Three-Unit Triplex with
For Sale
$875,000
1066 Pleasant Street, Worcester, MA 01602
Corner-lot property with flexible first-floor office or residential use and classic architectural details.
Property Size3,543 SF
Price / SF$246.97
Days on Market141
Property Features for 1066 Pleasant Street
General Information
Standard status
Active
Size
3,543 SF
Total Parking Spaces
6
Property subtype
Multi-family
Amenities
fireplaces
millwork
built-ins
tall ceilings
sunrooms
mini-split cooling
steam radiator heat
new boilers
replacement windows
insulation
Building Details
Year Built
1922
Buildings
1
Stories
3
Construction
stone walls
Listing Agency:
Northbound Realty Co
(774) 452-3230
Listed By:
Allen Greenman
Source:
Stevebremis
Added: Apr 12
Changed: Aug 29
Last Checked: Jul 13 at 8:03AM
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 Northbound Realty Co
Investment Insights
Based on property information with market context.
This three-unit triplex occupies a corner lot and includes a two-car garage with driveway space for four vehicles. The first floor can function as either commercial office space or a residence, while the first- and second-floor units share an identical layout with two bedrooms, one full bathroom, and sunrooms that can serve as home-office areas. The third-floor unit also includes two bedrooms and one bathroom and has been freshly renovated.
Built in 1922, the property retains stone walls, two fireplaces, built-ins, quality millwork, and tall ceilings. Improvements include replacement windows, insulation, cosmetic updates, and new boilers and hot water heaters installed in 2018. The first floor has steam radiator heat and mini-split cooling. The property is near a university, schools, shops, Worcester Airport, and nature trails.
Built in 1922, the property retains stone walls, two fireplaces, built-ins, quality millwork, and tall ceilings. Improvements include replacement windows, insulation, cosmetic updates, and new boilers and hot water heaters installed in 2018. The first floor has steam radiator heat and mini-split cooling. The property is near a university, schools, shops, Worcester Airport, and nature trails.
Key Highlights
- Three units in a 1922 triplex on a corner lot
- First floor supports commercial office or residential use
- Two‑car garage plus driveway capacity for four cars
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
$52,030
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
5.95%
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%
$1,040,600
$1.0M
Cap Rate 7%
$743,286
$743.3K
Cap Rate 9%
$578,111
$578.1K
Market Conditions
NOI Build-Up for 3,543 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
$78.7K $22.20/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$74.3K $20.98/SF
− OpEx
−$22.3K −$6.29/SF
NOI
$52.0K $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%
$1,040,600
Cap Rate 7%
$743,286
Cap Rate 9%
$578,111
Alternative Uses
Best Use
Multifamily LT 5
$743.3K
$650.4K – $867.2K
NOI $52,030 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$682.3K
$597.0K – $796.0K
NOI $47,761 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,780 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
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 - Corner-lot property with flexible first-floor office or residential use and classic architectural details.
Where is this triplex located?
The property is located at 1066 Pleasant Street Worcester, MA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three units in a 1922 triplex on a corner lot; First floor supports commercial office or residential use; Two‑car garage plus driveway capacity for four cars
