Remodeled Triplex with 6-Car
New
For Sale
$899,900
12 Richmond Ave, Worcester, MA 01602
Updated three-unit property with flexible layouts and neighborhood amenities within a short walk.
Property Size3,953 SF
Days on Market5
Property Features for 12 Richmond Ave
General Information
Standard status
Active
Size
3,953 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,331
Building Details
Building Size
3,953 SF
Year Built
1890
Stories
4
Units
3
Listing Agency:
(508) 614-0953
Listed By:
Ferrari Property Group
(508) 614-0953
Source:
Elliman
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 2:55PM
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 Ferrari Property Group
Investment Insights
Based on property information with market context.
12 Richmond Ave is a three-unit residential income property with remodeled interiors throughout. The first-floor residence includes a contemporary kitchen with stainless steel appliances, separate living and dining areas, and hardwood flooring. The second-floor unit follows a comparable layout and adds access to extra living space plus a walk-up attic. A remodeled lower-level unit contains three rooms, including one bedroom.
The property includes a 6-car garage that may provide an additional rental-income opportunity. Worcester Polytechnic Institute, Worcester State University, and Assumption University are approximately one mile away. Coffee shops, markets, and other neighborhood amenities are less than a minute on foot. The property has a walk score of 73, a bike score of 31, and a transit score of 31.
The property includes a 6-car garage that may provide an additional rental-income opportunity. Worcester Polytechnic Institute, Worcester State University, and Assumption University are approximately one mile away. Coffee shops, markets, and other neighborhood amenities are less than a minute on foot. The property has a walk score of 73, a bike score of 31, and a transit score of 31.
Key Highlights
- Three remodeled residential units
- 6‑car garage with potential for additional rental income
- First‑floor unit with stainless steel appliances and hardwood floors
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
$58,051
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
6.45%
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%
$1,161,020
$1.2M
Cap Rate 7%
$829,300
$829.3K
Cap Rate 9%
$645,011
$645.0K
Market Conditions
NOI Build-Up for 3,953 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
$87.8K $22.20/SF
− Vacancy
−$4.8K −$1.22/SF
EGI
$82.9K $20.98/SF
− OpEx
−$24.9K −$6.29/SF
NOI
$58.1K $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%
$1,161,020
Cap Rate 7%
$829,300
Cap Rate 9%
$645,011
Alternative Uses
Best Use
Multifamily LT 5
$829.3K
$725.6K – $967.5K
NOI $58,051 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$761.3K
$666.1K – $888.1K
NOI $53,288 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,360 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
299
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 - Updated three-unit property with flexible layouts and neighborhood amenities within a short walk.
Where is this triplex located?
The property is located at 12 Richmond Ave Worcester, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Three remodeled residential units; 6‑car garage with potential for additional rental income; First‑floor unit with stainless steel appliances and hardwood floors
