Nine-Unit Multifamily
For Sale
Contact for pricing
31 North St, Worcester, MA 01605
Three buildings with nine units, renovated in 2023.
Property Size6,852 SF
Price / SF$262.70
Days on Market159
Property Features for 31 North St
General Information
Standard status
Active
Size
6,852 SF
Class
B
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
RG5
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$164,193
Building Details
Year Built
1910
Year Renovated
2023
Buildings
3
Stories
3
Units
9
Tenancy
Multi
Listing Agency:
Worcester Multi
(508) 868-0927
Listed By:
Brian Allen · License #MA 9583389
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 20 at 8:59PM
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 Worcester Multi
Investment Insights
Based on property information with market context.
This property features nine units distributed across three separately deeded buildings, each containing three units, situated on adjacent lots. The property includes ample parking available on a flat lot. The units were renovated in 2023, which included new flooring, paint, kitchens, bathrooms, and appliances. Each unit is currently rented for $1850 per month. The property is classified as a triplex, multifamily property, and residential income property.
Key Highlights
- Nine units across three buildings offer substantial rental income potential.
- Recent 2023 renovations include new flooring, paint, kitchens, bathrooms, and appliances.
- Each unit is currently rented for $1850 per month.
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
$100,624
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
5.59%
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%
$2,012,480
$2.0M
Cap Rate 7%
$1,437,486
$1.4M
Cap Rate 9%
$1,118,044
$1.1M
Market Conditions
NOI Build-Up for 6,852 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
$152.1K $22.20/SF
− Vacancy
−$8.4K −$1.22/SF
EGI
$143.7K $20.98/SF
− OpEx
−$43.1K −$6.29/SF
NOI
$100.6K $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%
$2,012,480
Cap Rate 7%
$1,437,486
Cap Rate 9%
$1,118,044
Alternative Uses
Best Use
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $100,624 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,368 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,093 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,544
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three buildings with nine units, renovated in 2023.
Where is this triplex located?
The property is located at 31 North St Worcester, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Nine units across three buildings offer substantial rental income potential.; Recent 2023 renovations include **new flooring, paint, kitchens, bathrooms, and appliances.**; Each unit is currently rented for $1850 per month.
