Three-Unit Multifamily
For Sale
$650,000
49-1/2 Ellsworth Street, Worcester, MA 01610
Updated residences offer functional layouts, separate utilities, and substantial off-street parking.
Property Size3,000 SF
Price / SF$216.67
Days on Market16
Property Features for 49-1/2 Ellsworth Street
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
10
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Century 21 North East
Listed By:
Fabilene Neves
(603) 548-5315
Source:
Burkelordrealestate
Added: Sep 12
Changed: Sep 26
Last Checked: Sep 26 at 9:24AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This three-unit property provides approximately 3,000 sq. ft. of total living area, with each residence arranged around two bedrooms, a living room, an eat-in kitchen and dining area, and one full bathroom. Recent work includes interior painting, replacement kitchen cabinetry and appliances, and a newer rubber roof. Separate gas and electric meters serve the units, and Letters of Full Deleading Compliance are available for all three residences.
The offering also includes the adjoining parcel at 51 Ellsworth Street, creating additional outdoor space subject to municipal approval. The property is located within approximately one mile of Worcester City Hall, Hanover Theatre, Union Station, Worcester Public Library, and Polar Park, with access to I-290, Route 146, Route 20, and the Mass Pike.
The offering also includes the adjoining parcel at 51 Ellsworth Street, creating additional outdoor space subject to municipal approval. The property is located within approximately one mile of Worcester City Hall, Hanover Theatre, Union Station, Worcester Public Library, and Polar Park, with access to I-290, Route 146, Route 20, and the Mass Pike.
Key Highlights
- Three units with two bedrooms, living room, eat‑in kitchen/dining area, and one full bathroom each
- Approximately 3,000 sq. ft. of total living area
- 10 off‑street parking spaces
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
$44,056
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
6.78%
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%
$881,120
$881.1K
Cap Rate 7%
$629,371
$629.4K
Cap Rate 9%
$489,511
$489.5K
Market Conditions
NOI Build-Up for 3,000 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
$66.6K $22.20/SF
− Vacancy
−$3.7K −$1.22/SF
EGI
$62.9K $20.98/SF
− OpEx
−$18.9K −$6.29/SF
NOI
$44.1K $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%
$881,120
Cap Rate 7%
$629,371
Cap Rate 9%
$489,511
Alternative Uses
Best Use
Multifamily LT 5
$629.4K
$550.7K – $734.3K
NOI $44,056 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$577.7K
$505.5K – $674.0K
NOI $40,442 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$1.00M
$876.2K – $1.17M
NOI $70,093 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,933
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Updated residences offer functional layouts, separate utilities, and substantial off-street parking.
Where is this triplex located?
The property is located at 49-1/2 Ellsworth Street Worcester, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three units with two bedrooms, living room, eat‑in kitchen/dining area, and one full bathroom each; Approximately 3,000 sq. ft. of total living area; 10 off‑street parking spaces
