Three-Family Residential Income
For Sale
$580,000
31 North Street, Worcester, MA 01605
Three-family building with 2022 interior updates, including new kitchens, baths, and appliances.
Property Size2,244 SF
Price / SF$258.47
Days on Market52
Property Features for 31 North Street
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi-family
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
1910
Year Renovated
2022
Stories
3
Tenancy
Multi
Listing Agency:
Property Investors & Advisors,LLC
Listed By:
Brian Allen
(617) 236-0711
Source:
Campionre
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 29 at 10:29AM
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 Property Investors & Advisors,LLC
Investment Insights
Based on property information with market context.
This three-family residential income property is described as de-leaded, with units updated in 2022. The improvements include new kitchens, baths, and appliances. Each floor is equipped with mini-split systems for heating and air conditioning. The third-floor unit is vacant, providing an opportunity for immediate occupancy or lease-up.
The property is located in Worcester’s Poet Hill neighborhood, about 0.2 miles from Trolley Yard, with access to downtown and nearby colleges and major hospitals.
The building’s configuration supports separate living arrangements across three units, with climate control provided on each level.
The property is located in Worcester’s Poet Hill neighborhood, about 0.2 miles from Trolley Yard, with access to downtown and nearby colleges and major hospitals.
The building’s configuration supports separate living arrangements across three units, with climate control provided on each level.
Key Highlights
- 3‑family building built in 1910 with updated interiors
- Units redone in 2022 with new kitchens, baths, and appliances
- Mini‑splits on each floor for heat/AC
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
$32,954
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
5.68%
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%
$659,080
$659.1K
Cap Rate 7%
$470,771
$470.8K
Cap Rate 9%
$366,156
$366.2K
Market Conditions
NOI Build-Up for 2,244 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
$49.8K $22.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$47.1K $20.98/SF
− OpEx
−$14.1K −$6.29/SF
NOI
$33.0K $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%
$659,080
Cap Rate 7%
$470,771
Cap Rate 9%
$366,156
Alternative Uses
Best Use
Multifamily LT 5
$470.8K
$411.9K – $549.2K
NOI $32,954 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$432.1K
$378.1K – $504.2K
NOI $30,250 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$749.0K
$655.4K – $873.8K
NOI $52,430 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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-family building with 2022 interior updates, including new kitchens, baths, and appliances.
Where is this triplex located?
The property is located at 31 North Street Worcester, MA.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: 3‑family building built in 1910 with updated interiors; Units redone in 2022 with new kitchens, baths, and appliances; Mini‑splits on each floor for heat/AC
