Triplex with Vacant
For Sale
$499,000
Pending
44 Grove St, Leicester, MA 01524
Two units are occupied, with one additional unit available for occupancy or leasing.
Property Size2,914 SF
Days on Market40
Property Features for 44 Grove St
General Information
Standard status
Pending
Size
2,914 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
R2
Net Operating Income
$28,800
Taxes and HOA fees
Annual Taxes
$4,822
Building Details
Building Size
2,914 SF
Year Built
1890
Listing Agency:
Compass
Listed By:
Stephanie Lachapelle Group
(617) 752-6845
Source:
413realestate
Added: Aug 28
Changed: Sep 24
Last Checked: Oct 5 at 3:58PM
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 Compass
Investment Insights
Based on property information with market context.
This three-family property contains 2,914 square feet across a configuration with two occupied units and one vacant unit. The available unit provides flexibility for an owner-occupant, additional leasing, or future improvements. The building dates to 1890 and is located at 44 Grove St in Leicester, Massachusetts. R2 zoning supports the property’s multifamily classification. The sale is subject to final Probate Court approval.
Key Highlights
- Three‑family property with 2,914 square feet
- Two units currently occupied and one unit vacant
- R2 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,390
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$787,800
$787.8K
Cap Rate 7%
$562,714
$562.7K
Cap Rate 9%
$437,667
$437.7K
Market Conditions
NOI Build-Up for 2,914 SF
Gross rent
$57.7K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$56.3K $19.31/SF
− OpEx
−$16.9K −$5.79/SF
NOI
$39.4K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$787,800
Cap Rate 7%
$562,714
Cap Rate 9%
$437,667
Alternative Uses
Best Use
Multifamily LT 5
$562.7K
$492.4K – $656.5K
NOI $39,390 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$489.7K
$428.5K – $571.3K
NOI $34,280 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$995.1K
$870.7K – $1.16M
NOI $69,656 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 01524, MA
6,621
Population
2,448
Households
2.7
Avg Household Size
43
Median Age
31%
College-Educated
91%
High-School Grad
15.9 sq mi
ZIP Area
416
Density / Sq Mi
$93,191
Median Household Income
$52,881
Median Earnings
$1,055
Median Rent
$390,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Two units are occupied, with one additional unit available for occupancy or leasing.
Where is this triplex located?
The property is located at 44 Grove St Leicester, MA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three‑family property with 2,914 square feet; Two units currently occupied and one unit vacant; R2 zoning
