Three-Unit Residential Income
56 Paine Street Worcester, MA 01605
56 Paine Street, Worcester, MA, 01605
$595,000
For Sale
$595,000
Three-unit multifamily with two 3-bedroom units and a top-floor 2-bedroom unit, plus off-street parking and coin-op laundry.
Property Size2,956 SF
Price / SF$201.29
Days on Market18
Property Features for 56 Paine Street
General Information
- Standard status
- Active
- Size
- 2,956 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1896
Listing agency
Lamacchia Realty,Inc.
Listed by
The Balestracci Group
(508) 823-9400
Source
Ballowhutchinsonrealestate
Added: Jul 6 Updated: Jul 20 at 10:28PM Checked: Jul 21 at 7:06AM
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 Lamacchia Realty,Inc.
Investment Insights
Based on property information with market context.
This three-unit residential income property offers a well-defined rental mix, including two units with 3 bedrooms and 1 full bathroom each, as well as a bright top-floor unit with 2 bedrooms and 1 full bathroom. The building includes on-site coin-op laundry for tenant use, along with ample off-street parking.
Located in Worcester, the property provides convenient access to major routes for commuting and is described as being just minutes from local restaurants, cafes, and shops.
The building is presented as a strong fit for investors seeking rental income or for an owner-occupant scenario where one unit may be lived in while renting the remaining units.
Located in Worcester, the property provides convenient access to major routes for commuting and is described as being just minutes from local restaurants, cafes, and shops.
The building is presented as a strong fit for investors seeking rental income or for an owner-occupant scenario where one unit may be lived in while renting the remaining units.
Key Highlights
- 3‑unit multifamily building built in 1896
- Two units each with 3 bedrooms and 1 full bathroom
- Top‑floor unit has 2 bedrooms and 1 full bathroom
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $65.6k | $22.20 |
| − Vacancy | −$3.6k | −$1.22 |
| EGI | $62.0k | $20.98 |
| − OpEx | −$18.6k | −$6.29 |
| NOI | $43.4k | $14.69 |
2,956 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$620.1K
$542.6K – $723.5K
NOI $43,410 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$569.3K
$498.1K – $664.1K
NOI $39,848 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$986.6K
$863.3K – $1.15M
NOI $69,065 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-unit multifamily with two 3-bedroom units and a top-floor 2-bedroom unit, plus off-street parking and coin-op laundry.
Where is this triplex located?
The property is located at 56 Paine Street Worcester, MA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3‑unit multifamily building built in 1896; Two units each with 3 bedrooms and 1 full bathroom; Top‑floor unit has 2 bedrooms and 1 full bathroom
