Fully Gut-Renovated
For Sale
$999,000
139 Lincoln St, Worcester, MA 01605
MULTI_FAMILY - Worcester, MA
Property Size4,870 SF
Lot Size0.15 Acres
Price / SF$205.13
Days on Market162
Property Features for 139 Lincoln St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG-5
Bedrooms
12
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 10, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 12, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 7, Bathroom 3, Bedroom 11, Bedroom 9, Bedroom 6, Bedroom 8
Parking
2
Fireplace
1
Directions
Off of Perkins St. Main Entrance on Perkins Terrace
Standard status
Active
APN
M:09 B:002 L:00026,1770646
Size
4,870 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12126
Building Details
Year built
1903
Floors in Building
3
Number of units
3
Listing Agency:
REMAX Executive Realty · RE/MAX International
(508) 435-6700
Listed By:
Bill Wright · License #5503
(508) 435-6700
Added: Mar 3
Changed: Aug 2
Last Checked: Aug 12 at 12:06PM
MLS# 73481802
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Fully gut-renovated triplex at 139 Lincoln St, Worcester, MA, built in 1903. The property is configured as three residential units, each with four bedrooms and one bathroom. Renovations include brand-new kitchens and bathrooms, new appliances, new HVAC systems, and a brand-new roof. The fireplace is listed as present. All three units are vacant.
The lot size is 0.1493 acres and the property size is 4,870 square feet. The zoning is RG-5, and the offering includes ample parking. The location is minutes to I-290 and close to local shopping, restaurants, and Green Hill Park and Golf Course, with Kelley Square about 2 miles away.
The lot size is 0.1493 acres and the property size is 4,870 square feet. The zoning is RG-5, and the offering includes ample parking. The location is minutes to I-290 and close to local shopping, restaurants, and Green Hill Park and Golf Course, with Kelley Square about 2 miles away.
Key Highlights
- Three 4BR/1BA units in a triplex with all units vacant
- Fully gut‑renovated with brand‑new kitchens, bathrooms, appliances, and HVAC
- Brand‑new roof and fireplace listed as present
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
7.16%
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 7.16%
Second Best
Apartment 5plus
$937.9K
$820.6K – $1.09M
NOI $65,650 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,785 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully gut-renovated 3-unit triplex with new kitchens, baths, HVAC, and roof in RG-5 zoning.
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 $999,000.
What are key features of this property?
This property features: Three 4BR/1BA units in a triplex with all units vacant; Fully gut‑renovated with brand‑new kitchens, bathrooms, appliances, and HVAC; Brand‑new roof and fireplace listed as present
