Updated Triplex with Detached
For Sale
$795,000
49 Granite St, Worcester, MA 01604
Fully occupied three-family property with updated systems, tenant parking, and a detached garage.
Property Size3,750 SF
Price / SF$212
Days on Market68
Property Features for 49 Granite St
General Information
Standard status
Active
Size
3,750 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
RG-5
Occupancy
100%
Net Operating Income
$72,000
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,237
Building Details
Building Size
3,750 SF
Year Built
1900
Stories
3
Listing Agency:
J.M.I. Investment Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 2:04PM
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 J.M.I. Investment Properties
Investment Insights
Based on property information with market context.
This 3,750-square-foot triplex contains three residential units and was built in 1900. The property is fully occupied by paying tenants and includes flexible front rooms in each unit that can serve as bedrooms, offices, or additional living areas. Improvements include modernized electrical systems, newer water heaters, central air on the first floor, and gas parlor heaters on the second and third floors.
The property provides six off-street parking spaces and a detached two-car garage currently used by the owner for storage. Zoned RG-5, the building is near local amenities and commuter routes. Current rents are below market value, and the property offers potential for owner occupancy.
The property provides six off-street parking spaces and a detached two-car garage currently used by the owner for storage. Zoned RG-5, the building is near local amenities and commuter routes. Current rents are below market value, and the property offers potential for owner occupancy.
Key Highlights
- Three‑unit residential property totaling 3,750 SF
- Fully occupied by paying tenants
- Six 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
$55,070
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
6.93%
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%
$1,101,400
$1.1M
Cap Rate 7%
$786,714
$786.7K
Cap Rate 9%
$611,889
$611.9K
Market Conditions
NOI Build-Up for 3,750 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
$83.3K $22.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$78.7K $20.98/SF
− OpEx
−$23.6K −$6.29/SF
NOI
$55.1K $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%
$1,101,400
Cap Rate 7%
$786,714
Cap Rate 9%
$611,889
Alternative Uses
Best Use
Multifamily LT 5
$786.7K
$688.4K – $917.8K
NOI $55,070 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$722.2K
$631.9K – $842.5K
NOI $50,552 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,617 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
816
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 - Fully occupied three-family property with updated systems, tenant parking, and a detached garage.
Where is this triplex located?
The property is located at 49 Granite St Worcester, MA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Three‑unit residential property totaling 3,750 SF; Fully occupied by paying tenants; Six off‑street parking spaces
