Renovated Triplex with City
For Sale
$949,900
576 Franklin St, Worcester, MA 01608
Three renovated apartments feature hardwood floors, updated kitchens, and private in-unit laundry.
Property Size3,402 SF
Price / SF$279.22
Days on Market80
Property Features for 576 Franklin St
General Information
Standard status
Active
Size
3,402 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Zoning
BL-1
Net Operating Income
$61,274
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,836
Amenities
high ceilings
hardwood floors
eat-in kitchens
granite countertops
stainless-steel appliances
tiled baths
Nest thermostats
in-unit washer/dryer
basement storage
shed
backyard
city views
golf course views
Building Details
Building Size
3,402 SF
Year Built
1910
Year Renovated
2018
Buildings
1
Stories
3
Listing Agency:
Coldwell Banker Realty - Boston
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 12
Changed: Aug 29
Last Checked: Aug 29 at 7:12PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
Located at 576 Franklin St in Worcester, this 3,402-square-foot triplex contains three apartments and is zoned BL-1. The property was rebuilt from the studs in 2018, with updated windows, electrical service, heating systems, and hot water tanks. A shingled roof was added in 2023.
Each apartment includes 6 rooms, 3 bedrooms, 1 full bath, high ceilings, hardwood flooring, living and dining areas, closet storage, and an eat-in kitchen. Kitchens offer white cabinetry, granite countertops, and stainless-steel appliances ranging from 2 to 8 years old. Tiled bathrooms, Nest thermostats, and full-size stackable washer/dryers are also included in each unit.
The property includes basement storage, a shed, backyard space, a paved driveway, and 9 off-street parking spaces. City views are visible from the property, and the extra-large lot may offer potential for a single-family home or ADU, subject to buyer due diligence.
Each apartment includes 6 rooms, 3 bedrooms, 1 full bath, high ceilings, hardwood flooring, living and dining areas, closet storage, and an eat-in kitchen. Kitchens offer white cabinetry, granite countertops, and stainless-steel appliances ranging from 2 to 8 years old. Tiled bathrooms, Nest thermostats, and full-size stackable washer/dryers are also included in each unit.
The property includes basement storage, a shed, backyard space, a paved driveway, and 9 off-street parking spaces. City views are visible from the property, and the extra-large lot may offer potential for a single-family home or ADU, subject to buyer due diligence.
Key Highlights
- Three‑apartment property with 3,402 SF of building area
- Each apartment has 6 rooms, 3 bedrooms, and 1 full bath
- Rebuilt from the studs in 2018 with updated windows, electrical, heating, and hot water systems
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
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 - Three renovated apartments feature hardwood floors, updated kitchens, and private in-unit laundry.
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: Three‑apartment property with 3,402 SF of building area; Each apartment has 6 rooms, 3 bedrooms, and 1 full bath; Rebuilt from the studs in 2018 with updated windows, electrical, heating, and hot water systems
