Triplex Property with Remodeled
For Sale
$1,650,000
15 King Philip Road, Worcester, MA 01606
Two residential buildings share one parcel, with leased units and updated interiors.
Property Size6,306 SF
Price / SF$261.66
Days on Market1957
Property Features for 15 King Philip Road
General Information
Standard status
Active
Size
6,306 SF
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
RG-5
Net Operating Income
$41,687
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,446
Amenities
No, Yes, .00
No
Vinyl, Hardwood, Unit 1(undefined), Unit 2(Hardwood Floors)
Unit 1(Range, Refrigerator), Unit 2(Range, Utility Connections for Electric Oven, Utility Connections for Electric Dryer
6.0
Insulated Windows
Washer Hookup
Full, Unfinished Basement
Unit 1(Bathroom With Tub & Shower), Unit 2(Bathroom With Tub & Shower), Unit 1 Rooms(Living Room, Kitchen), Unit 2 Rooms(Living Room
6
6.00
Frame
Shingle
Level
Building Details
Year Built
1898
Buildings
2
Listing Agency:
Castinetti Realty Group
Listed By:
Gary Kelley · License #9531548
(508) 719-8804
Source:
Compass
Added: Jun 9, 2021
Changed: Oct 11
Last Checked: Oct 16 at 10:44AM
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 Castinetti Realty Group
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Investment Insights
Based on property information with market context.
This residential income property includes two triple-decker buildings on a single parcel, offering six units and 6,306 SF of total property size. Five of the six unit interiors have been remodeled, while most units are under lease. The buildings date to 1898 and feature frame construction, shingle exteriors, level site conditions, and full unfinished basements.
Unit details include living rooms, kitchens, bathrooms with tub-and-shower combinations, ranges, refrigerators, insulated windows, and washer hookups. Unit 2 includes hardwood floors and utility connections for an electric oven and electric dryer. The property is located at 15 King Philip Road in Worcester and is zoned RG-5.
Unit details include living rooms, kitchens, bathrooms with tub-and-shower combinations, ranges, refrigerators, insulated windows, and washer hookups. Unit 2 includes hardwood floors and utility connections for an electric oven and electric dryer. The property is located at 15 King Philip Road in Worcester and is zoned RG-5.
Key Highlights
- Two triple‑decker buildings on one parcel at 15 King Philip Road, Worcester, MA 01606
- 6 units and 6,306 SF of property size
- 5 of 6 unit interiors remodeled
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,606
Cap Rate
5.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,852,120
$1.9M
Cap Rate 7%
$1,322,943
$1.3M
Cap Rate 9%
$1,028,956
$1.0M
Market Conditions
NOI Build-Up for 6,306 SF
Gross rent
$140.0K $22.20/SF
− Vacancy
−$7.7K −$1.22/SF
EGI
$132.3K $20.98/SF
− OpEx
−$39.7K −$6.29/SF
NOI
$92.6K $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%
$1,852,120
Cap Rate 7%
$1,322,943
Cap Rate 9%
$1,028,956
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.16M – $1.54M
NOI $92,606 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,008 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$2.10M
$1.84M – $2.46M
NOI $147,336 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
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Business Placement
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Two residential buildings share one parcel, with leased units and updated interiors.
Where is this triplex located?
The property is located at 15 King Philip Road Worcester, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two triple‑decker buildings on one parcel at 15 King Philip Road, Worcester, MA 01606; 6 units and 6,306 SF of property size; 5 of 6 unit interiors remodeled
