Triplex with Off-Street
For Sale
$669,000
21 Falmouth St, Worcester, MA 01607
Three residential units include two-bedroom layouts, laundry hookups, and a flat outdoor area.
Property Size2,300 SF
Price / SF$290.87
Days on Market137
Property Features for 21 Falmouth St
General Information
Standard status
Active
Size
2,300 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
RL-7
Net Operating Income
$25,800
Taxes and HOA fees
Annual Taxes
$6,719
Building Details
Building Size
2,300 SF
Year Built
1880
Stories
3
Listing Agency:
Coldwell Banker Realty - Brookline
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 16
Changed: Aug 29
Last Checked: Aug 29 at 4:06PM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
Built in 1880, this 2,300-square-foot triplex contains three residential units with distinct layouts. The first- and second-floor apartments each feature two bedrooms, eat-in kitchens, and in-unit washer and dryer hookups. The third unit offers an open living and dining area, a kitchen, and bedrooms. Refinished hardwood flooring is present in the front hall, while the property also includes a large flat yard and six off-street parking spaces. RL-7 zoning applies to the property.
Located at 21 Falmouth St in Worcester, the property is near area restaurants, Polar Park, and the Blackstone River Valley Heritage Corridor. Routes 20, 90, 146, and 290 are each described as minutes away, providing access for commuters. The configuration supports both owner-occupancy and investment use as stated in the property information.
Located at 21 Falmouth St in Worcester, the property is near area restaurants, Polar Park, and the Blackstone River Valley Heritage Corridor. Routes 20, 90, 146, and 290 are each described as minutes away, providing access for commuters. The configuration supports both owner-occupancy and investment use as stated in the property information.
Key Highlights
- Triplex with 2,300 square feet of property size
- First- and second‑floor units each offer 2 large bedrooms
- Six off‑street parking spaces and a large flat yard
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
$33,776
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
5.05%
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%
$675,520
$675.5K
Cap Rate 7%
$482,514
$482.5K
Cap Rate 9%
$375,289
$375.3K
Market Conditions
NOI Build-Up for 2,300 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
$51.1K $22.20/SF
− Vacancy
−$2.8K −$1.22/SF
EGI
$48.3K $20.98/SF
− OpEx
−$14.5K −$6.29/SF
NOI
$33.8K $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%
$675,520
Cap Rate 7%
$482,514
Cap Rate 9%
$375,289
Alternative Uses
Best Use
Multifamily LT 5
$482.5K
$422.2K – $562.9K
NOI $33,776 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$442.9K
$387.6K – $516.8K
NOI $31,005 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$767.7K
$671.7K – $895.6K
NOI $53,738 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
396
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 - Three residential units include two-bedroom layouts, laundry hookups, and a flat outdoor area.
Where is this triplex located?
The property is located at 21 Falmouth St Worcester, MA.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Triplex with 2,300 square feet of property size; First- and second‑floor units each offer 2 large bedrooms; Six off‑street parking spaces and a large flat yard
