Renovated Triplex with Fenced
31 Esther St, Worcester, MA 01604
For Sale
$679,000
Totally renovated triplex with offstreet parking and fenced yard, with leased 1st/2nd floors and a recently vacant 3rd floor.
Property Size3,210 SF
Price / SF$211.53
Days on Market108
Property Features for 31 Esther St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Highway Access
Fenced Yard
Additional Details
Multifamily Units
Amenities
offstreet parking
enclosed back porches
clean spacious basement
Building Details
Year Built
Stories
Listing Agency:
Lock and Key Realty
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Jul 25
Changed: Nov 8
Last Checked: Nov 8 at 5:43AM
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 Lock and Key Realty
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Investment Insights
Based on property information with market context.
This totally renovated triplex has been upgraded top to bottom with new heating, electrical, floors, walls, kitchens, and bathrooms. The property includes enclosed back porches and a clean, spacious basement, with fenced yard space for outdoor use. The 1st and 2nd floors are currently on leases, while the 3rd floor was recently vacant and is described as easy to show.
Located at 31 Esther St in Worcester, MA 01604, the property is positioned near highways and offers offstreet parking.
All three floors are described as similar in looks, supporting a straightforward, consistent layout across the building. The 1st and 2nd floors are shown upon accepted offer.
Located at 31 Esther St in Worcester, MA 01604, the property is positioned near highways and offers offstreet parking.
All three floors are described as similar in looks, supporting a straightforward, consistent layout across the building. The 1st and 2nd floors are shown upon accepted offer.
Key Highlights
- Totally renovated triplex (Year Built 1910) with new heating, electrical, floors, walls, kitchens, and bathrooms
- Leased 1st and 2nd floors with great tenants; 3rd floor recently vacant and easy to show
- Offstreet parking plus a fenced yard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,140
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$942,800
$942.8K
Cap Rate 7%
$673,429
$673.4K
Cap Rate 9%
$523,778
$523.8K
Market Conditions
NOI Build-Up for 3,210 SF
Gross rent
$71.3K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$67.3K $20.98/SF
− OpEx
−$20.2K −$6.29/SF
NOI
$47.1K $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 Rate 5%
$942,800
Cap Rate 7%
$673,429
Cap Rate 9%
$523,778
Alternative Uses
Best Use
Multifamily LT 5
$673.4K
$589.3K – $785.7K
NOI $47,140 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$618.2K
$540.9K – $721.2K
NOI $43,272 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$1.07M
$937.5K – $1.25M
NOI $75,000 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
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Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Worcester, MA
Properties on Market for Triplexes in Worcester
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Totally renovated triplex with offstreet parking and fenced yard, with leased 1st/2nd floors and a recently vacant 3rd floor.
Where is this triplex located?
The property is located at 31 Esther St Worcester, MA.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Totally renovated triplex (Year Built 1910) with new heating, electrical, floors, walls, kitchens, and bathrooms; Leased 1st and 2nd floors with great tenants; 3rd floor recently vacant and easy to show; Offstreet parking plus a fenced yard
