Freshly Painted Triplex with Separate
For Sale
$580,000
Pending
57 E Central St, Worcester, MA 01605
Well-maintained triplex with freshly painted units and separate utilities; walkable to shopping and services.
Property Size3,951 SF
Days on Market78
Property Features for 57 E Central St
General Information
Standard status
Pending
Size
3,951 SF
Property subtype
3 Family
Building Details
Year Built
1900
Listing Agency:
Parent Real Estate
(774) 239-4010
Listed By:
Michael R. Parent
(774) 239-4010
Source:
Lockandkeyre
Added: Jun 5
Changed: Aug 8
Last Checked: Jun 10 at 2:21AM
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 Parent Real Estate
Investment Insights
Based on property information with market context.
This triplex at 57 E Central St, Worcester, MA 01605 features units that have been freshly painted. The property is configured with all separate utilities, supporting independent occupancy across the three units. The exterior offers a low-maintenance lot, adding day-to-day ease for an owner or operator. In addition, the layout allows for an easy conversion option to create a first-floor unit with four bedrooms, aligned with the bedroom configuration of the second and third units.
The location is described as convenient, with walkable access to shopping, restaurants, and services. For tenants, this can help reduce reliance on driving for everyday needs. For investors and buyers, the setting provides a practical residential environment in an area with amenities close by.
As a residential income property, this triplex is well-suited to buyers seeking a manageable, separately metered setup. The separate utilities can simplify tenant billing and operations, while the flexible conversion concept may appeal to owners looking to standardize unit bedroom counts. With fresh interior updates and a low-maintenance lot, the property is positioned for straightforward occupancy planning and ongoing upkeep.
The location is described as convenient, with walkable access to shopping, restaurants, and services. For tenants, this can help reduce reliance on driving for everyday needs. For investors and buyers, the setting provides a practical residential environment in an area with amenities close by.
As a residential income property, this triplex is well-suited to buyers seeking a manageable, separately metered setup. The separate utilities can simplify tenant billing and operations, while the flexible conversion concept may appeal to owners looking to standardize unit bedroom counts. With fresh interior updates and a low-maintenance lot, the property is positioned for straightforward occupancy planning and ongoing upkeep.
Key Highlights
- Well‑maintained triplex with freshly painted units
- All units have separate utilities
- Walkable to shopping, restaurants, and services
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
$53,261
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
9.18%
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%
$1,065,220
$1.1M
Cap Rate 7%
$760,871
$760.9K
Cap Rate 9%
$591,789
$591.8K
Market Conditions
NOI Build-Up for 3,951 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
$101.9K $25.80/SF
− Vacancy
−$5.1K −$1.29/SF
EGI
$96.8K $24.51/SF
− OpEx
−$43.6K −$11.03/SF
NOI
$53.3K $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%
$1,065,220
Cap Rate 7%
$760,871
Cap Rate 9%
$591,789
Alternative Uses
Best Use
Multifamily LT 5
$828.9K
$725.3K – $967.0K
NOI $58,022 @ 7.0% cap · market cap 10.00%
Second Best
Apartment 5plus
$760.9K
$665.8K – $887.7K
NOI $53,261 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,313 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,523
Businesses Nearby
Explore this area
Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
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 - Well-maintained triplex with freshly painted units and separate utilities; walkable to shopping and services.
Where is this triplex located?
The property is located at 57 E Central St Worcester, MA.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Well‑maintained triplex with freshly painted units; All units have separate utilities; Walkable to shopping, restaurants, and services
