Three-Family Residential
For Sale
$765,000
Pending
11 Woodford Street, Worcester, MA 01604
Three-family property on an oversized lot with potential for additional development.
Property Size3,817 SF
Lot Size0.27 Acres
Days on Market56
Property Features for 11 Woodford Street
General Information
Standard status
Pending
Size
3,817 SF
Lot size
0.27 Acres
Property subtype
Multi-family
Zoning
RG5
Additional Details
Multifamily Units
3
Building Details
Year Built
1924
Listing Agency:
Property Investors & Advisors,LLC
Listed By:
Brian Allen · License #9583389
(508) 868-0927
Source:
Campionre
Added: Jul 14
Changed: Aug 23
Last Checked: Jul 25 at 2:46PM
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 Property Investors & Advisors,LLC
Investment Insights
Based on property information with market context.
This three-family residential income property totals 3,817 SF and sits on an oversized 11,880 SF lot. The offering is described as being in RG5 and includes room on-site for an ADU and potential for additional multifamily development, subject to feasibility study review.
The property is located about 0.2 miles from Dennis Shine Pool and Worcester Academy’s Gaskill Field, with additional nearby access points including Polar Park (1.1 miles) and Union Station (1.4 miles). It is also approximately 3 miles to UMass Chan and just over 3 miles to the Mass Pike entrance.
Additional development concepts and feasibility are referenced in the attached feasibility study, which should be reviewed for more detail on what may be possible for the site.
The property is located about 0.2 miles from Dennis Shine Pool and Worcester Academy’s Gaskill Field, with additional nearby access points including Polar Park (1.1 miles) and Union Station (1.4 miles). It is also approximately 3 miles to UMass Chan and just over 3 miles to the Mass Pike entrance.
Additional development concepts and feasibility are referenced in the attached feasibility study, which should be reviewed for more detail on what may be possible for the site.
Key Highlights
- 3‑family property built in 1924 with 3,817 SF of building area
- Oversized 11,880 SF lot in RG5, ready for additional development
- Lot offers space for an ADU and may allow up to an additional 3‑family on the lot
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
$56,054
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
7.33%
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%
$1,121,080
$1.1M
Cap Rate 7%
$800,771
$800.8K
Cap Rate 9%
$622,822
$622.8K
Market Conditions
NOI Build-Up for 3,817 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
$84.7K $22.20/SF
− Vacancy
−$4.7K −$1.22/SF
EGI
$80.1K $20.98/SF
− OpEx
−$24.0K −$6.29/SF
NOI
$56.1K $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%
$1,121,080
Cap Rate 7%
$800,771
Cap Rate 9%
$622,822
Alternative Uses
Best Use
Multifamily LT 5
$800.8K
$700.7K – $934.2K
NOI $56,054 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$735.1K
$643.2K – $857.6K
NOI $51,455 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$1.27M
$1.11M – $1.49M
NOI $89,182 @ 7.0% cap · market cap 11.66%
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
844
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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-family property on an oversized lot with potential for additional development.
Where is this triplex located?
The property is located at 11 Woodford Street Worcester, MA.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: 3‑family property built in 1924 with 3,817 SF of building area; Oversized 11,880 SF lot in RG5, ready for additional development; Lot offers space for an ADU and may allow up to an additional 3‑family on the lot
