Three-Family Residential Income
For Sale
$725,000
Pending
151 Providence St, Worcester, MA 01610
Well-maintained three-unit property with three-bedroom layouts and private porches, plus a detached two-car garage.
Property Size4,194 SF
Days on Market61
Property Features for 151 Providence St
General Information
Standard status
Pending
Size
4,194 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,211
Building Details
Building Size
4,194 SF
Year Built
1924
Stories
3
Units
3
Listing Agency:
(508) 320-3853
Listed By:
Kris Koliss
(508) 320-3853
Source:
Elliman
Added: Jun 22
Changed: Aug 21
Last Checked: Aug 21 at 8:41AM
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 Kris Koliss
Investment Insights
Based on property information with market context.
This well-maintained three-family residential property is designed for comfortable, self-contained living. Each unit offers three bedrooms, a full bath, a large living room, and a generous kitchen with abundant cabinet space, along with a private front porch. Unit 2 includes an additional office/den for added flexibility. Updated vinyl plank flooring is featured throughout much of the property to support low-maintenance ownership.
The building includes separate electric panels and rear entryways for each unit. There is also a detached two-car garage and a large basement that can provide ample storage. The third-floor unit is equipped with central A/C, and the roof is approximately 10 years old. The first-floor unit is intended to be delivered vacant at closing.
The layout suits a range of owner-occupant or investor needs, including the option to live in one unit while renting the others. With multiple independent entry points, separate electric service, and additional space in the basement, the property supports straightforward day-to-day operation and practical tenant use.
The building includes separate electric panels and rear entryways for each unit. There is also a detached two-car garage and a large basement that can provide ample storage. The third-floor unit is equipped with central A/C, and the roof is approximately 10 years old. The first-floor unit is intended to be delivered vacant at closing.
The layout suits a range of owner-occupant or investor needs, including the option to live in one unit while renting the others. With multiple independent entry points, separate electric service, and additional space in the basement, the property supports straightforward day-to-day operation and practical tenant use.
Key Highlights
- Well‑maintained 3‑family property built in 1924 with three‑bedroom units and private front porches
- Each unit includes a full bath, large living room, and a generous kitchen with abundant cabinet space
- Unit 2 features an additional separate office/den for flexible tenant or owner use
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
$61,590
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
8.50%
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%
$1,231,800
$1.2M
Cap Rate 7%
$879,857
$879.9K
Cap Rate 9%
$684,333
$684.3K
Market Conditions
NOI Build-Up for 4,194 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
$93.1K $22.20/SF
− Vacancy
−$5.1K −$1.22/SF
EGI
$88.0K $20.98/SF
− OpEx
−$26.4K −$6.29/SF
NOI
$61.6K $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 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%
$1,231,800
Cap Rate 7%
$879,857
Cap Rate 9%
$684,333
Alternative Uses
Best Use
Multifamily LT 5
$879.9K
$769.9K – $1.03M
NOI $61,590 @ 7.0% cap · market cap 8.50%
Second Best
Apartment 5plus
$807.7K
$706.7K – $942.3K
NOI $56,537 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,991 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
684
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 - Well-maintained three-unit property with three-bedroom layouts and private porches, plus a detached two-car garage.
Where is this triplex located?
The property is located at 151 Providence 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: Well‑maintained 3‑family property built in 1924 with three‑bedroom units and private front porches; Each unit includes a full bath, large living room, and a generous kitchen with abundant cabinet space; Unit 2 features an additional separate office/den for flexible tenant or owner use
