Worcester Three-Family Investment
For Sale
Contact for pricing
15 Goulding St, Worcester, MA 01609
Well-located three-family property near Downtown, Highland Street, and Elm Park.
Property Size3,204 SF
Price / SF$226.28
Days on Market167
Property Features for 15 Goulding St
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Multifamily
Zoning
RG-5
Building Details
Year Built
1880
Stories
3
Units
3
Listing Agency:
NAI Glickman Kovago & Jacobs
(508) 868-6182
Listed By:
Brendan Toohey · License #9629048
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 NAI Glickman Kovago & Jacobs
Investment Insights
Based on property information with market context.
The property at 15 Goulding Street is a three-family investment property located in Worcester, Massachusetts. The building contains three residential units. Its location near Downtown, Highland Street, Worcester Polytechnic Institute (WPI), and Elm Park contributes to strong rental demand from students, professionals, and urban renters. The property is situated in a desirable neighborhood for multifamily ownership. It is near Worcester Polytechnic Institute, MCPHS University Worcester, and UMass Memorial Medical Center. The location provides access to I-290, I-190, and I-90, offering connectivity throughout Central Massachusetts and Greater Boston. Nearby amenities include Union Station Worcester (MBTA) and the DCU Center, in addition to shopping, dining, and cultural attractions. The property is positioned in an investment-friendly location with walkable surroundings and access to key institutions and infrastructure. The property size is 3204 square feet.
Key Highlights
- Strong rental demand due to proximity to Downtown, Highland Street, WPI, MCPHS, UMass Memorial, and Elm Park.
- Located in a highly desirable Worcester neighborhood known for multifamily ownership.
- Convenient access to major transportation corridors (I‑290, I‑190, I‑90) and Union Station (MBTA).
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
$47,052
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
6.49%
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%
$941,040
$941.0K
Cap Rate 7%
$672,171
$672.2K
Cap Rate 9%
$522,800
$522.8K
Market Conditions
NOI Build-Up for 3,204 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
$71.1K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$67.2K $20.98/SF
− OpEx
−$20.2K −$6.29/SF
NOI
$47.1K $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 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%
$941,040
Cap Rate 7%
$672,171
Cap Rate 9%
$522,800
Alternative Uses
Best Use
Multifamily LT 5
$672.2K
$588.2K – $784.2K
NOI $47,052 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$617.0K
$539.9K – $719.9K
NOI $43,192 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$1.07M
$935.8K – $1.25M
NOI $74,860 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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 - Well-located three-family property near Downtown, Highland Street, and Elm Park.
Where is this triplex located?
The property is located at 15 Goulding 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: Strong rental demand due to proximity to Downtown, Highland Street, WPI, MCPHS, UMass Memorial, and Elm Park.; Located in a highly desirable Worcester neighborhood known for multifamily ownership.; Convenient access to major transportation corridors (I‑290, I‑190, I‑90) and Union Station (MBTA).
