Three-Unit Multifamily
For Sale
$750,000
38 Oberlin St, Worcester, MA 01610
Multifamily property with three distinct units and a varied bedroom configuration near Clark University.
Property Size3,746 SF
Price / SF$200.21
Days on Market111
Property Features for 38 Oberlin St
General Information
Standard status
Active
Size
3,746 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$66,900
Units
Unit Mix
1 x 4BR, 1 x 3BR, 1 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,801
Building Details
Building Size
3,746 SF
Year Built
1890
Buildings
1
Stories
3
Listing Agency:
The Collaborative Companies
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 14
Changed: Aug 30
Last Checked: Aug 31 at 1:08PM
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 The Collaborative Companies
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 3,746 square feet across a three-story arrangement. The unit mix includes a four-bedroom residence on the first floor, a three-bedroom residence on the second floor, and a two-bedroom residence on the third floor. Built in 1890, the property has been maintained for continued residential use and is zoned RG-5.
The property is located near Clark University in Worcester, with public transportation, shopping, and other local amenities in the surrounding area. Its three separate residences and varied bedroom counts provide a clearly defined multifamily configuration.
The property is located near Clark University in Worcester, with public transportation, shopping, and other local amenities in the surrounding area. Its three separate residences and varied bedroom counts provide a clearly defined multifamily configuration.
Key Highlights
- Three‑unit multifamily property totaling 3,746 square feet
- Unit mix includes 4‑bedroom, 3‑bedroom, and 2‑bedroom residences
- Three‑story configuration with one residence on each floor
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
$55,011
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
7.33%
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%
$1,100,220
$1.1M
Cap Rate 7%
$785,871
$785.9K
Cap Rate 9%
$611,233
$611.2K
Market Conditions
NOI Build-Up for 3,746 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
$83.2K $22.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$78.6K $20.98/SF
− OpEx
−$23.6K −$6.29/SF
NOI
$55.0K $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%
$1,100,220
Cap Rate 7%
$785,871
Cap Rate 9%
$611,233
Alternative Uses
Best Use
Multifamily LT 5
$785.9K
$687.6K – $916.9K
NOI $55,011 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$721.4K
$631.2K – $841.6K
NOI $50,498 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,523 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
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 - Multifamily property with three distinct units and a varied bedroom configuration near Clark University.
Where is this triplex located?
The property is located at 38 Oberlin St Worcester, MA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 3,746 square feet; Unit mix includes 4‑bedroom, 3‑bedroom, and 2‑bedroom residences; Three‑story configuration with one residence on each floor
