Three-Unit Multifamily
For Sale
$515,000
Pending
46 Townsend St, Worcester, MA 01609
Three-unit property with potential for owner occupancy or investment.
Property Size3,031 SF
Lot Size0.16 Acres
Days on Market279
Property Features for 46 Townsend St
General Information
Standard status
Pending
Size
3,031 SF
Lot size
0.16 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,657
Building Details
Building Size
3,031 SF
Year Built
1900
Stories
6
Units
4
Listing Agency:
Precision Home Realty LLC
(508) 583-8004
Listed By:
Barbara Watson
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 28
Last Checked: Sep 1 at 8:49PM
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 Precision Home Realty LLC
Investment Insights
Based on property information with market context.
This three-unit multifamily property is suitable for owner occupancy or investment. One of the units will be vacant. The property features a non-traditional three-unit configuration, including an in-law suite with two bedrooms and one full bathroom. The first floor includes three bedrooms and two bathrooms, one of which has a jacuzzi. The second floor has three bedrooms and one bathroom, while the third floor contains two bedrooms and one bathroom. Each unit is responsible for its own electric and heating expenses. There are eight paved parking spaces available, along with two to three off-street parking spaces for tenants.
Key Highlights
- Potential for owner‑occupancy with rental income from other units.
- One vacant unit available for immediate occupancy or rental.
- Each unit separately metered for electric and heat, simplifying utility management.
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
$44,511
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
8.64%
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%
$890,220
$890.2K
Cap Rate 7%
$635,871
$635.9K
Cap Rate 9%
$494,567
$494.6K
Market Conditions
NOI Build-Up for 3,031 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
$67.3K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$63.6K $20.98/SF
− OpEx
−$19.1K −$6.29/SF
NOI
$44.5K $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%
$890,220
Cap Rate 7%
$635,871
Cap Rate 9%
$494,567
Alternative Uses
Best Use
Multifamily LT 5
$635.9K
$556.4K – $741.9K
NOI $44,511 @ 7.0% cap · market cap 8.64%
Second Best
Apartment 5plus
$583.7K
$510.7K – $681.0K
NOI $40,859 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$1.01M
$885.2K – $1.18M
NOI $70,818 @ 7.0% cap · market cap 13.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,687
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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-unit property with potential for owner occupancy or investment.
Where is this triplex located?
The property is located at 46 Townsend St Worcester, MA.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Potential for owner‑occupancy with rental income from other units.; One vacant unit available for immediate occupancy or rental.; Each unit separately metered for electric and heat, simplifying utility management.
