Triplex with Walk-Out Commercial
For Sale
$800,000
23 Suffolk Street, Worcester, MA 01604
Three residential levels and a separate-entry basement support mixed residential and commercial use.
Property Size3,948 SF
Price / SF$202.63
Days on Market152
Property Features for 23 Suffolk Street
General Information
Standard status
Active
Size
3,948 SF
Total Parking Spaces
2
Property subtype
Multi-family / 3 Family
Zoning
BG-2
Net Operating Income
$81,600
Property Condition
Severity
Repairs Needed
Evidence
ideal to be renovated
Additional Details
Floor
Basement
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,810
Amenities
City/Town Sewer, Public
Yes, 1.00
No
4.0
Full, Walk Out, Garage Access
Living Room, Dining Room, Kitchen, Family Room
3
1
3.50
4
Shingle
Corner Lot, Gentle Sloping
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Century 21 XSELL REALTY
(774) 772-7072
Listed By:
Jian Zhou · License #9581190
(774) 772-7072
Source:
Compass
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 3:43PM
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 Century 21 XSELL REALTY
Investment Insights
Based on property information with market context.
This 3,948-square-foot triplex includes three residential levels, each with a three-bedroom layout, along with an additional 2,000-square-foot commercial unit in the full walk-out basement. One residential unit has been fully renovated, while another features new hardwood flooring. Energy-efficient windows serve the residential spaces, and the basement has its own entrance with concrete and hardwood flooring. The property also includes a one-car garage and additional off-street parking on a private side street.
Zoned BG-2, the property is located at 23 Suffolk Street near Union Station. A 360+ unit residential development is currently under construction nearby, adding substantial new residential activity to the surrounding area. The building occupies a corner lot with a gentle slope and dates to 1910.
Zoned BG-2, the property is located at 23 Suffolk Street near Union Station. A 360+ unit residential development is currently under construction nearby, adding substantial new residential activity to the surrounding area. The building occupies a corner lot with a gentle slope and dates to 1910.
Key Highlights
- 3,948 SF triplex with an additional 2,000‑square‑foot commercial unit
- Three residential levels, each offering a 3‑bedroom layout
- Full walk‑out basement with its own entrance and garage access
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
$57,978
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
7.25%
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%
$1,159,560
$1.2M
Cap Rate 7%
$828,257
$828.3K
Cap Rate 9%
$644,200
$644.2K
Market Conditions
NOI Build-Up for 3,948 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
$87.6K $22.20/SF
− Vacancy
−$4.8K −$1.22/SF
EGI
$82.8K $20.98/SF
− OpEx
−$24.8K −$6.29/SF
NOI
$58.0K $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%
$1,159,560
Cap Rate 7%
$828,257
Cap Rate 9%
$644,200
Alternative Uses
Best Use
Multifamily LT 5
$828.3K
$724.7K – $966.3K
NOI $57,978 @ 7.0% cap · market cap 7.25%
Second Best
Mixed Use
$761.4K
$666.2K – $888.3K
NOI $53,298 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,243 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 levels and a separate-entry basement support mixed residential and commercial use.
Where is this triplex located?
The property is located at 23 Suffolk Street Worcester, MA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 3,948 SF triplex with an additional 2,000‑square‑foot commercial unit; Three residential levels, each offering a 3‑bedroom layout; Full walk‑out basement with its own entrance and garage access
