Triplex with Full
For Sale
$679,000
12 Ives Street, Worcester, MA 01603
Three-unit residential property with hardwood floors, functional kitchens, a full basement, and a paved driveway.
Property Size2,661 SF
Price / SF$255.17
Days on Market10
Property Features for 12 Ives Street
General Information
Standard status
Active
Size
2,661 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1915
Listing Agency:
Dell Realty Inc.
Listed By:
Silvia Monteiro
(617) 682-2351
Source:
Mapleandmainrealty
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 2 at 8:04PM
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.
Built in 1915, this three-unit residential property includes hardwood flooring, bedrooms, bathrooms, and functional kitchens across the units. The building also features a full basement and a paved driveway, providing additional utility and on-site access.
The property is located at 12 Ives St in Worcester, Massachusetts, and carries RG-5 zoning. Its triplex configuration supports both multifamily ownership and owner-occupancy use, as described in the property information.
The property is located at 12 Ives St in Worcester, Massachusetts, and carries RG-5 zoning. Its triplex configuration supports both multifamily ownership and owner-occupancy use, as described in the property information.
Key Highlights
- Three‑unit residential property at 12 Ives St, Worcester, MA 01603
- Built in 1915
- Hardwood flooring in each unit
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
$39,078
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
5.76%
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%
$781,560
$781.6K
Cap Rate 7%
$558,257
$558.3K
Cap Rate 9%
$434,200
$434.2K
Market Conditions
NOI Build-Up for 2,661 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
$59.1K $22.20/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$55.8K $20.98/SF
− OpEx
−$16.7K −$6.29/SF
NOI
$39.1K $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%
$781,560
Cap Rate 7%
$558,257
Cap Rate 9%
$434,200
Alternative Uses
Best Use
Multifamily LT 5
$558.3K
$488.5K – $651.3K
NOI $39,078 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$512.5K
$448.4K – $597.9K
NOI $35,872 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$888.2K
$777.2K – $1.04M
NOI $62,173 @ 7.0% cap · market cap 9.16%
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
1,015
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 - Three-unit residential property with hardwood floors, functional kitchens, a full basement, and a paved driveway.
Where is this triplex located?
The property is located at 12 Ives 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‑unit residential property at 12 Ives St, Worcester, MA 01603; Built in 1915; Hardwood flooring in each unit
