Renovated
For Sale
$595,000
27 North St, Worcester, MA 01605
De-leaded property features updated kitchens, bathrooms, appliances, and separate heating and cooling systems across three residences.
Property Size2,364 SF
Price / SF$251.69
Days on Market12
Property Features for 27 North St
General Information
Standard status
Active
Size
2,364 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
RG-5
Net Operating Income
$63,000
Taxes and HOA fees
Annual Taxes
$6,206
Building Details
Building Size
2,364 SF
Year Built
1900
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Property Investors & Advisors, LLC
(508) 868-0927
Listed By:
Brian Allen · License #9583389
Source:
413realestate
Added: Aug 1
Changed: Aug 8
Last Checked: Aug 11 at 4:47AM
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 Property Investors & Advisors, LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property offers 2,364 square feet of space within a 1900-built structure. The building was de-leaded, and all units received renovated kitchens, bathrooms, and appliances in 2022. Heating and cooling include forced hot air on the first floor, with mini-split systems serving the second and third floors. The property is zoned RG-5.
At 27 North St in Worcester’s Poet Hill neighborhood, the building is 0.2 miles from Trolley Yard, minutes from downtown, and under 10 minutes from 8 colleges and 4 major hospitals. Its updated interiors, documented building systems, and three-unit configuration provide a clear operating profile for residential income use.
At 27 North St in Worcester’s Poet Hill neighborhood, the building is 0.2 miles from Trolley Yard, minutes from downtown, and under 10 minutes from 8 colleges and 4 major hospitals. Its updated interiors, documented building systems, and three-unit configuration provide a clear operating profile for residential income use.
Key Highlights
- Three‑unit residential income property with 2,364 SF
- Units renovated in 2022 with new kitchens, bathrooms, and appliances
- De‑leaded building constructed in 1900
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
$34,716
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
5.83%
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%
$694,320
$694.3K
Cap Rate 7%
$495,943
$495.9K
Cap Rate 9%
$385,733
$385.7K
Market Conditions
NOI Build-Up for 2,364 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
$52.5K $22.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$49.6K $20.98/SF
− OpEx
−$14.9K −$6.29/SF
NOI
$34.7K $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%
$694,320
Cap Rate 7%
$495,943
Cap Rate 9%
$385,733
Alternative Uses
Best Use
Multifamily LT 5
$495.9K
$434.0K – $578.6K
NOI $34,716 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$455.3K
$398.4K – $531.1K
NOI $31,868 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$789.1K
$690.4K – $920.6K
NOI $55,234 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,544
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - De-leaded property features updated kitchens, bathrooms, appliances, and separate heating and cooling systems across three residences.
Where is this triplex located?
The property is located at 27 North St Worcester, MA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Three‑unit residential income property with 2,364 SF; Units renovated in 2022 with new kitchens, bathrooms, and appliances; De‑leaded building constructed in 1900
