Three-Family Home with Enclosed
For Sale
$699,000
Pending
113 Sterling St, Worcester, MA 01610
Three rental units each with two bedrooms, plus enclosed porches and a full basement.
Property Size3,465 SF
Days on Market53
Property Features for 113 Sterling St
General Information
Standard status
Pending
Size
3,465 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1915
Listing Agency:
Keller Williams Realty Evolution
(978) 907-8869
Listed By:
Alvarenga & Son's Team
(978) 907-8869
Source:
Lockandkeyre
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 9:58AM
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This three-family home offers three separate units, each featuring two bedrooms, along with spacious living and dining areas. Much of the home includes hardwood floors, and the owner’s unit also includes a bonus room and one full bathroom. Additional improvements include enclosed porches and a full basement.
The property is located near shopping, restaurants, public transportation, parks, schools, and universities, with convenient access to major highways.
An open house is scheduled for Saturday and Sunday from 12:00–2:00 PM.
The property is located near shopping, restaurants, public transportation, parks, schools, and universities, with convenient access to major highways.
An open house is scheduled for Saturday and Sunday from 12:00–2:00 PM.
Key Highlights
- Three‑family home built in 1915 with three rental units, each offering 2 bedrooms
- Owner unit includes a bonus room and 1 full bathroom, plus spacious living and dining areas
- Hardwood floors throughout much of the home
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
$50,885
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
7.28%
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%
$1,017,700
$1.0M
Cap Rate 7%
$726,929
$726.9K
Cap Rate 9%
$565,389
$565.4K
Market Conditions
NOI Build-Up for 3,465 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
$76.9K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$72.7K $20.98/SF
− OpEx
−$21.8K −$6.29/SF
NOI
$50.9K $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%
$1,017,700
Cap Rate 7%
$726,929
Cap Rate 9%
$565,389
Alternative Uses
Best Use
Multifamily LT 5
$726.9K
$636.1K – $848.1K
NOI $50,885 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$667.3K
$583.9K – $778.5K
NOI $46,710 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,958 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three rental units each with two bedrooms, plus enclosed porches and a full basement.
Where is this triplex located?
The property is located at 113 Sterling St Worcester, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three‑family home built in 1915 with three rental units, each offering 2 bedrooms; Owner unit includes a bonus room and 1 full bathroom, plus spacious living and dining areas; Hardwood floors throughout much of the home
