Nine-Unit Multifamily
31 North St, Worcester, MA 01605
Three buildings with nine units, renovated in 2023.
Type:Multifamily
Property size:
6,852 SFPrice / SF:
$291/SF- Added:
- Mar 16, 2026
- Days on Market:
- 63
- Last Refresh:
- Mar 19 at 11:01 pm
Property Features for 31 North St
General Information
- Standard status
- Active
- Size
- 6,852 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1910
Listing agent Brian Allen License #MA 9583389
Listing office Worcester Multi (508) 868-0927
Listing date Mar 16, 2026
Source Crexi
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
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.
- Ample parking is available on a flat lot.
- The property consists of three separately deeded buildings.
- The buildings are located on adjacent lots.
Overview
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.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$1.12M
NOI $100,624 @ 9.00% cap · cautious / downside scenario
Moderate
$1.44M
NOI $100,624 @ 7.00% cap · market / base-case scenario
Aggressive
$2.01M
NOI $100,624 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $152.1k | $22.20 |
| − Vacancy | −$8.4k | −$1.22 |
| EGI | $143.7k | $20.98 |
| − OpEx | −$43.1k | −$6.29 |
| NOI | $100.6k | $14.69 |
6,852 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $100,624 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,368 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,093 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Worcester
- County
- Worcester
- State
- Massachusetts
- Longitude
- -71.8036331
- Latitude
- 42.2820078
Nearby Similar for Sale
FAQs
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 $2,000,000.
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.
