Turnkey 3-Unit Residential
For Sale
$799,999
Pending
17 North Woodford Street, Worcester, MA 01604
Turnkey three-family with three-bedroom, one-bath units, enclosed porches, and laundry hookups.
Property Size4,314 SF
Days on Market97
Property Features for 17 North Woodford Street
General Information
Standard status
Pending
Size
4,314 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
RG-5
Taxes and HOA fees
Annual Taxes
$10,108
Building Details
Building Size
4,314 SF
Year Built
1924
Stories
3
Units
3
Listing Agency:
Houseworks Realty
(508) 867-0903
Listed By:
Cliff Leinonen & Cindy Leinonen Team
(508) 450-8850
Source:
Alliancepartnersre
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 1 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 Houseworks Realty
Investment Insights
Based on property information with market context.
Turnkey three-family residential income property with each unit featuring a kitchen, living room, dining room, three bedrooms, and one bathroom. Units include spacious layouts with hardwood floors and woodwork, built-in hutches, enclosed porches, and laundry hookups. The second-floor unit offers upgrades including granite countertops, stainless steel appliances, newer cabinetry, and renovated tile shower(s). Two units are de-leaded with certificates available.
The property is located near I-290 and public transportation, with convenient access to hospitals, colleges, restaurants, and shopping. It is within walking distance of tennis courts and Vernon Hill Park, which includes an off-leash dog park.
Solar panels generate approximately $300 in electricity per month, which can create a credit balance that may be transferable to other National Grid accounts. The property is offered for sale as a complete investment setup with a strong rental history.
The property is located near I-290 and public transportation, with convenient access to hospitals, colleges, restaurants, and shopping. It is within walking distance of tennis courts and Vernon Hill Park, which includes an off-leash dog park.
Solar panels generate approximately $300 in electricity per month, which can create a credit balance that may be transferable to other National Grid accounts. The property is offered for sale as a complete investment setup with a strong rental history.
Key Highlights
- Turnkey 3‑family with three 3‑bedroom, 1‑bath units featuring kitchen, living room, and dining room layouts
- Enclosed porches and in‑unit‑style laundry hookups (washer & dryer hookup, electric dryer hookup) for each unit
- Interior updates include tile/varies/hardwood flooring, pantry and storage, smart thermostat, and upgraded cabinets/countertops in the 2nd floor unit(s)
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
$63,352
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
7.92%
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%
$1,267,040
$1.3M
Cap Rate 7%
$905,029
$905.0K
Cap Rate 9%
$703,911
$703.9K
Market Conditions
NOI Build-Up for 4,314 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
$95.8K $22.20/SF
− Vacancy
−$5.3K −$1.22/SF
EGI
$90.5K $20.98/SF
− OpEx
−$27.2K −$6.29/SF
NOI
$63.4K $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%
$1,267,040
Cap Rate 7%
$905,029
Cap Rate 9%
$703,911
Alternative Uses
Best Use
Multifamily LT 5
$905.0K
$791.9K – $1.06M
NOI $63,352 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$830.8K
$726.9K – $969.3K
NOI $58,155 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,794 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
844
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 - Turnkey three-family with three-bedroom, one-bath units, enclosed porches, and laundry hookups.
Where is this triplex located?
The property is located at 17 North Woodford Street Worcester, MA.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Turnkey 3‑family with three 3‑bedroom, 1‑bath units featuring kitchen, living room, and dining room layouts; Enclosed porches and in‑unit‑style laundry hookups (washer & dryer hookup, electric dryer hookup) for each unit; Interior updates include tile/varies/hardwood flooring, pantry and storage, smart thermostat, and upgraded cabinets/countertops in the 2nd floor unit(s)
