Renovated Triplex with Fenced
For Sale
$849,000
31 Esther St, Worcester, MA 01604
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$264.49
Days on Market16
Property Features for 31 Esther St
General Information
Standard status
Active
Size
3,210 SF
Property subtype
3 Family
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
3
Amenities
offstreet parking
enclosed back porches
clean spacious basement
Building Details
Year Built
1910
Stories
3
Listing Agency:
Sabrina Evangelista-Courville
(508) 769-0088
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Jul 25
Changed: Aug 8
Last Checked: Aug 8 at 9:26AM
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 Sabrina Evangelista-Courville
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 = 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
$47,140
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
5.55%
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%
$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
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
$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 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%
$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 5.55%
Second Best
Apartment 5plus
$618.2K
$540.9K – $721.2K
NOI $43,272 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.07M
$937.5K – $1.25M
NOI $75,000 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
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
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 - 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 $849,000.
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
