Three-Unit Triplex with
For Sale
$679,000
106 Illinois Street, Worcester, MA 01603
Multifamily property includes a full basement and off-street parking.
Property Size2,310 SF
Price / SF$293.94
Days on Market11
Property Features for 106 Illinois Street
General Information
Standard status
Active
Size
2,310 SF
Total Parking Spaces
4
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1898
Buildings
1
Listing Agency:
Dell Realty Inc.
Listed By:
Silvia Monteiro
(617) 682-2351
Source:
Demakis
Added: Aug 24
Changed: Sep 3
Last Checked: Sep 2 at 7:50PM
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 Dell Realty Inc.
Investment Insights
Based on property information with market context.
This 2,310-square-foot triplex, built in 1898, contains three residential units within a well-maintained multifamily property. A full basement adds storage and laundry potential, while off-street parking accommodates up to four vehicles.
The property is situated near a university, shopping, restaurants, and major routes, providing access to a range of nearby services and transportation connections. Its three-unit configuration supports leasing the apartments individually or occupying one unit while using the others for rental purposes.
The property is situated near a university, shopping, restaurants, and major routes, providing access to a range of nearby services and transportation connections. Its three-unit configuration supports leasing the apartments individually or occupying one unit while using the others for rental purposes.
Key Highlights
- Three residential units in a 2,310‑square‑foot triplex
- Full basement with storage and laundry potential
- Off‑street parking for up to 4 vehicles
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
$33,923
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
5.00%
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%
$678,460
$678.5K
Cap Rate 7%
$484,614
$484.6K
Cap Rate 9%
$376,922
$376.9K
Market Conditions
NOI Build-Up for 2,310 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
$51.3K $22.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$48.5K $20.98/SF
− OpEx
−$14.5K −$6.29/SF
NOI
$33.9K $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%
$678,460
Cap Rate 7%
$484,614
Cap Rate 9%
$376,922
Alternative Uses
Best Use
Multifamily LT 5
$484.6K
$424.0K – $565.4K
NOI $33,923 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$444.9K
$389.3K – $519.0K
NOI $31,140 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$771.0K
$674.7K – $899.5K
NOI $53,972 @ 7.0% cap · market cap 7.95%
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 - Multifamily property includes a full basement and off-street parking.
Where is this triplex located?
The property is located at 106 Illinois Street Worcester, MA.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Three residential units in a 2,310‑square‑foot triplex; Full basement with storage and laundry potential; Off‑street parking for up to 4 vehicles
