Upgraded Three-Unit
For Sale
$819,995
320 Hamilton St, Worcester, MA 01604
Separately metered utilities, off-street parking, additional storage, and coin-operated laundry support the three-unit configuration.
Property Size4,527 SF
Price / SF$181.13
Days on Market13
Property Features for 320 Hamilton St
General Information
Standard status
Active
Size
4,527 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR, 1 x 4BR
Multifamily Units
3
Additional Details
Gross Income
$24,000
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$9,262
Amenities
coin-op laundry
additional storage
Listing Agency:
eXp Realty LLC
(888) 854-7493
Listed By:
Candor Investment Group
(978) 710-5616
Source:
Exprealty
Added: Sep 15
Changed: Sep 25
Last Checked: Sep 26 at 10:43AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 4,527-square-foot triplex, built in 1915, contains three residential units with a total of 10 bedrooms and 3 bathrooms. The unit mix includes two three-bedroom apartments and one four-bedroom apartment, each with a living room, kitchen, range, refrigerator, and additional storage. One unit is occupied and two are vacant. Improvements include three tankless water-heating systems, a new heating system, updated plumbing and electrical systems, and a recently repointed basement.
The property is located at 320 Hamilton Street in Worcester, Massachusetts. Six off-street parking spaces and coin-operated laundry serve the building. Utilities are separately metered, with residents responsible for their own usage, while water is included with each unit. Lead certifications are in place for all three units.
The property is located at 320 Hamilton Street in Worcester, Massachusetts. Six off-street parking spaces and coin-operated laundry serve the building. Utilities are separately metered, with residents responsible for their own usage, while water is included with each unit. Lead certifications are in place for all three units.
Key Highlights
- 10 bedrooms and 3 bathrooms across 3 residential units
- 4,527 SF triplex built in 1915
- Unit mix includes two 3‑bedroom units and one 4‑bedroom unit
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
$66,480
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
8.11%
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%
$1,329,600
$1.3M
Cap Rate 7%
$949,714
$949.7K
Cap Rate 9%
$738,667
$738.7K
Market Conditions
NOI Build-Up for 4,527 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
$100.5K $22.20/SF
− Vacancy
−$5.5K −$1.22/SF
EGI
$95.0K $20.98/SF
− OpEx
−$28.5K −$6.29/SF
NOI
$66.5K $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%
$1,329,600
Cap Rate 7%
$949,714
Cap Rate 9%
$738,667
Alternative Uses
Best Use
Multifamily LT 5
$949.7K
$831.0K – $1.11M
NOI $66,480 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$871.8K
$762.8K – $1.02M
NOI $61,026 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,771 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
236
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separately metered utilities, off-street parking, additional storage, and coin-operated laundry support the three-unit configuration.
Where is this triplex located?
The property is located at 320 Hamilton St Worcester, MA.
What is the asking price?
The asking price for this property is $819,995.
What are key features of this property?
This property features: 10 bedrooms and 3 bathrooms across 3 residential units; 4,527 SF triplex built in 1915; Unit mix includes two 3‑bedroom units and one 4‑bedroom unit
