Remodeled Triplex With
New
For Sale
$899,900
12 Richmond Ave, Worcester, MA 01602
Residential Income, Worcester, MA
Property Size3,953 SF
Lot Size0.21 Acres
Price / SF$227.65
Days on Market1
Property Features for 12 Richmond Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL-7
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bathroom 2
Parking
9
Directions
USE GPS
Standard status
Active
APN
M:11 B:017 L:00002,1773207
Size
3,953 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7331
Building Details
Year built
1890
Floors in Building
4
Number of units
3
Listing Agency:
Keller Williams Pinnacle Central · Keller Williams Realty
(508) 754-3020
Listed By:
Sarah Gustafson
(508) 754-3020
Added: Aug 25
Last Checked: Aug 25 at 6:06PM
MLS# 73568024
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,953-square-foot triplex contains three remodeled and updated residential units within a property built in 1890. The first-floor apartment includes a contemporary kitchen with stainless steel appliances, separate living and dining areas, and hardwood flooring. The second-floor unit follows a comparable arrangement and connects to additional living space and a walk-up attic. A three-room lower-level apartment includes one bedroom and has also been renovated.
The property occupies 0.2122 acres in Worcester and is zoned RL-7. A six-car garage adds substantial accessory space. WPI, Worcester State University, and Assumption University are each approximately one mile away, while a coffee shop, markets, and neighborhood amenities are within less than a minute's walk.
The property occupies 0.2122 acres in Worcester and is zoned RL-7. A six-car garage adds substantial accessory space. WPI, Worcester State University, and Assumption University are each approximately one mile away, while a coffee shop, markets, and neighborhood amenities are within less than a minute's walk.
Key Highlights
- Three‑family property with all units remodeled and updated
- 3,953 square feet on a 0.2122‑acre lot
- Six‑car garage provides substantial accessory space
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
Lease Details
3
Residential units
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 - Three updated apartments with varied layouts and shared access to a substantial detached garage.
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‑family property with all units remodeled and updated; 3,953 square feet on a 0.2122‑acre lot; Six‑car garage provides substantial accessory space
