Three-Unit Residential Income
For Sale
$799,000
19-21 Henchman Street, Worcester, MA 01605
Three-unit multifamily with newly painted interiors, updated baths, eat-in kitchens, hardwood floors, and a shared enclosed backyard.
Property Size4,015 SF
Price / SF$199
Days on Market96
Property Features for 19-21 Henchman Street
General Information
Standard status
Active
Size
4,015 SF
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
3
Amenities
common enclosed backyard
Building Details
Year Built
1905
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Dee Kerner
(617) 731-4644
Source:
Hammondre
Added: May 22
Changed: Aug 24
Last Checked: Aug 24 at 7:01AM
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 Compass
Investment Insights
Based on property information with market context.
This three-unit residential income property offers a bright, updated interior with freshly painted spaces throughout. Each unit features spacious living rooms, eat-in kitchens, three bedrooms, and a fully updated bathroom. Hardwood floors run throughout the units, and the many windows help keep the living areas sunny and inviting.
Located at 19–21 Henchman Street in Worcester, MA, the property is about one mile to the commuter rail at Union Station. It’s also minutes from UMass, local hospitals, and top universities, with convenient access to major routes including the Mass Pike, I-290, and I-190. Shrewsbury Street is approximately two miles away.
The building includes a common enclosed backyard for residents who want outdoor space on-site.
Located at 19–21 Henchman Street in Worcester, MA, the property is about one mile to the commuter rail at Union Station. It’s also minutes from UMass, local hospitals, and top universities, with convenient access to major routes including the Mass Pike, I-290, and I-190. Shrewsbury Street is approximately two miles away.
The building includes a common enclosed backyard for residents who want outdoor space on-site.
Key Highlights
- 3‑unit multifamily built in 1905 with bright interiors and spacious living rooms across all units
- Each unit features an eat‑in kitchen, 3 bedrooms, and a fully updated bathroom
- Newly painted interiors throughout and hardwood floors throughout the units
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
$58,961
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
7.38%
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%
$1,179,220
$1.2M
Cap Rate 7%
$842,300
$842.3K
Cap Rate 9%
$655,122
$655.1K
Market Conditions
NOI Build-Up for 4,015 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
$89.1K $22.20/SF
− Vacancy
−$4.9K −$1.22/SF
EGI
$84.2K $20.98/SF
− OpEx
−$25.3K −$6.29/SF
NOI
$59.0K $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%
$1,179,220
Cap Rate 7%
$842,300
Cap Rate 9%
$655,122
Alternative Uses
Best Use
Multifamily LT 5
$842.3K
$737.0K – $982.7K
NOI $58,961 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$773.2K
$676.6K – $902.1K
NOI $54,124 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,808 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,572
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
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-unit multifamily with newly painted interiors, updated baths, eat-in kitchens, hardwood floors, and a shared enclosed backyard.
Where is this triplex located?
The property is located at 19-21 Henchman Street Worcester, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3‑unit multifamily built in 1905 with bright interiors and spacious living rooms across all units; Each unit features an eat‑in kitchen, 3 bedrooms, and a fully updated bathroom; Newly painted interiors throughout and hardwood floors throughout the units
