Three-Unit Property with Full
For Sale
$575,000
Pending
188 Vernon Street, Worcester, MA 01607
Separate utilities, hardwood flooring, and three off-street parking spaces support flexible occupancy arrangements.
Property Size2,724 SF
Days on Market94
Property Features for 188 Vernon Street
General Information
Standard status
Pending
Size
2,724 SF
Total Parking Spaces
3
Property subtype
3 Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,354
Amenities
hardwood floors
full basement
Building Details
Building Size
2,724 SF
Year Built
1890
Listing Agency:
Keller Williams Pinnacle Central
Listed By:
Miller Real Estate Group
(508) 754-3020
Source:
Donnellyandco
Added: Jul 14
Changed: Oct 5
Last Checked: Oct 13 at 3:15AM
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.
This 1890 three-unit property includes hardwood flooring, separately metered utilities, a full basement, and off-street parking for three vehicles. The first-floor unit is occupied, while the second- and third-floor units are vacant, creating flexibility for continued owner occupancy, new residents, or portfolio use.
Recent mechanical work includes a furnace replacement completed in 2026 and two new hot water heaters installed in 2025. The property is located near shopping, restaurants, highways, and public transportation. The three-dimensional virtual tour covers all units and the basement.
Recent mechanical work includes a furnace replacement completed in 2026 and two new hot water heaters installed in 2025. The property is located near shopping, restaurants, highways, and public transportation. The three-dimensional virtual tour covers all units and the basement.
Key Highlights
- Three‑unit property built in 1890
- First‑floor unit occupied; second- and third‑floor units vacant
- Full basement with hardwood floors throughout the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,003
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$800,060
$800.1K
Cap Rate 7%
$571,471
$571.5K
Cap Rate 9%
$444,478
$444.5K
Market Conditions
NOI Build-Up for 2,724 SF
Gross rent
$60.5K $22.20/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$57.1K $20.98/SF
− OpEx
−$17.1K −$6.29/SF
NOI
$40.0K $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 Rate 5%
$800,060
Cap Rate 7%
$571,471
Cap Rate 9%
$444,478
Alternative Uses
Best Use
Multifamily LT 5
$571.5K
$500.0K – $666.7K
NOI $40,003 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$524.6K
$459.0K – $612.0K
NOI $36,721 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$909.2K
$795.6K – $1.06M
NOI $63,645 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
681
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 - Separate utilities, hardwood flooring, and three off-street parking spaces support flexible occupancy arrangements.
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 $575,000.
What are key features of this property?
This property features: Three‑unit property built in 1890; First‑floor unit occupied; second- and third‑floor units vacant; Full basement with hardwood floors throughout the property
