Three-Family Residential Income
For Sale
$749,000
60 Esther St, Worcester, MA 01607
Spacious three-unit building with nine bedrooms, three full baths, and recently completed roof replacement.
Property Size4,041 SF
Price / SF$185.35
Days on Market82
Property Features for 60 Esther St
General Information
Standard status
Active
Size
4,041 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$64,700
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,813
Building Details
Building Size
4,041 SF
Year Built
1900
Stories
6
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 16
Changed: Sep 4
Last Checked: Sep 5 at 4:26AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This three-family residential income property offers approximately 4,041 sq. ft. of living area with nine bedrooms and three full baths. Each unit features generous rooms and a functional layout. The seller has completed a complete roof replacement, including new shingles, underlayment, ice and water shield, gutters, fascia, soffits, downspouts, and updated flashing. Additional recent updates include a Unit 3 parlor heater, a Unit 2 washer and dryer, a Unit 1 refrigerator, and one replaced hot water tank.
The property is conveniently located near the Shoppes at Blackstone and provides easy access to Routes 146 and 20. There is one off-street parking space available.
The building is configured as three separate residential units, supporting an owner looking for a multi-unit setup with documented exterior and select in-unit improvements.
The property is conveniently located near the Shoppes at Blackstone and provides easy access to Routes 146 and 20. There is one off-street parking space available.
The building is configured as three separate residential units, supporting an owner looking for a multi-unit setup with documented exterior and select in-unit improvements.
Key Highlights
- Spacious 3‑family property with 9 bedrooms, 3 full baths, and approx. 4,041 sq. ft. of living area
- Complete roof replacement completed with new shingles, underlayment, ice & water shield, gutters, fascia, soffits, downspouts, and updated flashing
- Recent unit updates include Unit 3 parlor heater, Unit 2 washer and dryer, and Unit 1 refrigerator
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
$59,343
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
7.92%
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%
$1,186,860
$1.2M
Cap Rate 7%
$847,757
$847.8K
Cap Rate 9%
$659,367
$659.4K
Market Conditions
NOI Build-Up for 4,041 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
$89.7K $22.20/SF
− Vacancy
−$4.9K −$1.22/SF
EGI
$84.8K $20.98/SF
− OpEx
−$25.4K −$6.29/SF
NOI
$59.3K $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%
$1,186,860
Cap Rate 7%
$847,757
Cap Rate 9%
$659,367
Alternative Uses
Best Use
Multifamily LT 5
$847.8K
$741.8K – $989.1K
NOI $59,343 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$778.2K
$680.9K – $907.9K
NOI $54,475 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,416 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 01607, MA
9,378
Population
4,172
Households
2.2
Avg Household Size
36
Median Age
29%
College-Educated
85%
High-School Grad
3.0 sq mi
ZIP Area
3,126
Density / Sq Mi
$66,365
Median Household Income
$46,300
Median Earnings
$1,356
Median Rent
$341,300
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 - Spacious three-unit building with nine bedrooms, three full baths, and recently completed roof replacement.
Where is this triplex located?
The property is located at 60 Esther St Worcester, MA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Spacious 3‑family property with 9 bedrooms, 3 full baths, and approx. 4,041 sq. ft. of living area; Complete roof replacement completed with new shingles, underlayment, ice & water shield, gutters, fascia, soffits, downspouts, and updated flashing; Recent unit updates include Unit 3 parlor heater, Unit 2 washer and dryer, and Unit 1 refrigerator
