Vacant Three-Family
For Sale
$599,900
Pending
230 Pleasant St, Worcester, MA 01609
Vacant three-family property with separately metered utilities and two updated units, plus one unit ready for customization.
Property Size2,976 SF
Days on Market50
Property Features for 230 Pleasant St
General Information
Standard status
Pending
Size
2,976 SF
Total Parking Spaces
9
Property subtype
Residential Income
Zoning
BG-3
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,155
Building Details
Building Size
2,976 SF
Year Built
1870
Stories
3
Units
3
Listing Agency:
Byrnes Real Estate Group LLC
(833) 429-7637
Listed By:
Erika Ramsland · License #9575002
(413) 544-8256
Source:
Janicemitchellre
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 22 at 8:59AM
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 Byrnes Real Estate Group LLC
Investment Insights
Based on property information with market context.
This vacant three-family property offers immediate flexibility, with all three units delivered vacant. Utilities are separately metered, providing owners with additional convenience when managing ongoing expenses. Two of the three units have been updated, while the remaining unit presents an opportunity to add value and tailor finishes and layout preferences.
Located in Worcester near local amenities, shopping, dining, public transportation, and major routes, the property is positioned for everyday convenience and tenant access.
The current configuration supports a range of ownership approaches, including occupying one unit while renting the others, or operating the asset as a rental property. With all units available, the property is well-suited for buyers looking to set their own rental terms from day one.
Located in Worcester near local amenities, shopping, dining, public transportation, and major routes, the property is positioned for everyday convenience and tenant access.
The current configuration supports a range of ownership approaches, including occupying one unit while renting the others, or operating the asset as a rental property. With all units available, the property is well-suited for buyers looking to set their own rental terms from day one.
Key Highlights
- Vacant three‑family property with all three units delivered vacant
- Year built: 1870
- Utilities are separately metered for each unit
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
$43,703
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
7.29%
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%
$874,060
$874.1K
Cap Rate 7%
$624,329
$624.3K
Cap Rate 9%
$485,589
$485.6K
Market Conditions
NOI Build-Up for 2,976 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
$66.1K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$62.4K $20.98/SF
− OpEx
−$18.7K −$6.29/SF
NOI
$43.7K $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%
$874,060
Cap Rate 7%
$624,329
Cap Rate 9%
$485,589
Alternative Uses
Best Use
Multifamily LT 5
$624.3K
$546.3K – $728.4K
NOI $43,703 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$573.1K
$501.5K – $668.6K
NOI $40,118 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$993.3K
$869.2K – $1.16M
NOI $69,533 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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 - Vacant three-family property with separately metered utilities and two updated units, plus one unit ready for customization.
Where is this triplex located?
The property is located at 230 Pleasant St Worcester, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Vacant three‑family property with all three units delivered vacant; Year built: 1870; Utilities are separately metered for each unit
