Building Details

Building Size 4,026 SF

Year Built 1915

Buildings 1

Stories 3

Units 3

Listing Agency: Douglas Elliman Real Estate - The Sarkis Team

Listed By: The Sarkis Team Show Phone

Source: Elliman

Added: Sep 30 Changed: Oct 4 Last Checked: Oct 4 at 10:45AM

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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 Douglas Elliman Real Estate - The Sarkis Team

Investment Insights

Based on property information with market context.

This 18-room residential property contains three apartments, each with three bedrooms and one bathroom. The layouts are similar across the units, with balconies and washer and dryer hookups in each. Building features include three forced-air gas heating systems, separately metered utilities, a newer roof, and solar panels that help offset electricity use in common areas. Lead certificates are in place for all three units, and a small backyard adds outdoor space. The property was built in 1915.

Located in Worcester, the property is near major highways, public transportation, hospitals, Holy Cross, and Polar Park. Walk Score is 57, Bike Score is 28, and Transit Score is 34.

Key Highlights

• Three units, each with three bedrooms and one bathroom
• 18 rooms total; similar layouts across all three apartments
• Three forced‑air gas heating systems and separately metered utilities

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$59,123

Cap Rate

8.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,182,460 $1.2M

Cap Rate 7%

$844,614 $844.6K

Cap Rate 9%

$656,922 $656.9K

Market Conditions

NOI Build-Up for 4,026 SF

Gross rent

$89.4K $22.20/SF

− Vacancy

−$4.9K −$1.22/SF

EGI

$84.5K $20.98/SF

− OpEx

−$25.3K −$6.29/SF

NOI

$59.1K $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 Rate 5%

$1,182,460

Cap Rate 7%

$844,614

Cap Rate 9%

$656,922

Alternative Uses

Best Use

Multifamily LT 5

$844.6K

$739.0K – $985.4K (±1% cap)

NOI $59,123 @ 7.0% cap · market cap 8.15%

Second Best

Apartment 5plus

$775.3K

$678.4K – $904.5K (±1% cap)

NOI $54,272 @ 7.0% cap · market cap 7.49%

Theoretical Best

Office A

$1.34M

$1.18M – $1.57M (±1% cap)

NOI $94,065 @ 7.0% cap · market cap 12.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Accounting Firm Acupuncture Dental Office Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

845

Businesses Nearby

Explore this area Business Placement

Demographics for 01610, MA

28,717

Population

10,263

Households

2.8

Avg Household Size

28

Median Age

18%

College-Educated

74%

High-School Grad

2.1 sq mi

ZIP Area

13,675

Density / Sq Mi

$43,757

Median Household Income

$22,978

Median Earnings

$1,339

Median Rent

$279,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three similarly arranged apartments include private balconies and washer and dryer hookups.

Where is this triplex located?

The property is located at 169 Perry Ave Worcester, MA.

What is the asking price?

The asking price for this property is $724,999.

What are key features of this property?

This property features: Three units, each with three bedrooms and one bathroom; 18 rooms total; similar layouts across all three apartments; Three forced‑air gas heating systems and separately metered utilities