Remodeled Triplex With
For Sale
$889,900
12 Richmond Ave, Worcester, MA 01602
Residential Income, Worcester, MA
Property Size3,953 SF
Lot Size0.21 Acres
Price / SF$225.12
Days on Market52
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
Bathroom 4, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bathroom 1
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
Listed By:
Sarah Gustafson
(508) 754-3020
Added: Aug 25
Changed: Oct 6
Last Checked: Oct 15 at 3:06AM
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 / Yr
$58,051
Cap Rate
6.52%
Suggested Prices Based on Cap Rates
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
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 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 6.52%
Second Best
Apartment 5plus
$761.3K
$666.1K – $888.1K
NOI $53,288 @ 7.0% cap · market cap 5.99%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,360 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 $889,900.
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
