Three-Unit Multifamily
New
For Sale
$725,000
11 Leon St, Worcester, MA 01604
Well-maintained triplex with two-bedroom units, updated windows, a newer roof, and individual kitchens and bathrooms.
Property Size2,793 SF
Days on Market4
Property Features for 11 Leon St
General Information
Standard status
Active
Size
2,793 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,542
Building Details
Building Size
2,793 SF
Year Built
1920
Buildings
1
Stories
6
Units
3
Listed By:
Jasmine Ortiz
(774) 437-2503
Source:
Elliman
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 15 at 6:47AM
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 Jasmine Ortiz
Investment Insights
Based on property information with market context.
Built in 1920, this three-unit multifamily property offers a consistent layout across the building, with two bedrooms, a living area, kitchen, and bathroom in each unit. The interiors are described as spacious, while the building has been maintained with a clean basement and carefully managed grounds.
Recent property updates include a new roof, recently updated windows, and gutters. The property is located in Worcester’s Grafton Hill / Rice Square neighborhood. WalkScore is 77, indicating a Very Walkable setting; BikeScore is 43, and TransitScore is 44.
Recent property updates include a new roof, recently updated windows, and gutters. The property is located in Worcester’s Grafton Hill / Rice Square neighborhood. WalkScore is 77, indicating a Very Walkable setting; BikeScore is 43, and TransitScore is 44.
Key Highlights
- Three‑unit multifamily building
- Each unit includes two bedrooms, a living area, kitchen, and bathroom
- Built in 1920
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
$41,016
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
5.66%
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%
$820,320
$820.3K
Cap Rate 7%
$585,943
$585.9K
Cap Rate 9%
$455,733
$455.7K
Market Conditions
NOI Build-Up for 2,793 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
$62.0K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$58.6K $20.98/SF
− OpEx
−$17.6K −$6.29/SF
NOI
$41.0K $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%
$820,320
Cap Rate 7%
$585,943
Cap Rate 9%
$455,733
Alternative Uses
Best Use
Multifamily LT 5
$585.9K
$512.7K – $683.6K
NOI $41,016 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$537.9K
$470.6K – $627.5K
NOI $37,651 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$932.2K
$815.7K – $1.09M
NOI $65,257 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
688
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with two-bedroom units, updated windows, a newer roof, and individual kitchens and bathrooms.
Where is this triplex located?
The property is located at 11 Leon St Worcester, MA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Three‑unit multifamily building; Each unit includes two bedrooms, a living area, kitchen, and bathroom; Built in 1920
