Renovated Triplex With
New
For Sale
$749,000
28 Gediminas Street, Worcester, MA 01607
Each residence offers three bedrooms, a full bathroom, and an eat-in kitchen.
Property Size3,678 SF
Price / SF$203.64
Days on Market7
Property Features for 28 Gediminas Street
General Information
Standard status
Active
Size
3,678 SF
Property subtype
Multi-family
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
walk-out basement
laundry hookups
storage
detached two-car garage
Building Details
Year Built
1915
Listing Agency:
Be Live in Realty
Listed By:
Lia Carminati
(413) 584-2900
Source:
Mapleandmainrealty
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 11:00AM
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 Be Live in Realty
Investment Insights
Based on property information with market context.
This renovated triplex contains three residential units, each arranged with 3 bedrooms, 1 full bathroom, a living and dining area, and an eat-in kitchen. The property also includes a full walk-out basement with interior entry, laundry hookups, and storage space. A detached 2-car garage and additional off-street parking support the three-unit configuration.
Built in 1915, the property is located in Worcester with access to I-290 and the Mass Pike. The established multi-family layout combines updated interiors with spacious room arrangements and practical basement and garage amenities.
Built in 1915, the property is located in Worcester with access to I-290 and the Mass Pike. The established multi-family layout combines updated interiors with spacious room arrangements and practical basement and garage amenities.
Key Highlights
- Three units with 3 bedrooms and 1 full bathroom per unit
- Renovated multi‑family property built in 1915
- Full walk‑out basement with interior access
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
$54,013
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
7.21%
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%
$1,080,260
$1.1M
Cap Rate 7%
$771,614
$771.6K
Cap Rate 9%
$600,144
$600.1K
Market Conditions
NOI Build-Up for 3,678 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
$81.7K $22.20/SF
− Vacancy
−$4.5K −$1.22/SF
EGI
$77.2K $20.98/SF
− OpEx
−$23.1K −$6.29/SF
NOI
$54.0K $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%
$1,080,260
Cap Rate 7%
$771,614
Cap Rate 9%
$600,144
Alternative Uses
Best Use
Multifamily LT 5
$771.6K
$675.2K – $900.2K
NOI $54,013 @ 7.0% cap · market cap 7.21%
Second Best
Apartment 5plus
$708.3K
$619.8K – $826.4K
NOI $49,581 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,935 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
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 - Each residence offers three bedrooms, a full bathroom, and an eat-in kitchen.
Where is this triplex located?
The property is located at 28 Gediminas Street Worcester, MA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Three units with 3 bedrooms and 1 full bathroom per unit; Renovated multi‑family property built in 1915; Full walk‑out basement with interior access
