8K
NOI $44,027 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$577.4K
$505.2K – $673.6K
NOI $40,415 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$1.00M
$875.6K – $1.17M
NOI $70,047 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,012
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with updated plumbing and electrical, multiple private entries, and parking for at least two vehicles per unit.
Where is this quadplex located?
The property is located at 6 Buffum St Worcester, MA.
What is the asking price?
The asking price for this property is $879,900.
What are key features of this property?
This property features: 1880‑built 4‑unit property updated with new plastic drains, copper piping, and electrical throughout (gutted in 1989/1990).; Units #3 and #4 added in 1991 and 1992 with variance and permitted approvals.; Each unit has parking for at least 2 vehicles; first unit has an open farmers porch and 2‑car parking.
