Triplex with Private Outdoor
For Sale
$699,900
29 Tatman Street, Worcester, MA 01607
Fully occupied three-family home with in-unit laundry, private decks, and off-street parking.
Property Size3,068 SF
Price / SF$228.13
Days on Market171
Property Features for 29 Tatman Street
General Information
Standard status
Active
Size
3,068 SF
Property subtype
Multi-family
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
private front decks
back porches with attached storage
designated storage areas in basement
energy-efficient mini-split systems
Building Details
Year Built
1909
Buildings
1
Listing Agency:
Lamacchia Realty,Inc.
Listed By:
Mulryan and Maher Group
(617) 236-0711
Source:
Campionre
Added: Mar 13
Changed: Aug 29
Last Checked: Jun 10 at 12:19PM
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 Lamacchia Realty,Inc.
Investment Insights
Based on property information with market context.
Built in 1909, this three-unit multifamily property offers a consistent layout across all residences. Each unit includes two bedrooms, one full bath, a living room, eat-in kitchen, pantry, and in-unit laundry. Original hardwood flooring and wood trim remain throughout, while mini-split systems provide heating and cooling in each unit.
Residents have private front decks, rear porches, and attached storage, with additional designated basement storage for every unit. A large driveway supports off-street parking. The property is fully occupied, with long-term tenants and established rental history. Located at 29 Tatman Street in Worcester, the property sits one street from a public park with basketball and tennis courts, a baseball field, and a playground, with access to major highways for commuting.
Residents have private front decks, rear porches, and attached storage, with additional designated basement storage for every unit. A large driveway supports off-street parking. The property is fully occupied, with long-term tenants and established rental history. Located at 29 Tatman Street in Worcester, the property sits one street from a public park with basketball and tennis courts, a baseball field, and a playground, with access to major highways for commuting.
Key Highlights
- Three‑family property with three 2‑bedroom, 1‑bath units
- Fully occupied with long‑term tenants and established rental history
- Mini‑split heating and cooling systems installed in all units
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
$45,055
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
6.44%
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%
$901,100
$901.1K
Cap Rate 7%
$643,643
$643.6K
Cap Rate 9%
$500,611
$500.6K
Market Conditions
NOI Build-Up for 3,068 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
$68.1K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$64.4K $20.98/SF
− OpEx
−$19.3K −$6.29/SF
NOI
$45.1K $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%
$901,100
Cap Rate 7%
$643,643
Cap Rate 9%
$500,611
Alternative Uses
Best Use
Multifamily LT 5
$643.6K
$563.2K – $750.9K
NOI $45,055 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$590.8K
$517.0K – $689.3K
NOI $41,358 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$1.02M
$896.0K – $1.19M
NOI $71,682 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
341
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 - Fully occupied three-family home with in-unit laundry, private decks, and off-street parking.
Where is this triplex located?
The property is located at 29 Tatman Street Worcester, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Three‑family property with three 2‑bedroom, 1‑bath units; Fully occupied with long‑term tenants and established rental history; Mini‑split heating and cooling systems installed in all units
