Worcester Triplex with Investment
For Sale
$575,000
Pending
32 Ames St, Worcester, MA 01604
Large three-family property in Worcester with good rental income.
Property Size3,852 SF
Lot Size0.08 Acres
Days on Market156
Property Features for 32 Ames St
General Information
Standard status
Pending
Size
3,852 SF
Lot size
0.08 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,602
Building Details
Building Size
3,852 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
(774) 314-9448
Listed By:
Jim Black Group · License #453014206
(774) 314-9448
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 Jim Black Group
Investment Insights
Based on property information with market context.
This large three-family property is located in Worcester and offers good rental income, presenting an opportunity for investors to expand their portfolios. The property features a 6/3/1 layout, with each unit including its own living room, kitchen, and ample storage space. Exterior features include new gutters, a newer roof, and vinyl windows. A new tar driveway provides parking space for three cars. The location is convenient for commuters, with proximity to Route 146, I-290, and the Mass Pike, as well as being within walking distance of Polar Park. Several amenities are nearby, including a large park and additional parking directly across the street. The property is situated in the heart of Worcester.
Key Highlights
- High rental income potential from a large 3‑family property.
- Convenient location for commuters, close to Rt. 146, I‑290, and the Mass Pike.
- Layout includes individual living rooms and kitchens in each unit (6/3/1).
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
$51,927
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
9.03%
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%
$1,038,540
$1.0M
Cap Rate 7%
$741,814
$741.8K
Cap Rate 9%
$576,967
$577.0K
Market Conditions
NOI Build-Up for 3,852 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
$99.4K $25.80/SF
− Vacancy
−$5.0K −$1.29/SF
EGI
$94.4K $24.51/SF
− OpEx
−$42.5K −$11.03/SF
NOI
$51.9K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,038,540
Cap Rate 7%
$741,814
Cap Rate 9%
$576,967
Alternative Uses
Best Use
Multifamily LT 5
$808.1K
$707.1K – $942.8K
NOI $56,568 @ 7.0% cap · market cap 9.84%
Second Best
Apartment 5plus
$741.8K
$649.1K – $865.5K
NOI $51,927 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,000 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 - Large three-family property in Worcester with good rental income.
Where is this triplex located?
The property is located at 32 Ames St Worcester, MA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: High rental income potential from a large 3‑family property.; Convenient location for commuters, close to Rt. 146, I‑290, and the Mass Pike.; Layout includes individual living rooms and kitchens in each unit (6/3/1).
