Triplex with Vacant
For Sale
$734,999
32 Granite Street, Worcester, MA 01604
Three-unit residential property with updated interiors, Section 8 approval, and lead certification for every unit.
Property Size3,711 SF
Price / SF$198.06
Days on Market251
Property Features for 32 Granite Street
General Information
Standard status
Active
Size
3,711 SF
Total Parking Spaces
3
Property subtype
Multi-family / 3 Family
Zoning
RG-5
Net Operating Income
$19,200
Taxes and HOA fees
Annual Taxes
$7,808
Amenities
No
Range
3.0
Washer & Dryer Hookup, Washer Hookup, Dryer Hookup
Full
Living Room, Kitchen, Laundry Room, Window AC
3
3.00
Shingle
Corner Lot
Porch
Building Details
Year Built
1910
Listing Agency:
Cedar Wood Realty Group
(508) 283-7979
Listed By:
Bedward Ortiz Rivas · License #9537372
(508) 283-7979
Source:
Compass
Added: Dec 22, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:22PM
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 Cedar Wood Realty Group
Investment Insights
Based on property information with market context.
This 3,711-square-foot triplex contains three residential units, each with updated kitchens and bathrooms, washer and dryer hookups, and living areas with window AC. The second- and third-floor units are vacant, while lead certification is in place for all three residences. The property carries RG-5 zoning and was built in 1910.
Recent work includes new flooring and interior paint on the second floor. The roof and chimney are approximately six years old, and third-floor windows were replaced approximately 10 years ago. Exterior features include a porch and corner-lot setting.
The property is located less than one mile from Worcester Academy and near Polar Park, Kelley Square, Route 20, Route 146, I-290, New Balance Athletic Center, Walmart, public transportation, schools, parks, a public pool, and basketball courts.
Recent work includes new flooring and interior paint on the second floor. The roof and chimney are approximately six years old, and third-floor windows were replaced approximately 10 years ago. Exterior features include a porch and corner-lot setting.
The property is located less than one mile from Worcester Academy and near Polar Park, Kelley Square, Route 20, Route 146, I-290, New Balance Athletic Center, Walmart, public transportation, schools, parks, a public pool, and basketball courts.
Key Highlights
- 3,711‑square‑foot triplex on a corner lot
- Section 8 approved with lead certification for all three units
- Second- and third‑floor units are vacant
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
$54,497
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
7.41%
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%
$1,089,940
$1.1M
Cap Rate 7%
$778,529
$778.5K
Cap Rate 9%
$605,522
$605.5K
Market Conditions
NOI Build-Up for 3,711 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
$82.4K $22.20/SF
− Vacancy
−$4.5K −$1.22/SF
EGI
$77.9K $20.98/SF
− OpEx
−$23.4K −$6.29/SF
NOI
$54.5K $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%
$1,089,940
Cap Rate 7%
$778,529
Cap Rate 9%
$605,522
Alternative Uses
Best Use
Multifamily LT 5
$778.5K
$681.2K – $908.3K
NOI $54,497 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$714.7K
$625.3K – $833.8K
NOI $50,026 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$1.24M
$1.08M – $1.45M
NOI $86,706 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
816
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 - Three-unit residential property with updated interiors, Section 8 approval, and lead certification for every unit.
Where is this triplex located?
The property is located at 32 Granite Street Worcester, MA.
What is the asking price?
The asking price for this property is $734,999.
What are key features of this property?
This property features: 3,711‑square‑foot triplex on a corner lot; Section 8 approved with lead certification for all three units; Second- and third‑floor units are vacant
