Updated Two-Family
For Sale
$650,000
Pending
61 Richmond Ave, Worcester, MA 01602
Two updated units with recent roof, HVAC, flooring, and a second-floor vacancy starting June 1.
Property Size1,960 SF
Days on Market134
Property Features for 61 Richmond Ave
General Information
Standard status
Pending
Size
1,960 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
RL-7
Additional Details
Multifamily Units
2
Building Details
Building Size
1,960 SF
Year Built
1963
Stories
2
Listing Agency:
BA Property & Lifestyle Advisors
Listed By:
Joseph Abramoff
(508) 852-4227
Source:
Cjbarrett
Added: Apr 27
Changed: Aug 8
Last 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).
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
$28,783
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
4.43%
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%
$575,660
$575.7K
Cap Rate 7%
$411,186
$411.2K
Cap Rate 9%
$319,811
$319.8K
Market Conditions
NOI Build-Up for 1,960 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
$43.5K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$41.1K $20.98/SF
− OpEx
−$12.3K −$6.29/SF
NOI
$28.8K $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%
$575,660
Cap Rate 7%
$411,186
Cap Rate 9%
$319,811
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 authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
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 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).
