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Well-Maintained Three-Family Investment Property

612 Rathbun St Blackstone, MA 01504

Claim this Listing
For Sale
$599,900

Spacious 3-bed units with upgrades and income potential.

Type:Investment
Property size:
3,600 SF
Price / SF:
$166/SF
Added:
May 12, 2026
Days on Market:
62
Last Refresh:
Jul 2 at 6:50 pm

Property Features for 612 Rathbun St

General Information

Standard status
Active
Size
3,600 SF
Property subtype
Investment

Building Details

Year Built
1925

Listing office

Listing date May 12, 2026

Source Elliman

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 DiSpirito Team


Investment Insights

Based on property information with market context.

This well-maintained three-family property presents an investment opportunity with potential for long-term value and future rental growth. Each of the three units features three bedrooms and approximately 1,200 square feet of living space. The property includes separate utilities for each unit, in-unit laundry hookups, basement storage, and parking space for over eight vehicles. A yard is also located on the premises. Since 2020, infrastructure upgrades have been implemented, including complete replacement of all knob-and-tube wiring, new electrical panels in each unit, new PEX plumbing throughout, a new PVC stack, and a new roof. Three new hydroelectric water heaters, insulation improvements, and hardwired smoke/CO detectors have also been installed, along with updated common areas and exterior/porch code and safety improvements. The first-floor unit is equipped with a new 96% high-efficiency gas FHA furnace and central air. The property is located in a very walkable area, with a walk score of 74, and a somewhat bikeable area, with a bike score of 43. Long-term tenants are in place with below-market rents, offering potential for future income increase.

Key Highlights

  • Three spacious 3‑bed units (approximately 1,200 sq ft each).
  • Extensive infrastructure upgrades since 2020, including electrical, plumbing, roof, and water heaters.
  • Separate utilities and in‑unit laundry hookups for each unit.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $71.3k $19.80
− Vacancy −$1.8k −$0.49
EGI $69.5k $19.31
− OpEx −$20.9k −$5.79
NOI $48.7k $13.52
3,600 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$695.2K
$608.3K – $811.1K (±1% cap)
NOI $48,664 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$605.0K
$529.4K – $705.8K (±1% cap)
NOI $42,350 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.23M
$1.08M – $1.43M (±1% cap)
NOI $86,054 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Triplexes

Suggested Use

Real Estate Agency Law Firm Spa & Massage Center Hair Salon Parking Lot & Garage Gym & Fitness Center Skin Care Clinic Nail Salon Garden Center Accounting Firm

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Triplex - Spacious 3-bed units with upgrades and income potential.
Where is this triplex located?
The property is located at 612 Rathbun St Blackstone, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three spacious 3‑bed units (approximately 1,200 sq ft each).; Extensive infrastructure upgrades since 2020, including electrical, plumbing, roof, and water heaters.; Separate utilities and in‑unit laundry hookups for each unit.
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More about this property
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