Three-Family Residential Income
188 Vernon Street Worcester, MA 01607
188 Vernon Street, Worcester, MA, 01607
$599,999
For Sale
$599,999
Vinyl-sided three-family with hardwood floors, separate utilities, full basement, and off-street parking for three cars.
Property Size2,724 SF
Price / SF$220.26
Days on Market8
Property Features for 188 Vernon Street
General Information
- Standard status
- Active
- Size
- 2,724 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1890
Listing agency
Keller Williams Pinnacle Central
Listed by
Miller Real Estate Group
(978) 537-8301
Source
Foster-healey
Added: Jul 14 Updated: Jul 20 at 3:12AM Checked: Jul 21 at 8:06AM
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 Keller Williams Pinnacle Central
Investment Insights
Based on property information with market context.
Well-maintained three-family with vinyl siding, hardwood floors, separate utilities, and a full basement. The first-floor unit is owner-occupied, while the second and third floors are vacant, providing the option for immediate occupancy or rental setup.
Off-street parking is available for three cars. The property is described as conveniently located near shopping, restaurants, highways, and public transportation.
Buyer should note flaking paint on the rear porches, which will affect FHA financing. Buyers are encouraged to verify financing terms with their lender and to review the 3D Virtual Tour prior to scheduling a showing, as the tour includes all three units and the basement for a full walkthrough before an in-person visit.
Off-street parking is available for three cars. The property is described as conveniently located near shopping, restaurants, highways, and public transportation.
Buyer should note flaking paint on the rear porches, which will affect FHA financing. Buyers are encouraged to verify financing terms with their lender and to review the 3D Virtual Tour prior to scheduling a showing, as the tour includes all three units and the basement for a full walkthrough before an in-person visit.
Key Highlights
- Three‑family home built in 1890, vinyl‑sided, with hardwood floors
- 1st‑floor unit is owner‑occupied; 2nd and 3rd floors are vacant for immediate occupancy or rental
- Separate utilities for the units
Local 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 | $60.5k | $22.20 |
| − Vacancy | −$3.3k | −$1.22 |
| EGI | $57.1k | $20.98 |
| − OpEx | −$17.1k | −$6.29 |
| NOI | $40.0k | $14.69 |
2,724 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$571.5K
$500.0K – $666.7K
NOI $40,003 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$524.6K
$459.0K – $612.0K
NOI $36,721 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$909.2K
$795.6K – $1.06M
NOI $63,645 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Vinyl-sided three-family with hardwood floors, separate utilities, full basement, and off-street parking for three cars.
Where is this triplex located?
The property is located at 188 Vernon Street Worcester, MA.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Three‑family home built in 1890, vinyl‑sided, with hardwood floors; 1st‑floor unit is owner‑occupied; 2nd and 3rd floors are vacant for immediate occupancy or rental; Separate utilities for the units
