3-Unit Corner
For Sale
$719,900
41 Tatman Street, Worcester, MA 01607
Frame multifamily property with two-bedroom units, one vacant apartment, and two occupied units.
Property Size3,442 SF
Price / SF$209.15
Days on Market146
Property Features for 41 Tatman Street
General Information
Standard status
Active
Size
3,442 SF
Total Parking Spaces
4
Property subtype
Multi-family / 3 Family
Zoning
RL-7
Net Operating Income
$40,200
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,981
Amenities
City/Town Sewer, Public
No
3.0
3
3.00
Frame
Corner Lot
Building Details
Year Built
1920
Buildings
1
Listing Agency:
The Nest Real Estate Agency, LLC
(617) 869-2148
Listed By:
Carl Osorio · License #9580361
(617) 869-2148
Source:
Compass
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 3:58PM
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 Nest Real Estate Agency, LLC
Investment Insights
Based on property information with market context.
Located at 41 Tatman Street in Worcester, this 3-unit triplex was built in 1920 and has 3,442 square feet of property size. The frame building sits on a corner lot and is zoned RL-7.
Each apartment includes 2 bedrooms and 1 full bathroom, creating a consistent layout across the property. Units 1 and 3 are currently rented, while Unit 2 is vacant. Unit 1 has been occupied by long-term tenants for 11+ years, providing established rental history within the building.
Each apartment includes 2 bedrooms and 1 full bathroom, creating a consistent layout across the property. Units 1 and 3 are currently rented, while Unit 2 is vacant. Unit 1 has been occupied by long-term tenants for 11+ years, providing established rental history within the building.
Key Highlights
- 3,442‑square‑foot triplex in Worcester
- Three units, each with 2 bedrooms and 1 full bathroom
- Units 1 and 3 currently rented; Unit 2 is vacant
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
$50,547
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
7.02%
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%
$1,010,940
$1.0M
Cap Rate 7%
$722,100
$722.1K
Cap Rate 9%
$561,633
$561.6K
Market Conditions
NOI Build-Up for 3,442 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
$76.4K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$72.2K $20.98/SF
− OpEx
−$21.7K −$6.29/SF
NOI
$50.5K $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%
$1,010,940
Cap Rate 7%
$722,100
Cap Rate 9%
$561,633
Alternative Uses
Best Use
Multifamily LT 5
$722.1K
$631.8K – $842.5K
NOI $50,547 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$662.9K
$580.0K – $773.3K
NOI $46,400 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,421 @ 7.0% cap · market cap 11.17%
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
315
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
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 - Frame multifamily property with two-bedroom units, one vacant apartment, and two occupied units.
Where is this triplex located?
The property is located at 41 Tatman Street Worcester, MA.
What is the asking price?
The asking price for this property is $719,900.
What are key features of this property?
This property features: 3,442‑square‑foot triplex in Worcester; Three units, each with 2 bedrooms and 1 full bathroom; Units 1 and 3 currently rented; Unit 2 is vacant
