Three-Family Property with
For Sale
$575,000
Pending
188 Vernon Street, Worcester, MA 01607
Residential Income, Worcester, MA
Property Size2,724 SF
Lot Size0.08 Acres
Days on Market48
Property Features for 188 Vernon Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG-5
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 3
Parking
3
Directions
Kelley Square to Millbury St
Standard status
Pending
APN
M:10 B:004 L:00015,1771713
Size
2,724 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6354
Building Details
Year built
1890
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Pinnacle Central · Keller Williams Realty
(508) 754-3020
Listed By:
Sarah Gustafson
(508) 754-3020
Added: Jul 14
Changed: Aug 26
Last Checked: Aug 30 at 6:06AM
MLS# 73549695
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Worcester triplex contains 2,724 square feet across three residential units, with six bedrooms and three bathrooms. The first-floor residence is occupied, while the second- and third-floor units are vacant. Interior features include hardwood flooring, separate utilities, and a full basement. Off-street parking accommodates three cars.
Mechanical improvements include a furnace replaced in 2026 and two hot water heaters replaced in 2025. Built in 1890 on 0.0768 acres, the property is zoned RG-5. Shopping, restaurants, highways, and public transportation are identified in the surrounding area, while the property address is 188 Vernon Street in Worcester, Massachusetts.
Mechanical improvements include a furnace replaced in 2026 and two hot water heaters replaced in 2025. Built in 1890 on 0.0768 acres, the property is zoned RG-5. Shopping, restaurants, highways, and public transportation are identified in the surrounding area, while the property address is 188 Vernon Street in Worcester, Massachusetts.
Key Highlights
- Three‑family property with 2,724 square feet
- Six bedrooms and three bathrooms across three units
- First‑floor unit occupied; second- and third‑floor units vacant
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
$40,003
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
6.96%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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, a full basement, and recent mechanical replacements support flexible occupancy across the property.
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‑family property with 2,724 square feet; Six bedrooms and three bathrooms across three units; First‑floor unit occupied; second- and third‑floor units vacant
