Updated Three-Unit
For Sale
$675,000
27 Rodney St, Worcester, MA 01605
Three spacious apartments feature updated kitchens, in-unit laundry, porches, and separate heat and electric metering.
Property Size3,111 SF
Days on Market9
Property Features for 27 Rodney St
General Information
Standard status
Active
Size
3,111 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,683
Amenities
in-unit laundry
front porches
rear porches
private backyard
Building Details
Building Size
3,111 SF
Year Built
1893
Buildings
1
Stories
3
Units
3
Listed By:
Richard J. Trifone · License #9510817
(508) 450-2152
Source:
Elliman
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 26 at 8:10AM
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 Richard J. Trifone
Investment Insights
Based on property information with market context.
Built in 1893, this updated triplex contains three 3-bedroom apartments with large eat-in kitchens, galley prep areas, and generous living rooms. Newer flooring, high ceilings, abundant natural light, updated kitchens, and in-unit laundry serve each residence. Front porches capture city views, while rear porches overlook a private backyard area. Heat and electric are separately metered for each unit.
The property is located at 27 Rodney St in Worcester’s Bell Hill neighborhood, near UMass Memorial Medical Center and just off Route 9. Regional access includes I-290, I-190, Route 146, and the Mass Pike, with public transit also nearby. WalkScore is 77, TransitScore is 44, and BikeScore is 43. The three-unit configuration also supports an owner-occupant use.
The property is located at 27 Rodney St in Worcester’s Bell Hill neighborhood, near UMass Memorial Medical Center and just off Route 9. Regional access includes I-290, I-190, Route 146, and the Mass Pike, with public transit also nearby. WalkScore is 77, TransitScore is 44, and BikeScore is 43. The three-unit configuration also supports an owner-occupant use.
Key Highlights
- Three 3‑bedroom apartments in an updated triplex
- Built in 1893 with newer floors, high ceilings, and abundant natural light
- Eat‑in kitchens with galley prep areas and in‑unit laundry
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
$45,686
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
6.77%
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%
$913,720
$913.7K
Cap Rate 7%
$652,657
$652.7K
Cap Rate 9%
$507,622
$507.6K
Market Conditions
NOI Build-Up for 3,111 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
$69.1K $22.20/SF
− Vacancy
−$3.8K −$1.22/SF
EGI
$65.3K $20.98/SF
− OpEx
−$19.6K −$6.29/SF
NOI
$45.7K $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%
$913,720
Cap Rate 7%
$652,657
Cap Rate 9%
$507,622
Alternative Uses
Best Use
Multifamily LT 5
$652.7K
$571.1K – $761.4K
NOI $45,686 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$599.1K
$524.2K – $699.0K
NOI $41,938 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$1.04M
$908.6K – $1.21M
NOI $72,687 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,842
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
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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 spacious apartments feature updated kitchens, in-unit laundry, porches, and separate heat and electric metering.
Where is this triplex located?
The property is located at 27 Rodney St Worcester, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three 3‑bedroom apartments in an updated triplex; Built in 1893 with newer floors, high ceilings, and abundant natural light; Eat‑in kitchens with galley prep areas and in‑unit laundry
