Renovated 3-Unit
For Sale
$850,000
Pending
122 Dorchester St, Worcester, MA 01604
Renovated 1915-era triplex with three 4-bedroom units, in-unit washer/dryer hookups, and a two-car garage.
Property Size4,101 SF
Days on Market48
Property Features for 122 Dorchester St
General Information
Standard status
Pending
Size
4,101 SF
Total Parking Spaces
8
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,954
Building Details
Building Size
4,101 SF
Year Built
1915
Tenancy
Multi
Listing Agency:
Blue Sky Realty
Listed By:
Kelly A. Nelson · License #9510145
(508) 579-6564
Source:
Classifiedrealtygroup
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 23 at 2:57AM
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 Blue Sky Realty
Investment Insights
Based on property information with market context.
This renovated 1915-era triplex offers three large units, each configured as a 4-bedroom layout (12 bedrooms total). Oversized original sitting rooms were converted into additional bedrooms to create practical, expanded living space. The seller reports long-term tenants with virtually no vacancy history. Updates include roof, siding, windows, heating systems, plumbing, electrical, cosmetics, and deleading, bringing the property to a turnkey condition. Each unit provides its own washer/dryer hookups.
The property includes a two-car garage. Residents also have access to a community playground.
From a configuration standpoint, the building is organized as three separate 4-bedroom units, each with dedicated laundry hookups, supported by the on-site garage for off-street parking.
The property includes a two-car garage. Residents also have access to a community playground.
From a configuration standpoint, the building is organized as three separate 4-bedroom units, each with dedicated laundry hookups, supported by the on-site garage for off-street parking.
Key Highlights
- Completely renovated 1915‑era triplex at 122 Dorchester St with updates including roof, siding, windows, and all heating, plumbing, and electrical systems
- 3 units total with a total of 12 bedrooms (three large units configured as 4 bedrooms each)
- Converted original oversized sitting rooms into additional bedrooms for a functional 4‑bedroom layout in each unit
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
$60,224
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
7.09%
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%
$1,204,480
$1.2M
Cap Rate 7%
$860,343
$860.3K
Cap Rate 9%
$669,156
$669.2K
Market Conditions
NOI Build-Up for 4,101 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
$91.0K $22.20/SF
− Vacancy
−$5.0K −$1.22/SF
EGI
$86.0K $20.98/SF
− OpEx
−$25.8K −$6.29/SF
NOI
$60.2K $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%
$1,204,480
Cap Rate 7%
$860,343
Cap Rate 9%
$669,156
Alternative Uses
Best Use
Multifamily LT 5
$860.3K
$752.8K – $1.00M
NOI $60,224 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$789.8K
$691.1K – $921.4K
NOI $55,284 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $95,818 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,074
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 - Renovated 1915-era triplex with three 4-bedroom units, in-unit washer/dryer hookups, and a two-car garage.
Where is this triplex located?
The property is located at 122 Dorchester St Worcester, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Completely renovated 1915‑era triplex at 122 Dorchester St with updates including roof, siding, windows, and all heating, plumbing, and electrical systems; 3 units total with a total of 12 bedrooms (three large units configured as 4 bedrooms each); Converted original oversized sitting rooms into additional bedrooms for a functional 4‑bedroom layout in each unit
