Fully Renovated 3-Family
For Sale
$949,900
576 Franklin St, Worcester, MA 01608
Rebuilt-to-the-studs three-unit home with updated systems, in-unit laundry, and off-street parking.
Property Size3,402 SF
Days on Market67
Property Features for 576 Franklin St
General Information
Standard status
Active
Size
3,402 SF
Total Parking Spaces
9
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,836
Building Details
Building Size
3,402 SF
Year Built
1910
Year Renovated
2018
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
(508) 864-4151
Listed By:
Claire Rainville · License #9050611
(508) 864-4151
Source:
Elliman
Added: Jun 16
Changed: Aug 16
Last Checked: Aug 20 at 9:12AM
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 Claire Rainville
Investment Insights
Based on property information with market context.
This fully renovated three-family residence was rebuilt to the studs in 2018 and updated throughout with high-quality finishes and modern building systems. Each of the three spacious apartments offers six rooms with three bedrooms and one full bath, along with high ceilings, hardwood floors, and generous living and dining room space. Kitchens are designed for everyday living with eat-in layouts, white cabinetry, granite countertops, and newer stainless-steel appliances from approximately 2–3 years ago. Tiled bathrooms, Nest thermostats, and full-size in-unit stackable washer/dryers add everyday convenience. Major 2018 improvements included windows, electrical work, super-efficient heating systems, and hot water tanks. A shingled roof was installed in 2023, and the property also includes basement storage, a shed, and a backyard for outdoor use.
Located at 576 Franklin St in Worcester, MA 01608, the home offers city views. A paved driveway provides nine off-street parking spaces, supporting tenant parking needs. The extra-large lot may allow for additional development options for a single-family home or an ADU, subject to buyer due diligence.
The layout and in-unit amenities make this property well-suited for an owner-occupant looking for comfortable, updated living while renting other units, or for an investor seeking a move-in-ready, fully renovated three-family with meaningful resident upgrades. Prospective buyers should review local requirements for any potential single-family or ADU expansion during due diligence.
Located at 576 Franklin St in Worcester, MA 01608, the home offers city views. A paved driveway provides nine off-street parking spaces, supporting tenant parking needs. The extra-large lot may allow for additional development options for a single-family home or an ADU, subject to buyer due diligence.
The layout and in-unit amenities make this property well-suited for an owner-occupant looking for comfortable, updated living while renting other units, or for an investor seeking a move-in-ready, fully renovated three-family with meaningful resident upgrades. Prospective buyers should review local requirements for any potential single-family or ADU expansion during due diligence.
Key Highlights
- 3‑family home rebuilt to the studs in 2018 with high ceilings and hardwood floors
- Each unit features 3 bedrooms, 1 full bath, and a luxury eat‑in kitchen with white cabinetry and granite countertops
- In‑unit stackable washer/dryers plus Nest thermostats
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
$49,959
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
5.26%
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%
$999,180
$999.2K
Cap Rate 7%
$713,700
$713.7K
Cap Rate 9%
$555,100
$555.1K
Market Conditions
NOI Build-Up for 3,402 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
$75.5K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$71.4K $20.98/SF
− OpEx
−$21.4K −$6.29/SF
NOI
$50.0K $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%
$999,180
Cap Rate 7%
$713,700
Cap Rate 9%
$555,100
Alternative Uses
Best Use
Multifamily LT 5
$713.7K
$624.5K – $832.7K
NOI $49,959 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$655.2K
$573.3K – $764.4K
NOI $45,861 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$1.14M
$993.6K – $1.32M
NOI $79,486 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 01608, MA
4,996
Population
2,565
Households
1.9
Avg Household Size
28
Median Age
29%
College-Educated
74%
High-School Grad
0.5 sq mi
ZIP Area
9,992
Density / Sq Mi
$45,962
Median Household Income
$36,596
Median Earnings
$1,461
Median Rent
$117,100
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 - Rebuilt-to-the-studs three-unit home with updated systems, in-unit laundry, and off-street parking.
Where is this triplex located?
The property is located at 576 Franklin St Worcester, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: 3‑family home rebuilt to the studs in 2018 with high ceilings and hardwood floors; Each unit features 3 bedrooms, 1 full bath, and a luxury eat‑in kitchen with white cabinetry and granite countertops; In‑unit stackable washer/dryers plus Nest thermostats
