Fully Rented Triple
For Sale
$650,000
127 Austin St, Worcester, MA 01609
Three fully occupied units with updated major components and lead certification, generating rental income in place.
Property Size3,315 SF
Price / SF$196.08
Days on Market81
Property Features for 127 Austin St
General Information
Standard status
Active
Size
3,315 SF
Property subtype
3 Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
eXp Realty LLC - Corporate Office
(508) 561-4286
Listed By:
William Huang
(508) 561-4286
Source:
Lockandkeyre
Added: Jun 5
Changed: Aug 24
Last Checked: Aug 24 at 5:57AM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
This fully rented triple decker features three occupied units totaling 10 bedrooms and 3 full baths. The property is described as lead paint certified and in compliance with Massachusetts state regulations. Key improvements include a new roof and replaced side/back decks, along with hot water heaters replaced within the past five years. The property is offered as-is and the listing notes that tenants should not be disturbed.
Located in Worcester with convenient access to Route 9 and public transit. The remarks also reference nearby destinations including Kelley Sq, Polar Park, and UMASS Medical.
For investors or owner-operators seeking a turn-key residential income property, the combination of full occupancy, bedroom and bath mix across three units, and recent updates to the roof, decks, and hot water heaters may support a streamlined ownership experience. Buyers should review the as-is condition and confirm financing, compliance documentation, and any operational details during due diligence.
Located in Worcester with convenient access to Route 9 and public transit. The remarks also reference nearby destinations including Kelley Sq, Polar Park, and UMASS Medical.
For investors or owner-operators seeking a turn-key residential income property, the combination of full occupancy, bedroom and bath mix across three units, and recent updates to the roof, decks, and hot water heaters may support a streamlined ownership experience. Buyers should review the as-is condition and confirm financing, compliance documentation, and any operational details during due diligence.
Key Highlights
- Fully rented triple decker with 3 occupied units totaling 10 bedrooms and 3 full bathrooms
- Lead Paint Certified and in compliance with Massachusetts state regulations
- New roof and new side/back decks replaced
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
$48,682
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
7.49%
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%
$973,640
$973.6K
Cap Rate 7%
$695,457
$695.5K
Cap Rate 9%
$540,911
$540.9K
Market Conditions
NOI Build-Up for 3,315 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
$73.6K $22.20/SF
− Vacancy
−$4.0K −$1.22/SF
EGI
$69.5K $20.98/SF
− OpEx
−$20.9K −$6.29/SF
NOI
$48.7K $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%
$973,640
Cap Rate 7%
$695,457
Cap Rate 9%
$540,911
Alternative Uses
Best Use
Multifamily LT 5
$695.5K
$608.5K – $811.4K
NOI $48,682 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$638.4K
$558.6K – $744.8K
NOI $44,688 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$1.11M
$968.2K – $1.29M
NOI $77,453 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,089
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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 - Three fully occupied units with updated major components and lead certification, generating rental income in place.
Where is this triplex located?
The property is located at 127 Austin St Worcester, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Fully rented triple decker with 3 occupied units totaling 10 bedrooms and 3 full bathrooms; Lead Paint Certified and in compliance with Massachusetts state regulations; New roof and new side/back decks replaced
