Triplex with Two-Story
New
For Sale
$699,000
18 Steele St, Worcester, MA 01607
Three-family property with a renovated third-floor unit, dedicated mini-split climate control, gardens, and substantial open land.
Property Size2,425 SF
Lot Size1.95 Acres
Price / SF$288.25
Days on Market6
Property Features for 18 Steele St
General Information
Standard status
Active
Size
2,425 SF
Total Parking Spaces
10
Lot size
1.95 Acres
Property subtype
Residential Income
Zoning
RL-7
Net Operating Income
$41,586
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,137
Building Details
Building Size
2,425 SF
Year Built
1890
Buildings
2
Stories
3
Tenancy
Multi
Listing Agency:
BA Property & Lifestyle Advisors
(508) 509-8867
Listed By:
Michael Barbera
Source:
Insightrealtygroup
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 3 at 2:40AM
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 BA Property & Lifestyle Advisors
Investment Insights
Based on property information with market context.
This 2,425-square-foot triplex, built in 1890, includes three residential units and a two-story barn with two garage bays. The third-floor unit has been fully renovated and features dedicated mini-split heating and cooling. The property also includes fruit trees, gardens, and open land across approximately 1.95 acres, with RL-7 zoning.
The property is in Worcester’s Quinsigamond Village near Greenwood Park, which offers a playground, spray park, and sports courts. Access to Route 20, I-290, and the Mass Pike supports regional commuting, while nearby local shops and restaurants add neighborhood convenience. The barn may offer potential for ADU conversion and additional development, subject to buyer verification with the City.
The property is in Worcester’s Quinsigamond Village near Greenwood Park, which offers a playground, spray park, and sports courts. Access to Route 20, I-290, and the Mass Pike supports regional commuting, while nearby local shops and restaurants add neighborhood convenience. The barn may offer potential for ADU conversion and additional development, subject to buyer verification with the City.
Key Highlights
- Three‑unit multifamily property on approximately 1.95 acres
- 2,425 square feet; built in 1890
- Two‑story barn with two garage bays
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.8k | $22.20 |
| − Vacancy | −$3.0k | −$1.22 |
| EGI | $50.9k | $20.98 |
| − OpEx | −$15.3k | −$6.29 |
| NOI | $35.6k | $14.69 |
2,425 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$508.7K
$445.2K – $593.5K
NOI $35,612 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$467.0K
$408.6K – $544.8K
NOI $32,690 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$809.4K
$708.2K – $944.3K
NOI $56,659 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
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 - Three-family property with a renovated third-floor unit, dedicated mini-split climate control, gardens, and substantial open land.
Where is this triplex located?
The property is located at 18 Steele St Worcester, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three‑unit multifamily property on approximately 1.95 acres; 2,425 square feet; built in 1890; Two‑story barn with two garage bays
