Gut-Renovated Three-Family in
For Sale
$974,000
139 Lincoln St, Worcester, MA 01605
Fully renovated three-family property with modern finishes and strong cashflow.
Property Size4,870 SF
Days on Market120
Property Features for 139 Lincoln St
General Information
Standard status
Active
Size
4,870 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$12,126
Building Details
Building Size
4,870 SF
Year Built
1903
Stories
3
Units
3
Listing Agency:
(617) 997-2207
Listed By:
Jennifer French · License #9538347
(617) 997-2207
Source:
Elliman
Added: Apr 24
Changed: Aug 16
Last Checked: Aug 21 at 7:56AM
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 Jennifer French
Investment Insights
Based on property information with market context.
This is a three-family property located in Worcester, featuring three units, each with four bedrooms and one bathroom. The property has been fully gut-renovated, with each unit featuring new kitchens, bathrooms, appliances, and HVAC systems. A new roof has also been installed. Modern finishes are present throughout the property. Ample parking is available. The property is located minutes from I-290, shops, restaurants, Green Hill Park & Golf Course, and approximately 2 miles from Kelley Square. The property is suitable for investors or owner-occupants. All three units are vacant. The bike score is 42, indicating it is somewhat bikeable. The walk score is 80, indicating it is very walkable. The transit score is 42, indicating some transit options are available.
Key Highlights
- Fully gut‑renovated 3‑family property featuring three 4BR/1BA units.
- Each unit boasts brand new kitchens, bathrooms, appliances, and HVAC systems.
- New roof for peace of mind.
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
$71,517
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
7.34%
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%
$1,430,340
$1.4M
Cap Rate 7%
$1,021,671
$1.0M
Cap Rate 9%
$794,633
$794.6K
Market Conditions
NOI Build-Up for 4,870 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
$108.1K $22.20/SF
− Vacancy
−$5.9K −$1.22/SF
EGI
$102.2K $20.98/SF
− OpEx
−$30.7K −$6.29/SF
NOI
$71.5K $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%
$1,430,340
Cap Rate 7%
$1,021,671
Cap Rate 9%
$794,633
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$894.0K – $1.19M
NOI $71,517 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$937.9K
$820.6K – $1.09M
NOI $65,650 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,785 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,502
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
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 - Fully renovated three-family property with modern finishes and strong cashflow.
Where is this triplex located?
The property is located at 139 Lincoln St Worcester, MA.
What is the asking price?
The asking price for this property is $974,000.
What are key features of this property?
This property features: Fully gut‑renovated 3‑family property featuring three 4BR/1BA units.; Each unit boasts brand new kitchens, bathrooms, appliances, and HVAC systems.; New roof for peace of mind.
