Updated Triplex with Owner-Occupancy
For Sale
$649,900
5 Diamond St, Worcester, MA 01610
Residential Income, Worcester, MA
Property Size2,988 SF
Lot Size0.06 Acres
Price / SF$217.50
Days on Market40
Property Features for 5 Diamond St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG-5
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 9, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 7, Bedroom 6, Bedroom 8, Bathroom 2, Bedroom 2
Parking
3
Directions
GPS
Standard status
Active
APN
M:05 B:029 L:00016,1766199
Size
2,988 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6107
Building Details
Year built
1890
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Pinnacle Central · Keller Williams Realty
Listed By:
Sarah Gustafson
(508) 754-3020
Added: Jul 31
Changed: Sep 8
Last Checked: Sep 8 at 2:06PM
MLS# 73557492
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,988-square-foot triplex, built in 1890, includes nine bedrooms, three fully equipped kitchens, three bathrooms, separate pantry areas, and generous living rooms. Improvements completed during the current ownership include plumbing, electrical service, kitchens, bathrooms, walls, and flooring. The basement has a concrete floor and provides additional storage. The 0.0584-acre property is zoned RG-5.
The third floor has been vacated, creating an owner-occupancy option within the three-unit layout. Located at 5 Diamond St in Worcester, the property is positioned minutes from major routes and carries a 01610 postal code.
The third floor has been vacated, creating an owner-occupancy option within the three-unit layout. Located at 5 Diamond St in Worcester, the property is positioned minutes from major routes and carries a 01610 postal code.
Key Highlights
- 2,988‑square‑foot triplex on a 0.0584‑acre lot
- Nine bedrooms, three kitchens, three bathrooms, and separate pantry areas
- Updates include plumbing, electrical, kitchens, bathrooms, walls, and flooring
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
$43,880
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
6.75%
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%
$877,600
$877.6K
Cap Rate 7%
$626,857
$626.9K
Cap Rate 9%
$487,556
$487.6K
Market Conditions
NOI Build-Up for 2,988 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
$66.3K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$62.7K $20.98/SF
− OpEx
−$18.8K −$6.29/SF
NOI
$43.9K $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%
$877,600
Cap Rate 7%
$626,857
Cap Rate 9%
$487,556
Alternative Uses
Best Use
Multifamily LT 5
$626.9K
$548.5K – $731.3K
NOI $43,880 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$575.4K
$503.5K – $671.3K
NOI $40,280 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$997.3K
$872.7K – $1.16M
NOI $69,813 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
889
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?
Triplex - Three-unit residential property with refreshed interiors, separate kitchens, basement storage, and a vacant third floor.
Where is this triplex located?
The property is located at 5 Diamond St Worcester, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 2,988‑square‑foot triplex on a 0.0584‑acre lot; Nine bedrooms, three kitchens, three bathrooms, and separate pantry areas; Updates include plumbing, electrical, kitchens, bathrooms, walls, and flooring
