Three-Unit Triplex
For Sale
$535,000
165 Pleasant St., Worcester, MA 01604
Multifamily property with two leased units and one vacant unit.
Property Size1,240 SF
Days on Market17
Property Features for 165 Pleasant St.
General Information
Standard status
Active
Size
1,240 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA basement, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,915
Building Details
Building Size
1,240 SF
Year Built
1860
Stories
3
Units
3
Listing Agency:
The Entry Only Listing Service of New Hampshire
(877) 249-5478
Listed By:
Jason Saphire · License #0818954
(877) 249-5478
Source:
Elliman
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 29 at 1:30PM
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 The Entry Only Listing Service of New Hampshire
Investment Insights
Based on property information with market context.
This three-unit triplex, built in 1860, includes two 2-bedroom, 1-bathroom residences and one 1-bedroom, 1-bathroom residence. The basement unit is occupied under a lease ending 11/30/2026, while the second 2-bedroom unit has a lease running through 5/31/2027. The 1-bedroom unit is currently vacant and available for occupancy or owner use.
The property is located at 165 Pleasant St. in Southbridge Town, Massachusetts. Walk Score is 36, classified as Car-Dependent, and Bike Score is 28, classified as Somewhat Bikeable. The existing unit mix and combination of leased and vacant space provide a clear snapshot of the property's current occupancy configuration.
The property is located at 165 Pleasant St. in Southbridge Town, Massachusetts. Walk Score is 36, classified as Car-Dependent, and Bike Score is 28, classified as Somewhat Bikeable. The existing unit mix and combination of leased and vacant space provide a clear snapshot of the property's current occupancy configuration.
Key Highlights
- Three‑unit triplex built in 1860
- Unit mix includes two 2‑bed/1‑bath units and one 1‑bed/1‑bath unit
- Basement unit leased through 11/30/2026
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
$18,210
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
3.40%
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%
$364,200
$364.2K
Cap Rate 7%
$260,143
$260.1K
Cap Rate 9%
$202,333
$202.3K
Market Conditions
NOI Build-Up for 1,240 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
$27.5K $22.20/SF
− Vacancy
−$1.5K −$1.22/SF
EGI
$26.0K $20.98/SF
− OpEx
−$7.8K −$6.29/SF
NOI
$18.2K $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%
$364,200
Cap Rate 7%
$260,143
Cap Rate 9%
$202,333
Alternative Uses
Best Use
Multifamily LT 5
$260.1K
$227.6K – $303.5K
NOI $18,210 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$238.8K
$209.0K – $278.6K
NOI $16,716 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$413.9K
$362.2K – $482.9K
NOI $28,972 @ 7.0% cap · market cap 5.42%
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
4,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 - Multifamily property with two leased units and one vacant unit.
Where is this triplex located?
The property is located at 165 Pleasant St. Worcester, MA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1860; Unit mix includes two 2‑bed/1‑bath units and one 1‑bed/1‑bath unit; Basement unit leased through 11/30/2026
