3-Unit Triplex with Separate
For Sale
$799,000
4 Hartshorn Avenue, Worcester, MA 01602
Three two-bedroom apartments offer private laundry rooms, hardwood living areas, and access to a fenced outdoor space.
Property Size5,055 SF
Price / SF$158.06
Days on Market174
Property Features for 4 Hartshorn Avenue
General Information
Standard status
Active
Size
5,055 SF
Total Parking Spaces
3
Property subtype
Multi-family / 3 Family
Zoning
RL-7
Net Operating Income
$49,325
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$9,115
Amenities
yard
in-unit laundry
No
Wood, Tile
3.0
Full
3
3.00
Fenced/Enclosed, Fenced
Frame
Shingle
Level
Shed(s)
Fenced Yard, Porch
Porch
Building Details
Year Built
1910
Buildings
1
Stories
3
Listing Agency:
Premier Properties of New England
(978) 352-9986
Listed By:
Derik Opdyke · License #9043726
(978) 352-9986
Source:
Compass
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 5:27PM
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 Premier Properties of New England
Investment Insights
Based on property information with market context.
This 3-unit triplex contains three 2-bedroom apartments, each arranged with a living room, dining area, kitchen, full bathroom, and dedicated laundry room. The first- and second-floor residences are approximately 1,500 SF each, while the third-floor unit measures approximately 1,200 SF. Hardwood flooring serves the main living spaces, and the 5,055-SF property was built in 1910.
Utilities are separately metered for all three apartments. The first two units use gas steam boilers and gas-fired water heaters; the third unit has electric heat and an electric water heater. Boilers receive annual servicing. Water and sewer are included in rent, while residents pay for trash, gas, electricity, cable, and internet. Window AC units are supplied by tenants.
The property includes a fenced, level yard with a porch and shed, plus a driveway accommodating three cars. It is located near Worcester State University and is zoned RL-7.
Utilities are separately metered for all three apartments. The first two units use gas steam boilers and gas-fired water heaters; the third unit has electric heat and an electric water heater. Boilers receive annual servicing. Water and sewer are included in rent, while residents pay for trash, gas, electricity, cable, and internet. Window AC units are supplied by tenants.
The property includes a fenced, level yard with a porch and shed, plus a driveway accommodating three cars. It is located near Worcester State University and is zoned RL-7.
Key Highlights
- Three 2‑bedroom apartments within a 3‑unit triplex
- 5,055 SF property built in 1910
- First and second floors are approximately 1,500 SF each; third floor is approximately 1,200 SF
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
$68,144
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
8.53%
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%
$1,362,880
$1.4M
Cap Rate 7%
$973,486
$973.5K
Cap Rate 9%
$757,156
$757.2K
Market Conditions
NOI Build-Up for 5,055 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
$130.4K $25.80/SF
− Vacancy
−$6.5K −$1.29/SF
EGI
$123.9K $24.51/SF
− OpEx
−$55.8K −$11.03/SF
NOI
$68.1K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,362,880
Cap Rate 7%
$973,486
Cap Rate 9%
$757,156
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$927.9K – $1.24M
NOI $74,234 @ 7.0% cap · market cap 9.29%
Second Best
Apartment 5plus
$973.5K
$851.8K – $1.14M
NOI $68,144 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,107 @ 7.0% cap · market cap 14.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Explore this area
Business Placement
Demographics for 01602, MA
25,382
Population
10,483
Households
2.4
Avg Household Size
39
Median Age
47%
College-Educated
91%
High-School Grad
5.8 sq mi
ZIP Area
4,376
Density / Sq Mi
$94,351
Median Household Income
$47,259
Median Earnings
$1,471
Median Rent
$380,800
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 two-bedroom apartments offer private laundry rooms, hardwood living areas, and access to a fenced outdoor space.
Where is this triplex located?
The property is located at 4 Hartshorn Avenue Worcester, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three 2‑bedroom apartments within a 3‑unit triplex; 5,055 SF property built in 1910; First and second floors are approximately 1,500 SF each; third floor is approximately 1,200 SF
