Triplex with Vacant
New
For Sale
$499,000
44 Grove St, Leicester, MA 01524
Two units are occupied, with one additional unit available for occupancy or leasing.
Property Size2,914 SF
Price / SF$171.24
Days on Market3
Property Features for 44 Grove St
General Information
Standard status
Active
Size
2,914 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
R2
Net Operating Income
$28,800
Taxes and HOA fees
Annual Taxes
$4,822
Building Details
Building Size
2,914 SF
Year Built
1890
Listing Agency:
Compass
(617) 752-6845
Listed By:
Stephanie Lachapelle Group
Source:
413realestate
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 10:11PM
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 Compass
Investment Insights
Based on property information with market context.
This three-family property contains 2,914 square feet across a configuration with two occupied units and one vacant unit. The available unit provides flexibility for an owner-occupant, additional leasing, or future improvements. The building dates to 1890 and is located at 44 Grove St in Leicester, Massachusetts. R2 zoning supports the property’s multifamily classification. The sale is subject to final Probate Court approval.
Key Highlights
- Three‑family property with 2,914 square feet
- Two units currently occupied and one unit vacant
- R2 zoning
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
$39,390
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
7.89%
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%
$787,800
$787.8K
Cap Rate 7%
$562,714
$562.7K
Cap Rate 9%
$437,667
$437.7K
Market Conditions
NOI Build-Up for 2,914 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
$57.7K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$56.3K $19.31/SF
− OpEx
−$16.9K −$5.79/SF
NOI
$39.4K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /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%
$787,800
Cap Rate 7%
$562,714
Cap Rate 9%
$437,667
Alternative Uses
Best Use
Multifamily LT 5
$562.7K
$492.4K – $656.5K
NOI $39,390 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$489.7K
$428.5K – $571.3K
NOI $34,280 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$995.1K
$870.7K – $1.16M
NOI $69,656 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 01524, MA
6,621
Population
2,448
Households
2.7
Avg Household Size
43
Median Age
31%
College-Educated
91%
High-School Grad
15.9 sq mi
ZIP Area
416
Density / Sq Mi
$93,191
Median Household Income
$52,881
Median Earnings
$1,055
Median Rent
$390,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Two units are occupied, with one additional unit available for occupancy or leasing.
Where is this triplex located?
The property is located at 44 Grove St Leicester, MA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Three‑family property with 2,914 square feet; Two units currently occupied and one unit vacant; R2 zoning
