Three-Unit Multifamily
For Sale
$849,998
14 Hancock Street, Worcester, MA 01610
Separate utilities accompany vacant second and third floors for distinct leasing arrangements.
Property Size3,191 SF
Lot Size0.09 Acres
Price / SF$266.37
Days on Market307
Property Features for 14 Hancock Street
General Information
Standard status
Active
Size
3,191 SF
Total Parking Spaces
6
Lot size
0.09 Acres
Property subtype
Multi-family / 3 Family
Zoning
RG-5
Net Operating Income
$84,000
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,603
Amenities
No
Wood
Range, Dishwasher, Disposal
4.0
Full, Unfinished Basement
Window AC
3
1
3.50
4
Frame
Shingle
Other
Building Details
Year Built
1898
Buildings
1
Stories
2
Listing Agency:
My First Realty Group
(781) 879-0022
Listed By:
Claude Zephyr · License #9065320
(781) 879-0022
Source:
Compass
Added: Oct 31, 2025
Changed: Aug 31
Last Checked: Aug 31 at 9:41PM
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 My First Realty Group
Investment Insights
Based on property information with market context.
This triplex contains 3,191 square feet of living area on a 3,950-square-foot lot, with 11 bedrooms and 3.50 bathrooms. The property includes a full unfinished basement, wood interior elements, range, dishwasher, disposal, window AC, and frame construction with shingle siding. Separate utilities serve the units, and the roof was completed in 2020. Built in 1898, the property is zoned RG-5.
The second and third floors will be delivered vacant. The property is near Clark University and close to downtown Worcester, restaurants, parks, highway access, and several colleges, including MCPHS, Assumption College, and WPI. Hanover Theatre, DCU Center, Union Station, and Worcester Regional Airport are also identified in the surrounding context, with the airport stated as 8 minutes away.
The second and third floors will be delivered vacant. The property is near Clark University and close to downtown Worcester, restaurants, parks, highway access, and several colleges, including MCPHS, Assumption College, and WPI. Hanover Theatre, DCU Center, Union Station, and Worcester Regional Airport are also identified in the surrounding context, with the airport stated as 8 minutes away.
Key Highlights
- 3,191 SF triplex on a 3,950‑square‑foot lot
- 11 bedrooms and 3.50 bathrooms
- Second and third floors delivered vacant
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
$46,861
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
5.51%
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%
$937,220
$937.2K
Cap Rate 7%
$669,443
$669.4K
Cap Rate 9%
$520,678
$520.7K
Market Conditions
NOI Build-Up for 3,191 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
$70.8K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$66.9K $20.98/SF
− OpEx
−$20.1K −$6.29/SF
NOI
$46.9K $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%
$937,220
Cap Rate 7%
$669,443
Cap Rate 9%
$520,678
Alternative Uses
Best Use
Multifamily LT 5
$669.4K
$585.8K – $781.0K
NOI $46,861 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$614.5K
$537.7K – $716.9K
NOI $43,016 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$1.07M
$932.0K – $1.24M
NOI $74,556 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,390
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Separate utilities accompany vacant second and third floors for distinct leasing arrangements.
Where is this triplex located?
The property is located at 14 Hancock Street Worcester, MA.
What is the asking price?
The asking price for this property is $849,998.
What are key features of this property?
This property features: 3,191 SF triplex on a 3,950‑square‑foot lot; 11 bedrooms and 3.50 bathrooms; Second and third floors delivered vacant
