Updated Three-Unit
New
For Sale
$699,900
121 Illinois Street, Worcester, MA 01603
Fully occupied residential income property with RG-5 zoning, updated bathrooms, dedicated laundry, and a detached garage.
Property Size3,912 SF
Lot Size0.22 Acres
Price / SF$178.91
Days on Market5
Property Features for 121 Illinois Street
General Information
Standard status
Active
Size
3,912 SF
Total Parking Spaces
3
Lot size
0.22 Acres
Property subtype
Multi-family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
3
Amenities
laundry room
Building Details
Year Built
1917
Listing Agency:
Blue Sky Realty
Listed By:
Kelly A. Nelson · License #9510145
(508) 579-6564
Source:
Trufantre
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 7:49AM
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 Blue Sky Realty
Investment Insights
Based on property information with market context.
This fully occupied triplex contains 3,912 square feet with nine bedrooms across three units. The property includes spacious full bathrooms with tub/shower combinations, ample closet space, front-to-back living rooms that may also function as home offices or additional sleeping space, and a dedicated laundry room. Recent work includes bathroom improvements throughout, plumbing updates, interior hallway and porch painting, porch window upgrades, and exterior stair improvements. Two heat systems serve the building, which is fully lead certified and equipped with a hard-wired fire alarm system.
A detached three-car garage provides additional income, while the 9,731-square-foot corner lot includes a potential expansion option. Built in 1917 and zoned RG-5, the property is near major routes, Union Station, hospitals, and Clark University, which is within walking distance.
A detached three-car garage provides additional income, while the 9,731-square-foot corner lot includes a potential expansion option. Built in 1917 and zoned RG-5, the property is near major routes, Union Station, hospitals, and Clark University, which is within walking distance.
Key Highlights
- Fully occupied triplex with 3,912 square feet and 9 bedrooms
- 9,731‑square‑foot corner lot with a potential expansion option
- Three full bathrooms with tub/shower combinations and bathroom upgrades throughout
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
$57,449
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
8.21%
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%
$1,148,980
$1.1M
Cap Rate 7%
$820,700
$820.7K
Cap Rate 9%
$638,322
$638.3K
Market Conditions
NOI Build-Up for 3,912 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
$86.8K $22.20/SF
− Vacancy
−$4.8K −$1.22/SF
EGI
$82.1K $20.98/SF
− OpEx
−$24.6K −$6.29/SF
NOI
$57.4K $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%
$1,148,980
Cap Rate 7%
$820,700
Cap Rate 9%
$638,322
Alternative Uses
Best Use
Multifamily LT 5
$820.7K
$718.1K – $957.5K
NOI $57,449 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$753.4K
$659.2K – $878.9K
NOI $52,736 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,402 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,028
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 - Fully occupied residential income property with RG-5 zoning, updated bathrooms, dedicated laundry, and a detached garage.
Where is this triplex located?
The property is located at 121 Illinois Street Worcester, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Fully occupied triplex with 3,912 square feet and 9 bedrooms; 9,731‑square‑foot corner lot with a potential expansion option; Three full bathrooms with tub/shower combinations and bathroom upgrades throughout
