Three-Unit Multifamily
For Sale
$740,000
17 Rockdale St, Worcester, MA 01606
Fully occupied asset with month-to-month tenancies, hardwood floors, and substantial off-street parking.
Property Size3,618 SF
Price / SF$204.53
Days on Market12
Property Features for 17 Rockdale St
General Information
Standard status
Active
Size
3,618 SF
Property subtype
3 Family
Building Details
Building Size
3,618 SF
Year Built
1920
Listing Agency:
Panarelli Properties, Inc.
(508) 718-9003
Listed By:
Justin Panarelli · License #452508574
(508) 718-9003
Source:
Iverty
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 10:11AM
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 Panarelli Properties, Inc.
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built in 1920 and is fully occupied. All three residences are leased on month-to-month agreements, providing current rental income and flexibility for future ownership planning. Each unit includes hardwood flooring, strong natural light, and generously sized living areas. Off-street parking is also available on the property.
The property is located at 17 Rockdale St in Worcester, near major highway access and minutes from downtown Worcester. Restaurants, shopping, entertainment, and other amenities are nearby. Walk Score is 71, described as Very Walkable; Transit Score is 35, or Some Transit; and Bike Score is 29, or Somewhat Bikeable.
The property is located at 17 Rockdale St in Worcester, near major highway access and minutes from downtown Worcester. Restaurants, shopping, entertainment, and other amenities are nearby. Walk Score is 71, described as Very Walkable; Transit Score is 35, or Some Transit; and Bike Score is 29, or Somewhat Bikeable.
Key Highlights
- Three‑unit multifamily property built in 1920
- Fully occupied with all tenants on month‑to‑month agreements
- Hardwood flooring, abundant natural light, and spacious living areas in 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
$53,131
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
7.18%
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%
$1,062,620
$1.1M
Cap Rate 7%
$759,014
$759.0K
Cap Rate 9%
$590,344
$590.3K
Market Conditions
NOI Build-Up for 3,618 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
$80.3K $22.20/SF
− Vacancy
−$4.4K −$1.22/SF
EGI
$75.9K $20.98/SF
− OpEx
−$22.8K −$6.29/SF
NOI
$53.1K $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%
$1,062,620
Cap Rate 7%
$759,014
Cap Rate 9%
$590,344
Alternative Uses
Best Use
Multifamily LT 5
$759.0K
$664.1K – $885.5K
NOI $53,131 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$696.7K
$609.7K – $812.9K
NOI $48,772 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,533 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Explore this area
Business Placement
Demographics for 01606, MA
21,651
Population
9,427
Households
2.3
Avg Household Size
41
Median Age
42%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
3,609
Density / Sq Mi
$92,537
Median Household Income
$55,931
Median Earnings
$1,615
Median Rent
$343,700
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 occupied asset with month-to-month tenancies, hardwood floors, and substantial off-street parking.
Where is this triplex located?
The property is located at 17 Rockdale St Worcester, MA.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1920; Fully occupied with all tenants on month‑to‑month agreements; Hardwood flooring, abundant natural light, and spacious living areas in each unit
