Updated Triplex with Owner-Occupancy
For Sale
$649,900
Pending
5 Diamond St, Worcester, MA 01610
Three-unit property with renovated kitchens, bathrooms, plumbing, electrical systems, walls, and flooring.
Property Size2,988 SF
Days on Market47
Property Features for 5 Diamond St
General Information
Standard status
Pending
Size
2,988 SF
Property subtype
3 Family
Taxes and HOA fees
Annual Taxes
$6,107
Building Details
Building Size
2,988 SF
Year Built
1890
Listing Agency:
Keller Williams Pinnacle Central
Listed By:
The Riel Estate Team · License #56837 - 94
(404) 668-6621
Source:
Donnellyandco
Added: Jul 31
Changed: Sep 15
Last Checked: Sep 15 at 10:01AM
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 Keller Williams Pinnacle Central
Investment Insights
Based on property information with market context.
This triplex, constructed in 1890, offers three fully equipped kitchens, separate pantry areas, and spacious living rooms across a nine-bedroom layout. Improvements include new plumbing, updated electrical systems, refreshed kitchens and bathrooms, plus updated walls and flooring. A dry basement with a concrete floor adds storage space.
The third floor is currently vacant, creating an owner-occupancy option within the property. The home is positioned in Worcester, Massachusetts, with access to major routes within minutes.
The third floor is currently vacant, creating an owner-occupancy option within the property. The home is positioned in Worcester, Massachusetts, with access to major routes within minutes.
Key Highlights
- Triplex with 9 bedrooms and 3 fully applianced kitchens
- Updates include plumbing, electrical, kitchens, bathrooms, walls, and flooring
- Third floor recently vacated for potential owner occupancy
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
$43,880
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
6.75%
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%
$877,600
$877.6K
Cap Rate 7%
$626,857
$626.9K
Cap Rate 9%
$487,556
$487.6K
Market Conditions
NOI Build-Up for 2,988 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
$66.3K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$62.7K $20.98/SF
− OpEx
−$18.8K −$6.29/SF
NOI
$43.9K $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%
$877,600
Cap Rate 7%
$626,857
Cap Rate 9%
$487,556
Alternative Uses
Best Use
Multifamily LT 5
$626.9K
$548.5K – $731.3K
NOI $43,880 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$575.4K
$503.5K – $671.3K
NOI $40,280 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$997.3K
$872.7K – $1.16M
NOI $69,813 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
889
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with renovated kitchens, bathrooms, plumbing, electrical systems, walls, and flooring.
Where is this triplex located?
The property is located at 5 Diamond St Worcester, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Triplex with 9 bedrooms and 3 fully applianced kitchens; Updates include plumbing, electrical, kitchens, bathrooms, walls, and flooring; Third floor recently vacated for potential owner occupancy
