Renovated Three-Unit
New
For Sale
$799,900
62 Westminster Street, Worcester, MA 01605
All three apartments include in-unit laundry and separate living and kitchen areas.
Property Size3,200 SF
Price / SF$249.97
Days on Market6
Property Features for 62 Westminster Street
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
6
Property subtype
Multi-family
Units
Unit Mix
2 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
stainless steel appliances
granite countertops
hardwood flooring
Building Details
Year Built
1920
Buildings
1
Stories
3
Listing Agency:
ALL CAPITAL REALTY,LLC
Listed By:
Christina Kelly
(603) 548-5315
Source:
Burkelordrealestate
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 9:27AM
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 ALL CAPITAL REALTY,LLC
Investment Insights
Based on property information with market context.
This three-unit residential property contains approximately 3,200 square feet of living area. The first- and second-floor apartments each have three bedrooms and 1.5 bathrooms; the third-floor apartment has two bedrooms and one full bathroom. All units include a kitchen, living room, and in-unit laundry. Kitchen details include stainless steel appliances, granite counters, and white cabinetry. Hardwood flooring extends through the floors, with tile in the bathrooms.
The property was built in 1920 and provides six off-street parking spaces. It is near downtown Worcester and Polar Park, with access to I-290, Route 146, and I-90.
The property was built in 1920 and provides six off-street parking spaces. It is near downtown Worcester and Polar Park, with access to I-290, Route 146, and I-90.
Key Highlights
- Three apartments with a combined approximately 3,200 square feet of living area
- First- and second‑floor units each offer 3 bedrooms and 1.5 baths
- Third‑floor unit has 2 bedrooms and a full bath
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
$46,993
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
5.87%
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%
$939,860
$939.9K
Cap Rate 7%
$671,329
$671.3K
Cap Rate 9%
$522,144
$522.1K
Market Conditions
NOI Build-Up for 3,200 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
$71.0K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$67.1K $20.98/SF
− OpEx
−$20.1K −$6.29/SF
NOI
$47.0K $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%
$939,860
Cap Rate 7%
$671,329
Cap Rate 9%
$522,144
Alternative Uses
Best Use
Multifamily LT 5
$671.3K
$587.4K – $783.2K
NOI $46,993 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$616.3K
$539.2K – $719.0K
NOI $43,138 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$1.07M
$934.6K – $1.25M
NOI $74,766 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,360
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
Median Home Value
Check the figures for this property
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?
Triplex - All three apartments include in-unit laundry and separate living and kitchen areas.
Where is this triplex located?
The property is located at 62 Westminster Street Worcester, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three apartments with a combined approximately 3,200 square feet of living area; First- and second‑floor units each offer 3 bedrooms and 1.5 baths; Third‑floor unit has 2 bedrooms and a full bath
