Multifamily Income
For Sale
$724,000
Pending
66 Wall St, Worcester, MA 01604
Well-maintained units with separate utilities, coin-op washer, and a roof replacement completed in 2023.
Property Size2,886 SF
Lot Size0.24 Acres
Days on Market37
Property Features for 66 Wall St
General Information
Standard status
Pending
Size
2,886 SF
Lot size
0.24 Acres
Property subtype
Residential Income
Zoning
RG-5
Taxes and HOA fees
Annual Taxes
$6,619
Building Details
Building Size
2,886 SF
Year Built
1895
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Property Investors & Advisors, LLC
(508) 868-0927
Listed By:
Brian Allen · License #9583389
(508) 868-0927
Source:
Threehillsres
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 7 at 2:10AM
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 Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
This multifamily income property features 9 bedrooms and 3 bathrooms across clean, well-maintained units. The building is set up with separate utilities, and includes coin-operated laundry with a separate water heater located in the basement. De-lead certificates are available. The roof was replaced in 2023, and the deck has recently been painted. The 2nd floor is currently vacant, offering an option for an owner occupant.
The home is located off Grafton Street, with nearby access to Union Station, Polar Park, and UMass Chan, each within the distances noted in the remarks.
The property sits on a 10,500 SF lot with opportunity for an ADU out back, subject to applicable requirements.
The home is located off Grafton Street, with nearby access to Union Station, Polar Park, and UMass Chan, each within the distances noted in the remarks.
The property sits on a 10,500 SF lot with opportunity for an ADU out back, subject to applicable requirements.
Key Highlights
- 9BR/3BA multifamily with clean, well‑maintained units and separate utilities
- Vacant 2nd floor available for owner occupant
- Roof replaced in 2023; recently painted deck
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
$42,382
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
5.85%
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%
$847,640
$847.6K
Cap Rate 7%
$605,457
$605.5K
Cap Rate 9%
$470,911
$470.9K
Market Conditions
NOI Build-Up for 2,886 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
$64.1K $22.20/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$60.5K $20.98/SF
− OpEx
−$18.2K −$6.29/SF
NOI
$42.4K $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%
$847,640
Cap Rate 7%
$605,457
Cap Rate 9%
$470,911
Alternative Uses
Best Use
Multifamily LT 5
$605.5K
$529.8K – $706.4K
NOI $42,382 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$555.8K
$486.3K – $648.4K
NOI $38,905 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$963.3K
$842.9K – $1.12M
NOI $67,430 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,052
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 - Well-maintained units with separate utilities, coin-op washer, and a roof replacement completed in 2023.
Where is this triplex located?
The property is located at 66 Wall St Worcester, MA.
What is the asking price?
The asking price for this property is $724,000.
What are key features of this property?
This property features: 9BR/3BA multifamily with clean, well‑maintained units and separate utilities; Vacant 2nd floor available for owner occupant; Roof replaced in 2023; recently painted deck
