Triplex with Separate
For Sale
$619,900
15 Steele St, Worcester, MA 01607
Residential income property with three individually configured units, eat-in kitchens, rear storage, and separate utility services.
Property Size2,207 SF
Price / SF$280.88
Days on Market108
Property Features for 15 Steele St
General Information
Standard status
Active
Size
2,207 SF
Property subtype
Multi-Family
Zoning
RL-7
Occupancy
100%
Net Operating Income
$37,992
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,206
Building Details
Building Size
2,207 SF
Year Built
1890
Stories
3
Listing Agency:
Coastal Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 15
Changed: Aug 29
Last Checked: Aug 29 at 8:00PM
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 Coastal Realty
Investment Insights
Based on property information with market context.
This 2,207-square-foot triplex at 15 Steele St. was built in 1890 and is fully rented. The property has vinyl siding, replacement windows, a 2007 roof, newer gas FHA heating systems, and separate utilities. Cable and internet service are ready for connection.
The three units offer distinct layouts. Units 1 and 2 each include two bedrooms, a full bath, an eat-in kitchen, exterior access, rear deck, and storage. Unit 1 also has an enclosed front porch and bay-windowed living room, while Unit 2 includes an entry foyer and pantry with sink, dishwasher, and cabinets. Unit 3 includes a living room, eat-in kitchen, pantry, one bedroom, full bath, and rear storage. The property also includes a big yard.
The location is in North Quinsigamond Village, near Holy Cross, with access to the MassPike and Route 290. Zoning is RL-7.
The three units offer distinct layouts. Units 1 and 2 each include two bedrooms, a full bath, an eat-in kitchen, exterior access, rear deck, and storage. Unit 1 also has an enclosed front porch and bay-windowed living room, while Unit 2 includes an entry foyer and pantry with sink, dishwasher, and cabinets. Unit 3 includes a living room, eat-in kitchen, pantry, one bedroom, full bath, and rear storage. The property also includes a big yard.
The location is in North Quinsigamond Village, near Holy Cross, with access to the MassPike and Route 290. Zoning is RL-7.
Key Highlights
- Three‑unit residential property totaling 2,207 SF
- Fully rented triplex at 15 Steele St, Worcester, MA 01607
- Separate utilities with cable and internet service readiness
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
$32,410
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
5.23%
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%
$648,200
$648.2K
Cap Rate 7%
$463,000
$463.0K
Cap Rate 9%
$360,111
$360.1K
Market Conditions
NOI Build-Up for 2,207 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
$49.0K $22.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$46.3K $20.98/SF
− OpEx
−$13.9K −$6.29/SF
NOI
$32.4K $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%
$648,200
Cap Rate 7%
$463,000
Cap Rate 9%
$360,111
Alternative Uses
Best Use
Multifamily LT 5
$463.0K
$405.1K – $540.2K
NOI $32,410 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$425.0K
$371.9K – $495.9K
NOI $29,751 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$736.6K
$644.6K – $859.4K
NOI $51,565 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
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 - Residential income property with three individually configured units, eat-in kitchens, rear storage, and separate utility services.
Where is this triplex located?
The property is located at 15 Steele St Worcester, MA.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Three‑unit residential property totaling 2,207 SF; Fully rented triplex at 15 Steele St, Worcester, MA 01607; Separate utilities with cable and internet service readiness
