Three-Unit Corner-Lot
For Sale
$649,999
3 Perkins Street, Worcester, MA 01605
RG-5-zoned multifamily property with two vacant units, off-street parking, and access to public transportation.
Property Size3,639 SF
Price / SF$178.62
Days on Market193
Property Features for 3 Perkins Street
General Information
Standard status
Active
Size
3,639 SF
Total Parking Spaces
5
Property subtype
Multi-family / 3 Family
Zoning
RG-5
Net Operating Income
$9,720
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,276
Amenities
washer/dryer hookups
off-street parking
City/Town Sewer, Public
No, .00
No
3.0
3
3.00
Corner Lot
Building Details
Year Built
1904
Buildings
1
Listing Agency:
eXp Realty
(888) 854-7493
Listed By:
Above and Beyond Team · License #9585106
(888) 854-7493
Source:
Compass
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 2:24PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 3,639 SF triplex was built in 1904 and contains three residential units, including two currently vacant apartments. Each unit has a spacious layout with natural light, washer/dryer hookups, and ample closet storage. The property also offers off-street parking and occupies a corner lot.
The Worcester property is positioned near Route 290 and Route 9, with restaurants, shops, WPI, and public transportation in the surrounding area. RG-5 zoning supports its multifamily classification, while the existing three-unit configuration provides a clear residential income property profile.
The Worcester property is positioned near Route 290 and Route 9, with restaurants, shops, WPI, and public transportation in the surrounding area. RG-5 zoning supports its multifamily classification, while the existing three-unit configuration provides a clear residential income property profile.
Key Highlights
- Three‑unit multifamily property with 2 vacant units
- 3,639 SF building constructed in 1904
- RG‑5 zoning designation
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
$53,440
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
8.22%
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%
$1,068,800
$1.1M
Cap Rate 7%
$763,429
$763.4K
Cap Rate 9%
$593,778
$593.8K
Market Conditions
NOI Build-Up for 3,639 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
$80.8K $22.20/SF
− Vacancy
−$4.4K −$1.22/SF
EGI
$76.3K $20.98/SF
− OpEx
−$22.9K −$6.29/SF
NOI
$53.4K $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 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%
$1,068,800
Cap Rate 7%
$763,429
Cap Rate 9%
$593,778
Alternative Uses
Best Use
Multifamily LT 5
$763.4K
$668.0K – $890.7K
NOI $53,440 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$700.8K
$613.2K – $817.6K
NOI $49,056 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,023 @ 7.0% cap · market cap 13.08%
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
2,824
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 - RG-5-zoned multifamily property with two vacant units, off-street parking, and access to public transportation.
Where is this triplex located?
The property is located at 3 Perkins Street Worcester, MA.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: Three‑unit multifamily property with 2 vacant units; 3,639 SF building constructed in 1904; RG‑5 zoning designation
