Updated Two-Family
61 Richmond Ave Worcester, MA 01602
61 Richmond Ave, Worcester, MA, 01602
$650,000
Pending
For Sale
$650,000
Pending
Two updated units with recent roof, HVAC, flooring, and a second-floor vacancy starting June 1.
Property Size1,960 SF
Days on Market87
Property Features for 61 Richmond Ave
General Information
- Standard status
- Pending
- Size
- 1,960 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1963
Listing agency
BA Property & Lifestyle Advisors
(508) 852-4227
Listed by
Joseph Abramoff
Source
Cjbarrett
Added: Apr 27 Updated: Jul 21 at 4:56PM Checked: Jul 21 at 4:56PM
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 BA Property & Lifestyle Advisors
Investment Insights
Based on property information with market context.
Updated two-family residence on Worcester’s West Side, offered for sale with one unit currently tenant at will and the second-floor unit scheduled to be vacant starting 6/1.
The seller reports major improvements completed within the last five years, including a new roof (10/22), new gutters (9/23), a redone driveway (4/23), and new heat and hot water systems (11/22). The first-floor hardwood floors were redone (2021), and the second-floor hardwood floors were redone (2024). Additional updates include second-floor bathroom tile (2023), recent paint in both units, and newer appliances.
Both units have lead paint compliance certificates. Group showings are planned for Thursday and Saturday; please RSVP to the listing agent.
The seller reports major improvements completed within the last five years, including a new roof (10/22), new gutters (9/23), a redone driveway (4/23), and new heat and hot water systems (11/22). The first-floor hardwood floors were redone (2021), and the second-floor hardwood floors were redone (2024). Additional updates include second-floor bathroom tile (2023), recent paint in both units, and newer appliances.
Both units have lead paint compliance certificates. Group showings are planned for Thursday and Saturday; please RSVP to the listing agent.
Key Highlights
- Updated 2‑family home built in 1963 on the West Side.
- Second‑floor unit will be vacant starting 6/1; first‑floor unit is tenant at will.
- Major updates in last 5 years: new roof (10/22) and new gutters (9/23).
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $43.5k | $22.20 |
| − Vacancy | −$2.4k | −$1.22 |
| EGI | $41.1k | $20.98 |
| − OpEx | −$12.3k | −$6.29 |
| NOI | $28.8k | $14.69 |
1,960 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$411.2K
$359.8K – $479.7K
NOI $28,783 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$377.5K
$330.3K – $440.4K
NOI $26,422 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$654.2K
$572.4K – $763.2K
NOI $45,794 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two updated units with recent roof, HVAC, flooring, and a second-floor vacancy starting June 1.
Where is this duplex located?
The property is located at 61 Richmond Ave Worcester, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Updated 2‑family home built in 1963 on the West Side.; Second‑floor unit will be vacant starting 6/1; first‑floor unit is tenant at will.; Major updates in last 5 years: new roof (10/22) and new gutters (9/23).
