Three-Unit Home with
For Sale
$699,900
39 Woodland Street, Worcester, MA 01610
RG5-zoned property near Clark University with hardwood floors and tenants in place.
Property Size4,285 SF
Price / SF$163.34
Days on Market148
Property Features for 39 Woodland Street
General Information
Standard status
Active
Size
4,285 SF
Total Parking Spaces
12
Property subtype
Multi-family / 3 Family
Zoning
RG5
Occupancy
100%
Net Operating Income
$44,400
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,388
Amenities
No
Vinyl, Hardwood
Range, Refrigerator
3
Yes
3.0
Full
Living Room, Dining Room, Kitchen
3.00
Frame
Shingle
Barn/Stable
Balcony, Barn/Stable, Porch
Porch
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Coldwell Banker Realty - Worcester
(508) 795-7500
Listed By:
Van Khanh Nguyen · License #9044684
(508) 795-7500
Source:
Compass
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 31 at 9:49PM
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 Coldwell Banker Realty - Worcester
Investment Insights
Based on property information with market context.
This three-unit residential property offers 4,285 square feet across a configuration that includes spacious living areas, dining rooms, kitchens, and full baths. The first and second floors each contain approximately 1,714± square feet with four bedrooms, high ceilings, and adaptable layouts. Hardwood flooring, a newer roof, gas heating, and updated electrical service are among the documented improvements. A separate owner’s meter is also in place.
The property sits within walking distance of Clark University and includes a large driveway with capacity for up to 10 vehicles, plus a two-car garage/barn. All tenants are currently in place and are expected to remain. Built in 1890, the property is identified as RG5 zoning and includes porch and balcony features.
The property sits within walking distance of Clark University and includes a large driveway with capacity for up to 10 vehicles, plus a two-car garage/barn. All tenants are currently in place and are expected to remain. Built in 1890, the property is identified as RG5 zoning and includes porch and balcony features.
Key Highlights
- Three‑unit property with 4,285 square feet
- First and second floors each offer approximately 1,714± square feet and four bedrooms
- Driveway accommodates up to 10 vehicles
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
$62,927
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
8.99%
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%
$1,258,540
$1.3M
Cap Rate 7%
$898,957
$899.0K
Cap Rate 9%
$699,189
$699.2K
Market Conditions
NOI Build-Up for 4,285 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
$95.1K $22.20/SF
− Vacancy
−$5.2K −$1.22/SF
EGI
$89.9K $20.98/SF
− OpEx
−$27.0K −$6.29/SF
NOI
$62.9K $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%
$1,258,540
Cap Rate 7%
$898,957
Cap Rate 9%
$699,189
Alternative Uses
Best Use
Multifamily LT 5
$899.0K
$786.6K – $1.05M
NOI $62,927 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$825.2K
$722.1K – $962.7K
NOI $57,764 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,117 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,320
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 - RG5-zoned property near Clark University with hardwood floors and tenants in place.
Where is this triplex located?
The property is located at 39 Woodland Street Worcester, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Three‑unit property with 4,285 square feet; First and second floors each offer approximately 1,714± square feet and four bedrooms; Driveway accommodates up to 10 vehicles
