Renovated Three-Unit
For Sale
$825,000
15 Vernon Street, Worcester, MA 01610
Fully updated interiors include modern kitchens, bathrooms, flooring, and mechanical systems.
Property Size3,770 SF
Price / SF$218.83
Days on Market44
Property Features for 15 Vernon Street
General Information
Standard status
Active
Size
3,770 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Multifamily Units
3
Building Details
Year Built
1904
Listing Agency:
Lamacchia Realty,Inc.
Listed By:
We Close Deals Team
(978) 537-8301
Source:
Foster-healey
Added: Aug 23
Changed: Oct 4
Last Checked: Oct 4 at 10:27AM
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 undergone a comprehensive renovation, including updated kitchens, bathrooms, flooring, and mechanical systems throughout. The building contains 8 bedrooms and 4 bathrooms, with improvements completed from the studs outward. Separate utility metering serves each unit.
The property is positioned on Vernon Street in Worcester’s Kelley Square neighborhood, with access to Polar Park, Worcester Public Market, restaurants, shops, major routes, and the Canal District. Its three-unit layout supports both investor ownership and an owner-occupant arrangement with additional residential units.
The property is positioned on Vernon Street in Worcester’s Kelley Square neighborhood, with access to Polar Park, Worcester Public Market, restaurants, shops, major routes, and the Canal District. Its three-unit layout supports both investor ownership and an owner-occupant arrangement with additional residential units.
Key Highlights
- Three‑unit property with 8 bedrooms and 4 bathrooms
- Renovated from the studs with updated building systems
- Modernized kitchens, bathrooms, flooring, and mechanicals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,364
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
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
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 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
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
681
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 - Fully updated interiors include modern kitchens, bathrooms, flooring, and mechanical systems.
Where is this triplex located?
The property is located at 15 Vernon Street 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‑unit property with 8 bedrooms and 4 bathrooms; Renovated from the studs with updated building systems; Modernized kitchens, bathrooms, flooring, and mechanicals
