3-Unit Triplex with
For Sale
$649,000
Pending
103 Illinois St, Worcester, MA 01603
Three residential units offer matching three-bedroom layouts with living areas, kitchens, storage, and driveway parking.
Property Size3,573 SF
Days on Market408
Property Features for 103 Illinois St
General Information
Standard status
Pending
Size
3,573 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,323
Amenities
large back yard
driveway
Listing Agency:
New Year Realty
(339) 400-8007
Listed By:
Allen Wong
Source:
Exprealty
Added: Jul 19, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:17AM
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 New Year Realty
Investment Insights
Based on property information with market context.
This 3,573-square-foot triplex contains three residential units, each arranged with three bedrooms, a living area, and a kitchen. The property also includes storage space, a backyard, and a driveway that provides on-site parking.
Located at 103 Illinois St in Worcester, Massachusetts, the property is configured as a multifamily income asset with three comparable unit layouts. Showings require coordination with the tenants, so advance scheduling is necessary.
Located at 103 Illinois St in Worcester, Massachusetts, the property is configured as a multifamily income asset with three comparable unit layouts. Showings require coordination with the tenants, so advance scheduling is necessary.
Key Highlights
- 3,573‑square‑foot triplex at 103 Illinois St, Worcester, MA
- Three residential units, each with 3 bedrooms
- Every unit includes a living area and kitchen
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
$52,471
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
8.08%
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%
$1,049,420
$1.0M
Cap Rate 7%
$749,586
$749.6K
Cap Rate 9%
$583,011
$583.0K
Market Conditions
NOI Build-Up for 3,573 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
$79.3K $22.20/SF
− Vacancy
−$4.4K −$1.22/SF
EGI
$75.0K $20.98/SF
− OpEx
−$22.5K −$6.29/SF
NOI
$52.5K $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%
$1,049,420
Cap Rate 7%
$749,586
Cap Rate 9%
$583,011
Alternative Uses
Best Use
Multifamily LT 5
$749.6K
$655.9K – $874.5K
NOI $52,471 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$688.1K
$602.1K – $802.8K
NOI $48,166 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,481 @ 7.0% cap · market cap 12.86%
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
1,028
Businesses Nearby
Explore this area
Business Placement
Demographics for 01603, MA
22,417
Population
8,504
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
83%
High-School Grad
4.5 sq mi
ZIP Area
4,982
Density / Sq Mi
$63,646
Median Household Income
$40,403
Median Earnings
$1,339
Median Rent
$287,800
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?
Triplex - Three residential units offer matching three-bedroom layouts with living areas, kitchens, storage, and driveway parking.
Where is this triplex located?
The property is located at 103 Illinois St Worcester, MA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 3,573‑square‑foot triplex at 103 Illinois St, Worcester, MA; Three residential units, each with 3 bedrooms; Every unit includes a living area and kitchen
