Renovated Three-Unit Residential
For Sale
$799,900
Pending
192 Vernon St, Worcester, MA 01607
Three fully renovated 3-bedroom units with in-unit laundry and off-street parking for up to six vehicles.
Property Size3,733 SF
Days on Market58
Property Features for 192 Vernon St
General Information
Standard status
Pending
Size
3,733 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,093
Building Details
Building Size
3,733 SF
Year Built
1890
Stories
3
Units
3
Listing Agency:
(774) 922-0778
Listed By:
Abby Arena
(774) 922-0778
Source:
Elliman
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 11 at 11:19AM
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 Abby Arena
Investment Insights
Based on property information with market context.
This three-unit residential income property was fully renovated top to bottom in 2018 and is set up as three spacious 3-bedroom, 1-bath units. Each unit includes in-unit laundry, supporting day-to-day tenant convenience. The building sits on an oversized lot with off-street parking for up to six vehicles, providing straightforward access for residents and guests.
The property is located near I-290, Route 146, and the Mass Pike, with additional access to Union Station, shopping, dining, and schools. The transit and walkability scores provided indicate a somewhat walkable area with minimal transit, which can be relevant for tenant lifestyle and commuting patterns.
For buyers, this offering is presented as a 1031 exchange subject to the seller’s exchange, with replacement property under contract. The current property management company is also willing to continue managing the property at the seller’s existing 5% management fee, which may help maintain operational continuity following closing. This structure and amenity set can fit investors looking for a renovated, multi-unit setup with practical on-site parking and in-unit laundry across all three units.
The property is located near I-290, Route 146, and the Mass Pike, with additional access to Union Station, shopping, dining, and schools. The transit and walkability scores provided indicate a somewhat walkable area with minimal transit, which can be relevant for tenant lifestyle and commuting patterns.
For buyers, this offering is presented as a 1031 exchange subject to the seller’s exchange, with replacement property under contract. The current property management company is also willing to continue managing the property at the seller’s existing 5% management fee, which may help maintain operational continuity following closing. This structure and amenity set can fit investors looking for a renovated, multi-unit setup with practical on-site parking and in-unit laundry across all three units.
Key Highlights
- Three‑family property built in 1890 featuring three 3‑bedroom, 1‑bath units
- Fully renovated top to bottom in 2018
- Each unit includes in‑unit laundry
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
$54,820
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
6.85%
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%
$1,096,400
$1.1M
Cap Rate 7%
$783,143
$783.1K
Cap Rate 9%
$609,111
$609.1K
Market Conditions
NOI Build-Up for 3,733 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
$82.9K $22.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$78.3K $20.98/SF
− OpEx
−$23.5K −$6.29/SF
NOI
$54.8K $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%
$1,096,400
Cap Rate 7%
$783,143
Cap Rate 9%
$609,111
Alternative Uses
Best Use
Multifamily LT 5
$783.1K
$685.3K – $913.7K
NOI $54,820 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$718.9K
$629.0K – $838.7K
NOI $50,323 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,220 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three fully renovated 3-bedroom units with in-unit laundry and off-street parking for up to six vehicles.
Where is this triplex located?
The property is located at 192 Vernon St Worcester, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three‑family property built in 1890 featuring three 3‑bedroom, 1‑bath units; Fully renovated top to bottom in 2018; Each unit includes in‑unit laundry
