Remodeled Triplex with
For Sale
$1,200,000
6 Pelham Street, Worcester, MA 01609
Three updated units offer in-unit laundry, gas heat, and separate living and dining areas.
Property Size4,452 SF
Price / SF$269.54
Days on Market204
Property Features for 6 Pelham Street
General Information
Standard status
Active
Size
4,452 SF
Total Parking Spaces
6
Property subtype
Multi-family / 3 Family
Zoning
RG-5
Net Operating Income
$19,200
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,946
Amenities
in-unit laundry
off-street parking
No
3.0
Full, Unfinished Basement
3
3.00
Frame
Shingle
Other
Other (See Remarks)
Building Details
Year Built
1890
Listing Agency:
ALL CAPITAL REALTY, LLC
(508) 366-4888
Listed By:
Christina Kelly · License #9509908
(508) 366-4888
Source:
Compass
Added: Feb 9
Changed: Aug 31
Last Checked: Aug 31 at 10:25PM
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 ALL CAPITAL REALTY, LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property in Worcester contains 4,452 square feet across three apartments, with approximately 1,400+ square feet per unit. The property provides a total of 9 bedrooms and 3 full baths, along with eat-in kitchens, dining rooms, living rooms, and in-unit laundry. Additional features include gas heat, hardwood flooring, a full unfinished basement, and off-street parking. Built in 1890, the building has been updated and remodeled and is zoned RG-5.
Located at 6 Pelham Street, the property is within walking distance of Elm Park and near WPI. Its three-unit layout, existing residential features, and parking support both owner-occupant and investment use as stated in the property information.
Located at 6 Pelham Street, the property is within walking distance of Elm Park and near WPI. Its three-unit layout, existing residential features, and parking support both owner-occupant and investment use as stated in the property information.
Key Highlights
- Three‑unit property with 9 bedrooms and 3 full baths
- 4,452 SF total, with approximately 1,400+ SF per unit
- Updated and remodeled apartments with in‑unit laundry
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
$65,379
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
5.45%
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%
$1,307,580
$1.3M
Cap Rate 7%
$933,986
$934.0K
Cap Rate 9%
$726,433
$726.4K
Market Conditions
NOI Build-Up for 4,452 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
$98.8K $22.20/SF
− Vacancy
−$5.4K −$1.22/SF
EGI
$93.4K $20.98/SF
− OpEx
−$28.0K −$6.29/SF
NOI
$65.4K $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%
$1,307,580
Cap Rate 7%
$933,986
Cap Rate 9%
$726,433
Alternative Uses
Best Use
Multifamily LT 5
$934.0K
$817.2K – $1.09M
NOI $65,379 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$857.4K
$750.2K – $1.00M
NOI $60,015 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $104,019 @ 7.0% cap · market cap 8.67%
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
2,596
Businesses Nearby
Explore this area
Business Placement
Demographics for 01609, MA
23,870
Population
9,126
Households
2.6
Avg Household Size
29
Median Age
49%
College-Educated
89%
High-School Grad
3.7 sq mi
ZIP Area
6,451
Density / Sq Mi
$61,411
Median Household Income
$32,399
Median Earnings
$1,212
Median Rent
$422,100
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 updated units offer in-unit laundry, gas heat, and separate living and dining areas.
Where is this triplex located?
The property is located at 6 Pelham Street Worcester, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit property with 9 bedrooms and 3 full baths; 4,452 SF total, with approximately 1,400+ SF per unit; Updated and remodeled apartments with in‑unit laundry
