3-Unit Multifamily
New
For Sale
$749,000
215 Millbury St, Worcester, MA 01610
Worcester multifamily asset with renovated interiors, separate utility responsibility, and off-street parking.
Property Size3,276 SF
Days on Market5
Property Features for 215 Millbury St
General Information
Standard status
Active
Size
3,276 SF
Property subtype
Investment
Zoning
BG-3
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,508
Amenities
storage areas
Building Details
Building Size
3,276 SF
Year Built
1890
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
eXp Realty LLC
Listed By:
Le Doan
(617) 504-0316
Source:
Elliman
Added: Sep 11
Last Checked: Sep 15 at 6:50AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Built in 1890, this Worcester triplex contains three 3-bedroom, 1-bath apartments with tall ceilings and generously sized rooms. Kitchens, bathrooms, and flooring have been updated, while carpeting remains in the third-floor bedrooms. Each apartment also has rear storage space. Units 1 and 2 are occupied by tenants at will, and Unit 3 is owner-occupied, creating an existing mixed occupancy profile. Separate tenant-paid heat, hot water, gas, and electric service helps distinguish utility responsibility by unit.
The property includes 6+ paved off-street parking spaces and updated pavement. Its Millbury Street address is near Kelley Square and within walking distance of Polar Park, with restaurants, retail, public transportation, schools, medical facilities, downtown Worcester, and major routes also identified in the surrounding area. The property is located in the Business General BG-3 zoning district.
The property includes 6+ paved off-street parking spaces and updated pavement. Its Millbury Street address is near Kelley Square and within walking distance of Polar Park, with restaurants, retail, public transportation, schools, medical facilities, downtown Worcester, and major routes also identified in the surrounding area. The property is located in the Business General BG-3 zoning district.
Key Highlights
- Three 3‑bedroom, 1‑bath units in a triplex configuration
- Units 1 and 2 are tenants‑at‑will; Unit 3 is owner‑occupied
- 6+ paved off‑street parking spaces with updated pavement
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
$48,109
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
6.42%
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%
$962,180
$962.2K
Cap Rate 7%
$687,271
$687.3K
Cap Rate 9%
$534,544
$534.5K
Market Conditions
NOI Build-Up for 3,276 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
$72.7K $22.20/SF
− Vacancy
−$4.0K −$1.22/SF
EGI
$68.7K $20.98/SF
− OpEx
−$20.6K −$6.29/SF
NOI
$48.1K $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%
$962,180
Cap Rate 7%
$687,271
Cap Rate 9%
$534,544
Alternative Uses
Best Use
Multifamily LT 5
$687.3K
$601.4K – $801.8K
NOI $48,109 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$630.9K
$552.0K – $736.0K
NOI $44,162 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$1.09M
$956.8K – $1.28M
NOI $76,542 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,398
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Worcester multifamily asset with renovated interiors, separate utility responsibility, and off-street parking.
Where is this triplex located?
The property is located at 215 Millbury St Worcester, MA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Three 3‑bedroom, 1‑bath units in a triplex configuration; Units 1 and 2 are tenants‑at‑will; Unit 3 is owner‑occupied; 6+ paved off‑street parking spaces with updated pavement
