Renovated Quadplex Near Clark
New
For Sale
$929,000
7 Albert St, Worcester, MA 01610
A recently renovated building combines three-bedroom apartments with a smaller one-bedroom layout.
Property Size4,992 SF
Days on Market6
Property Features for 7 Albert St
General Information
Standard status
Active
Size
4,992 SF
Total Parking Spaces
3
Property subtype
Multifamily
Units
Unit Mix
3 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
4
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$9,820
Building Details
Building Size
4,992 SF
Year Built
1890
Listing Agency:
Property Investors & Advisors, LLC
(508) 868-0927
Listed By:
Brian Allen · License #9583389
Source:
Classifiedrealtygroup
Added: Aug 20
Changed: Aug 24
Last Checked: Aug 25 at 4:58AM
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 Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
Built in 1890, this four-unit quadplex has undergone extensive renovation and capital improvements. The unit mix includes three matching 3BR/2BA apartments and one 1BR/1BA apartment. Updates include tile and hardwood flooring, new plumbing and electrical systems, vinyl siding, energy-efficient windows, improved insulation, and a full sprinkler system. The property is fully de-leaded.
Three apartments are stabilized and fully leased through Summer 2027. The remaining 3BR/2BA unit will be delivered vacant, providing flexibility for an owner-occupant or market-rate repositioning. The property is located near Clark University and has WalkScore 79, BikeScore 52, and TransitScore 36.
Three apartments are stabilized and fully leased through Summer 2027. The remaining 3BR/2BA unit will be delivered vacant, providing flexibility for an owner-occupant or market-rate repositioning. The property is located near Clark University and has WalkScore 79, BikeScore 52, and TransitScore 36.
Key Highlights
- Four‑unit property with three 3BR/2BA units and one 1BR/1BA unit
- Three units are fully leased through Summer 2027
- One 3BR/2BA unit will be delivered vacant
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
$73,309
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
7.89%
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%
$1,466,180
$1.5M
Cap Rate 7%
$1,047,271
$1.0M
Cap Rate 9%
$814,544
$814.5K
Market Conditions
NOI Build-Up for 4,992 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
$110.8K $22.20/SF
− Vacancy
−$6.1K −$1.22/SF
EGI
$104.7K $20.98/SF
− OpEx
−$31.4K −$6.29/SF
NOI
$73.3K $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%
$1,466,180
Cap Rate 7%
$1,047,271
Cap Rate 9%
$814,544
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$916.4K – $1.22M
NOI $73,309 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$961.4K
$841.2K – $1.12M
NOI $67,295 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,635 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,390
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
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?
Quadplex - A recently renovated building combines three-bedroom apartments with a smaller one-bedroom layout.
Where is this quadplex located?
The property is located at 7 Albert St Worcester, MA.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: Four‑unit property with three 3BR/2BA units and one 1BR/1BA unit; Three units are fully leased through Summer 2027; One 3BR/2BA unit will be delivered vacant
