Renovated Three-Family
New
For Sale
$825,000
15 Vernon St, Worcester, MA 01610
Three updated units feature separate utility metering, refreshed interiors, and upgraded kitchens, bathrooms, flooring, and mechanical systems.
Property Size3,770 SF
Days on Market4
Property Features for 15 Vernon St
General Information
Standard status
Active
Size
3,770 SF
Property subtype
Multifamily
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,639
Building Details
Building Size
3,770 SF
Year Built
1904
Buildings
1
Listing Agency:
Lamacchia Realty, Inc.
Listed By:
We Close Deals Team
(508) 612-0821
Source:
Classifiedrealtygroup
Added: Sep 12
Last Checked: Sep 15 at 5:22AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1904, this three-unit residential property has been renovated from the studs and includes 8 bedrooms and 4 bathrooms. Each unit offers updated kitchens, bathrooms, flooring, and mechanical systems, with separate utility metering for each unit.
The property is located at 15 Vernon St in Worcester’s Kelley Square neighborhood, minutes from Polar Park, Worcester Public Market, restaurants, shops, major routes, and the Canal District. The layout supports both multifamily ownership and occupancy of one unit while leasing the others, as described in the property information.
The property is located at 15 Vernon St in Worcester’s Kelley Square neighborhood, minutes from Polar Park, Worcester Public Market, restaurants, shops, major routes, and the Canal District. The layout supports both multifamily ownership and occupancy of one unit while leasing the others, as described in the property information.
Key Highlights
- Three units with 8 bedrooms and 4 bathrooms
- Renovated from the studs with updated kitchens, bathrooms, flooring, and mechanicals
- Separate utility metering for each unit
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
$55,364
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
6.71%
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%
$1,107,280
$1.1M
Cap Rate 7%
$790,914
$790.9K
Cap Rate 9%
$615,156
$615.2K
Market Conditions
NOI Build-Up for 3,770 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
$83.7K $22.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$79.1K $20.98/SF
− OpEx
−$23.7K −$6.29/SF
NOI
$55.4K $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%
$1,107,280
Cap Rate 7%
$790,914
Cap Rate 9%
$615,156
Alternative Uses
Best Use
Multifamily LT 5
$790.9K
$692.1K – $922.7K
NOI $55,364 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$726.0K
$635.3K – $847.0K
NOI $50,821 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,084 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,325
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three updated units feature separate utility metering, refreshed interiors, and upgraded kitchens, bathrooms, flooring, and mechanical systems.
Where is this triplex located?
The property is located at 15 Vernon St Worcester, MA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Three units with 8 bedrooms and 4 bathrooms; Renovated from the studs with updated kitchens, bathrooms, flooring, and mechanicals; Separate utility metering for each unit
