Triplex Property with Remodeled
For Sale
$1,650,000
15 King Philip Road, Worcester, MA 01606
Two residential buildings share one parcel, with leased units and updated interiors.
Property Size6,306 SF
Price / SF$261.66
Days on Market941
Property Features for 15 King Philip Road
General Information
Standard status
Active
Size
6,306 SF
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
RG-5
Net Operating Income
$41,687
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,446
Amenities
No, Yes, .00
No
Vinyl, Hardwood, Unit 1(undefined), Unit 2(Hardwood Floors)
Unit 1(Range, Refrigerator), Unit 2(Range, Utility Connections for Electric Oven, Utility Connections for Electric Dryer
6.0
Insulated Windows
Washer Hookup
Full, Unfinished Basement
Unit 1(Bathroom With Tub & Shower), Unit 2(Bathroom With Tub & Shower), Unit 1 Rooms(Living Room, Kitchen), Unit 2 Rooms(Living Room
6
6.00
Frame
Shingle
Level
Building Details
Year Built
1898
Buildings
2
Listing Agency:
Castinetti Realty Group
(508) 719-8804
Listed By:
Gary Kelley · License #9531548
(508) 719-8804
Source:
Compass
Added: Feb 2, 2024
Changed: Aug 30
Last Checked: Aug 30 at 9:44PM
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 Castinetti Realty Group
Investment Insights
Based on property information with market context.
This residential income property includes two triple-decker buildings on a single parcel, offering six units and 6,306 SF of total property size. Five of the six unit interiors have been remodeled, while most units are under lease. The buildings date to 1898 and feature frame construction, shingle exteriors, level site conditions, and full unfinished basements.
Unit details include living rooms, kitchens, bathrooms with tub-and-shower combinations, ranges, refrigerators, insulated windows, and washer hookups. Unit 2 includes hardwood floors and utility connections for an electric oven and electric dryer. The property is located at 15 King Philip Road in Worcester and is zoned RG-5.
Unit details include living rooms, kitchens, bathrooms with tub-and-shower combinations, ranges, refrigerators, insulated windows, and washer hookups. Unit 2 includes hardwood floors and utility connections for an electric oven and electric dryer. The property is located at 15 King Philip Road in Worcester and is zoned RG-5.
Key Highlights
- Two triple‑decker buildings on one parcel at 15 King Philip Road, Worcester, MA 01606
- 6 units and 6,306 SF of property size
- 5 of 6 unit interiors remodeled
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
$92,606
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
5.61%
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%
$1,852,120
$1.9M
Cap Rate 7%
$1,322,943
$1.3M
Cap Rate 9%
$1,028,956
$1.0M
Market Conditions
NOI Build-Up for 6,306 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
$140.0K $22.20/SF
− Vacancy
−$7.7K −$1.22/SF
EGI
$132.3K $20.98/SF
− OpEx
−$39.7K −$6.29/SF
NOI
$92.6K $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%
$1,852,120
Cap Rate 7%
$1,322,943
Cap Rate 9%
$1,028,956
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.16M – $1.54M
NOI $92,606 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,008 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$2.10M
$1.84M – $2.46M
NOI $147,336 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
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 - Two residential buildings share one parcel, with leased units and updated interiors.
Where is this triplex located?
The property is located at 15 King Philip Road Worcester, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two triple‑decker buildings on one parcel at 15 King Philip Road, Worcester, MA 01606; 6 units and 6,306 SF of property size; 5 of 6 unit interiors remodeled
