Shrewsbury Street Three-Family with
For Sale
$650,000
Pending
247 Shrewsbury St, Worcester, MA 01604
Three-family property with equity potential on Shrewsbury Street.
Property Size3,567 SF
Days on Market166
Property Features for 247 Shrewsbury St
General Information
Standard status
Pending
Size
3,567 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,844
Building Details
Building Size
3,567 SF
Year Built
1912
Stories
3
Units
3
Listing Agency:
The DiRoberto Group Inc.
Listed By:
Daniel DiRoberto · License #9568306
(508) 579-8983
Source:
Elliman
Added: Apr 24
Changed: Sep 23
Last Checked: Oct 5 at 4:51PM
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 The DiRoberto Group Inc.
Investment Insights
Based on property information with market context.
This three-family property is located on Shrewsbury Street. The building features vinyl siding, a fenced yard with a patio, and front and back porches. Laundry hookups are available. The roof was replaced within the last 5 to 7 years. The first floor is currently vacant. The second and third floors are tenant-at-will, with current rents of $800 and $1100, respectively. Market rents for all units are estimated at $1800 per month. All three floors have two bedrooms with the option to convert them into three-bedroom units. The basement includes a finished area that can be used as bonus space. Cosmetic updates to the apartments could increase rents, cash flow, and overall property value. The property has a walk score of 62, indicating it is somewhat walkable, a transit score of 32, indicating some transit options, and a bike score of 21, indicating it is somewhat bikeable.
Key Highlights
- Significant equity potential through rent increases after cosmetic updates.
- Vacant 1st‑floor unit allows immediate occupancy or rental at market rate.
- All units are spacious 2‑bedroom apartments with potential to convert to 3‑bedroom units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,382
Cap Rate
8.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,047,640
$1.0M
Cap Rate 7%
$748,314
$748.3K
Cap Rate 9%
$582,022
$582.0K
Market Conditions
NOI Build-Up for 3,567 SF
Gross rent
$79.2K $22.20/SF
− Vacancy
−$4.4K −$1.22/SF
EGI
$74.8K $20.98/SF
− OpEx
−$22.4K −$6.29/SF
NOI
$52.4K $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 Rate 5%
$1,047,640
Cap Rate 7%
$748,314
Cap Rate 9%
$582,022
Alternative Uses
Best Use
Multifamily LT 5
$748.3K
$654.8K – $873.0K
NOI $52,382 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$686.9K
$601.1K – $801.4K
NOI $48,085 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,341 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,896
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
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 - Three-family property with equity potential on Shrewsbury Street.
Where is this triplex located?
The property is located at 247 Shrewsbury St Worcester, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Significant equity potential through rent increases after cosmetic updates.; Vacant 1st‑floor unit allows immediate occupancy or rental at market rate.; All units are spacious 2‑bedroom apartments with potential to convert to 3‑bedroom units.
