Corner-Lot Triplex with
For Sale
$725,000
47 Houghton Street, Worcester, MA 01604
Three units offer separate utilities, in-unit laundry, hardwood flooring, and private porches across the building.
Property Size4,545 SF
Price / SF$159.52
Days on Market152
Property Features for 47 Houghton Street
General Information
Standard status
Active
Size
4,545 SF
Total Parking Spaces
6
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
RG-5
Net Operating Income
$10,200
Property Condition
Severity
Repairs Needed
Evidence
With a little updating
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$9,459
Amenities
in-unit laundry
porch
garage
side yard
basement storage
No
Tile, Vinyl, Hardwood
Range, Dishwasher, Refrigerator
3.0
Box/Bay/Bow Window(s)
Washer Hookup, Dryer Hookup, Electric Dryer Hookup
Full, Interior Access
Pantry, Bathroom With Tub & Shower, Living Room, Dining Room, Kitchen, Mudroom
3
3.00
Frame
Shingle
Corner Lot
Garden, Garden Area, Porch, Patio
Lake/Pond, 1/2 to 1 Mile To Beach, Beach Ownership(Public)
Porch, Patio
Building Details
Year Built
1920
Buildings
1
Stories
3
Listing Agency:
Christopher Group
(855) 450-0442
Listed By:
Christopher Collette · License #9560662
(855) 450-0442
Source:
Compass
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 7:05PM
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 Christopher Group
Investment Insights
Based on property information with market context.
This 1920 triplex at 47 Houghton Street includes three residential units, each measuring more than 1,500 sq ft. The current layouts are configured as three-bedroom apartments with hardwood flooring, in-unit laundry connections, porches, kitchens, dining areas, living rooms, and full bathrooms. Updated heating, hot water, and electrical systems are in place, with separate utilities and updated electric panels. Two units will be delivered vacant.
The property occupies a double-size corner lot with a driveway, two-car garage, side yard, patio, and parking area. A storage-oriented basement with interior access provides additional utility. The property is zoned RG-5 and includes a frame exterior with shingle siding.
The property occupies a double-size corner lot with a driveway, two-car garage, side yard, patio, and parking area. A storage-oriented basement with interior access provides additional utility. The property is zoned RG-5 and includes a frame exterior with shingle siding.
Key Highlights
- Three‑unit property with more than 1,500 sq ft in each unit
- Two units delivered vacant for occupancy or lease‑up
- Updated heating, hot water, and electrical systems with separate utilities
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
$61,269
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
8.45%
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%
$1,225,380
$1.2M
Cap Rate 7%
$875,271
$875.3K
Cap Rate 9%
$680,767
$680.8K
Market Conditions
NOI Build-Up for 4,545 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
$117.3K $25.80/SF
− Vacancy
−$5.9K −$1.29/SF
EGI
$111.4K $24.51/SF
− OpEx
−$50.1K −$11.03/SF
NOI
$61.3K $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%
$1,225,380
Cap Rate 7%
$875,271
Cap Rate 9%
$680,767
Alternative Uses
Best Use
Multifamily LT 5
$953.5K
$834.3K – $1.11M
NOI $66,745 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$875.3K
$765.9K – $1.02M
NOI $61,269 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,192 @ 7.0% cap · market cap 14.65%
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
1,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
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 units offer separate utilities, in-unit laundry, hardwood flooring, and private porches across the building.
Where is this triplex located?
The property is located at 47 Houghton Street Worcester, MA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Three‑unit property with more than 1,500 sq ft in each unit; Two units delivered vacant for occupancy or lease‑up; Updated heating, hot water, and electrical systems with separate utilities
