Updated 3-Family Residential
For Sale
$849,900
23 Woodford St, Worcester, MA 01604
Well-maintained 3-family with updated units, newer roof and some windows, plus off-street parking and a 3-car garage.
Property Size4,207 SF
Price / SF$202.02
Days on Market67
Property Features for 23 Woodford St
General Information
Standard status
Active
Size
4,207 SF
Total Parking Spaces
11
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$73,800
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,564
Building Details
Building Size
4,207 SF
Year Built
1920
Stories
3
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 1
Changed: Sep 4
Last Checked: Sep 5 at 4:13AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This well-maintained 3-family residential income property features three spacious units with updates completed in recent years. The building includes a newer roof and some updated windows, supporting a more efficient, turn-key ownership experience. Off-street parking is available, and the property also includes a 3-car garage.
The home is located in Worcester with convenience to schools, shopping, and public transportation, offering a practical setup for long-term occupancy.
Configured as a three-unit multi-family, the property is designed for an investor looking for steady rental income or an owner-occupant seeking rental support to help offset housing costs.
The home is located in Worcester with convenience to schools, shopping, and public transportation, offering a practical setup for long-term occupancy.
Configured as a three-unit multi-family, the property is designed for an investor looking for steady rental income or an owner-occupant seeking rental support to help offset housing costs.
Key Highlights
- 1920‑built, well‑maintained 3‑family property with updated units
- Newer roof and some updated windows
- Includes off‑street parking plus a 3‑car garage
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
$61,781
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
7.27%
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%
$1,235,620
$1.2M
Cap Rate 7%
$882,586
$882.6K
Cap Rate 9%
$686,456
$686.5K
Market Conditions
NOI Build-Up for 4,207 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
$93.4K $22.20/SF
− Vacancy
−$5.1K −$1.22/SF
EGI
$88.3K $20.98/SF
− OpEx
−$26.5K −$6.29/SF
NOI
$61.8K $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%
$1,235,620
Cap Rate 7%
$882,586
Cap Rate 9%
$686,456
Alternative Uses
Best Use
Multifamily LT 5
$882.6K
$772.3K – $1.03M
NOI $61,781 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$810.2K
$708.9K – $945.2K
NOI $56,712 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,294 @ 7.0% cap · market cap 11.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
670
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 - Well-maintained 3-family with updated units, newer roof and some windows, plus off-street parking and a 3-car garage.
Where is this triplex located?
The property is located at 23 Woodford St Worcester, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 1920‑built, well‑maintained 3‑family property with updated units; Newer roof and some updated windows; Includes off‑street parking plus a 3‑car garage
