Renovated 3-Unit
For Sale
$949,000
39 Gates St, Worcester, MA 01610
Three four-bedroom residences feature updated interiors, in-unit laundry, and separately metered utilities.
Property Size4,188 SF
Price / SF$226.60
Days on Market10
Property Features for 39 Gates St
General Information
Standard status
Active
Size
4,188 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Illinois St. C.w.a.
Utilities to Site
Yes
Units
Unit Mix
3 x 4BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,646
Listing Agency:
eXp Realty LLC
(888) 854-7493
Listed By:
Brianna Maggio
(781) 854-1733
Source:
Exprealty
Added: Oct 20
Changed: Oct 29
Last Checked: Oct 28 at 3:02PM
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
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Investment Insights
Based on property information with market context.
At 39 Gates St in Worcester, this 4,188-square-foot triplex contains three four-bedroom residences, totaling 12 bedrooms. The 1895 property has undergone extensive renovation, with open layouts, hardwood flooring, recessed lights, tall ceilings, and natural light. Each home includes a kitchen with a quartz-topped island, stainless steel appliances, and an in-unit laundry room. Work also covered plumbing, heating, electrical systems, insulation, windows, roofing, siding, and plaster.
The property is less than a quarter mile from Clark University and includes off-street parking and outdoor space. Utilities are separately metered. RG-5 zoning applies. Attic plans have been initiated for a possible fourth unit, subject to municipal approvals; due diligence is underway.
The property is less than a quarter mile from Clark University and includes off-street parking and outdoor space. Utilities are separately metered. RG-5 zoning applies. Attic plans have been initiated for a possible fourth unit, subject to municipal approvals; due diligence is underway.
Key Highlights
- Three four‑bedroom units with 12 bedrooms across 4,188 square feet
- Renovation includes new plumbing, heating, electrical, windows, roof, siding, and spray foam insulation
- Separate utility meters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,502
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,230,040
$1.2M
Cap Rate 7%
$878,600
$878.6K
Cap Rate 9%
$683,356
$683.4K
Market Conditions
NOI Build-Up for 4,188 SF
Gross rent
$93.0K $22.20/SF
− Vacancy
−$5.1K −$1.22/SF
EGI
$87.9K $20.98/SF
− OpEx
−$26.4K −$6.29/SF
NOI
$61.5K $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 Rate 5%
$1,230,040
Cap Rate 7%
$878,600
Cap Rate 9%
$683,356
Alternative Uses
Best Use
Multifamily LT 5
$878.6K
$768.8K – $1.03M
NOI $61,502 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$806.5K
$705.7K – $940.9K
NOI $56,456 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,850 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,389
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three four-bedroom residences feature updated interiors, in-unit laundry, and separately metered utilities.
Where is this triplex located?
The property is located at 39 Gates St Worcester, MA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Three four‑bedroom units with 12 bedrooms across 4,188 square feet; Renovation includes new plumbing, heating, electrical, windows, roof, siding, and spray foam insulation; Separate utility meters for each unit
