Renovated Three-Family Residential
For Sale
$699,900
2 E Kendall St, Worcester, MA 01605
Fully occupied 3-family with three spacious 3BR/1BA apartments and recent kitchen and system updates.
Property Size2,952 SF
Price / SF$237.09
Days on Market78
Property Features for 2 E Kendall St
General Information
Standard status
Active
Size
2,952 SF
Property subtype
3 Family - 3 Units Up/Down
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1890
Stories
3
Tenancy
Multi
Listing Agency:
Agency X LLC
(857) 753-5757
Listed By:
Ramzy Haider
(857) 753-5757
Source:
Lockandkeyre
Added: Jun 4
Changed: Aug 18
Last Checked: Aug 20 at 4:16AM
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 Agency X LLC
Investment Insights
Based on property information with market context.
This three-family residential building is fully occupied and arranged as three floors, each offering a spacious 3 bedroom, 1 bathroom layout. Tenants pay for gas and electric. Lead paint certificates of compliance are in place for all units. Recent improvements include a renovated first-floor kitchen with new flooring and cabinets, refreshed second-floor kitchen flooring, and freshly painted common areas. The building also features vinyl windows throughout, with energy-efficient Rinnai gas heaters in Units 2 and 3 and forced hot air in Unit 1. Furnaces and ranges were installed in recent years and are city-inspected. Hot water tanks for Units 2 and 3 were replaced in 2014, and an underground sewer line was replaced in 2018. Basement structural reinforcement was completed in 2022, and blown-in insulation has been installed throughout since 2000.
The property is conveniently located near MBTA bus routes and UMass Memorial Medical Center, with parks, restaurants, and shops nearby. It also provides easy access to I-290 and the Mass Pike.
For investors seeking a turnkey, fully occupied income property, this building presents a straightforward unit mix with 3BR/1BA layouts across all three floors and a documented history of renovations and replacements to key building systems.
The property is conveniently located near MBTA bus routes and UMass Memorial Medical Center, with parks, restaurants, and shops nearby. It also provides easy access to I-290 and the Mass Pike.
For investors seeking a turnkey, fully occupied income property, this building presents a straightforward unit mix with 3BR/1BA layouts across all three floors and a documented history of renovations and replacements to key building systems.
Key Highlights
- Fully occupied 3‑family generating $5,700/month gross rental income
- All three floors feature spacious 3BR/1BA layouts
- Tenants pay gas and electric; lead paint certificates of compliance on all 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
$43,351
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
6.19%
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%
$867,020
$867.0K
Cap Rate 7%
$619,300
$619.3K
Cap Rate 9%
$481,678
$481.7K
Market Conditions
NOI Build-Up for 2,952 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
$65.5K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$61.9K $20.98/SF
− OpEx
−$18.6K −$6.29/SF
NOI
$43.4K $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%
$867,020
Cap Rate 7%
$619,300
Cap Rate 9%
$481,678
Alternative Uses
Best Use
Multifamily LT 5
$619.3K
$541.9K – $722.5K
NOI $43,351 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$568.5K
$497.4K – $663.2K
NOI $39,794 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$985.3K
$862.2K – $1.15M
NOI $68,972 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,354
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 - Fully occupied 3-family with three spacious 3BR/1BA apartments and recent kitchen and system updates.
Where is this triplex located?
The property is located at 2 E Kendall St Worcester, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Fully occupied 3‑family generating $5,700/month gross rental income; All three floors feature spacious 3BR/1BA layouts; Tenants pay gas and electric; lead paint certificates of compliance on all units
