Renovated 8-Unit Apartment
New
For Sale
$2,135,000
605 Millbury St, Worcester, MA 01604
Every residence offers a three-bedroom layout with private in-unit laundry and updated kitchen and bathroom finishes.
Property Size10,308 SF
Price / SF$207.12
Days on Market2
Property Features for 605 Millbury St
General Information
Standard status
Active
Size
10,308 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Zoning
BL-1
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
8 x 3BR
Multifamily Units
8
Additional Details
Gross Income
$243,600
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$15,196
Amenities
in-unit washer/dryer
new appliances
Building Details
Building Size
10,308 SF
Year Built
1920
Stories
4
Listing Agency:
Coldwell Banker Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 2
Last Checked: Sep 2 at 2:04PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 10,308-square-foot apartment property at 605 Millbury St in Worcester contains eight three-bedroom residences totaling 24 bedrooms. Two apartments were recently completed with three bedrooms and two bathrooms. Interior and building-system improvements include remodeled kitchens and bathrooms, new plumbing and electrical service, full insulation, a sprinkler installation, and fire alarm systems. Each unit includes a washer and dryer along with new appliances, while separate utilities support individual unit operations.
The property is zoned BL-1 and sits near highways, shopping, public transportation, and other amenities. Built in 1920, the building combines its established construction with extensive modernization across the units and core systems.
The property is zoned BL-1 and sits near highways, shopping, public transportation, and other amenities. Built in 1920, the building combines its established construction with extensive modernization across the units and core systems.
Key Highlights
- Eight apartment units with three‑bedroom layouts, totaling 24 bedrooms
- 10,308 SF multifamily building at 605 Millbury St, Worcester, MA 01604
- Two newly completed 3BR/2BA apartments
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
$138,957
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
6.51%
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%
$2,779,140
$2.8M
Cap Rate 7%
$1,985,100
$2.0M
Cap Rate 9%
$1,543,967
$1.5M
Market Conditions
NOI Build-Up for 10,308 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
$265.9K $25.80/SF
− Vacancy
−$13.3K −$1.29/SF
EGI
$252.6K $24.51/SF
− OpEx
−$113.7K −$11.03/SF
NOI
$139.0K $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%
$2,779,140
Cap Rate 7%
$1,985,100
Cap Rate 9%
$1,543,967
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $138,957 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,841 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
596
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 - Every residence offers a three-bedroom layout with private in-unit laundry and updated kitchen and bathroom finishes.
Where is this apartment building located?
The property is located at 605 Millbury St Worcester, MA.
What is the asking price?
The asking price for this property is $2,135,000.
What are key features of this property?
This property features: Eight apartment units with three‑bedroom layouts, totaling 24 bedrooms; 10,308 SF multifamily building at 605 Millbury St, Worcester, MA 01604; Two newly completed 3BR/2BA apartments
