Renovated Triplex with
For Sale
$949,900
576 Franklin St, Worcester, MA 01608
Residential Income, Worcester, MA
Property Size3,402 SF
Lot Size0.25 Acres
Price / SF$279.22
Days on Market82
Property Features for 576 Franklin St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
BL-1
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Bedroom 7, Bedroom 9, Bathroom 1, Bedroom 2, Bedroom 8, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5
Parking
9
Directions
Plantation Street to Franklin
Standard status
Active
APN
M:19 B:010 L:00003,1781476
Size
3,402 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9836
Amenities
basement storage
shed
backyard
Building Details
Year built
1910
Floors in Building
3
Number of units
3
Listing Agency:
REMAX Executive Realty · RE/MAX International
(508) 839-9219
Listed By:
Bill Wright · License #5503
(508) 839-9219
Added: Jun 12
Changed: Aug 29
Last Checked: Sep 1 at 2:06PM
MLS# 73535467
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 Worcester triplex contains three apartments within 3,402 square feet. Each residence includes 6 rooms, 3 bedrooms, 1 full bath, high ceilings, hardwood flooring, living and dining areas, closet storage, and an eat-in kitchen with granite counters, white cabinetry, and stainless-steel appliances. Full-size in-unit stackable washers and dryers, tiled bathrooms, and Nest thermostats are included. The property underwent a substantial renovation in 2018, including new windows, electrical systems, heating equipment, and hot water tanks. A shingled roof was added in 2023.
The 0.2537-acre parcel includes a paved driveway with 9 off-street parking spaces, basement storage, a shed, and a backyard. City views are available from the front yard. The property is identified with BL-1 zoning and was originally built in 1910.
The 0.2537-acre parcel includes a paved driveway with 9 off-street parking spaces, basement storage, a shed, and a backyard. City views are available from the front yard. The property is identified with BL-1 zoning and was originally built in 1910.
Key Highlights
- Three‑apartment triplex with 3,402 square feet
- Each unit offers 6 rooms, 3 bedrooms, and 1 full bath
- 2018 renovation included windows, electrical, heating systems, and hot water tanks
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
$49,959
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
5.26%
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%
$999,180
$999.2K
Cap Rate 7%
$713,700
$713.7K
Cap Rate 9%
$555,100
$555.1K
Market Conditions
NOI Build-Up for 3,402 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
$75.5K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$71.4K $20.98/SF
− OpEx
−$21.4K −$6.29/SF
NOI
$50.0K $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%
$999,180
Cap Rate 7%
$713,700
Cap Rate 9%
$555,100
Alternative Uses
Best Use
Multifamily LT 5
$713.7K
$624.5K – $832.7K
NOI $49,959 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$655.2K
$573.3K – $764.4K
NOI $45,861 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$1.14M
$993.6K – $1.32M
NOI $79,486 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 01608, MA
4,996
Population
2,565
Households
1.9
Avg Household Size
28
Median Age
29%
College-Educated
74%
High-School Grad
0.5 sq mi
ZIP Area
9,992
Density / Sq Mi
$45,962
Median Household Income
$36,596
Median Earnings
$1,461
Median Rent
$117,100
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-apartment multifamily property featuring in-unit laundry, updated interiors, and off-street parking in Worcester.
Where is this triplex located?
The property is located at 576 Franklin St Worcester, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Three‑apartment triplex with 3,402 square feet; Each unit offers 6 rooms, 3 bedrooms, and 1 full bath; 2018 renovation included windows, electrical, heating systems, and hot water tanks
