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    Well-Maintained Three-Family Investment Property Title is generated by Realmo AI

    612 Rathbun St, Blackstone, MA 01504

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    For Sale
    $699,900

    Spacious 3-bed units with upgrades and income potential.

    Type:Investment
    Property size:
    3,600 SF
    Price / SF:
    $194/SF
    Added:
    May 12, 2026
    Days on Market:
    15
    Last Refresh:
    May 12 at 8:18 am

    Property Features for 612 Rathbun St

    General Information

    Standard status
    Active
    Size
    3,600 SF
    Property subtype
    Investment

    Building Details

    Year Built
    1925

    We can help!

    Listing Contact
    DiSpirito Team

    Listing agent DiSpirito Team

    Listing office

    Listing date May 12, 2026

    Source Elliman

    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 DiSpirito Team

    HighLights

    • Three spacious 3‑bed units (approximately 1,200 sq ft each).
    • Extensive infrastructure upgrades since 2020, including electrical, plumbing, roof, and water heaters.
    • Separate utilities and in‑unit laundry hookups for each unit.
    • Long‑term tenants with below‑market rents offer substantial future income upside.
    • Parking for 8+ vehicles and a beautiful yard.
    • First‑floor unit features a new 96% high‑efficiency gas FHA furnace and central air.

    Overview

    This well-maintained three-family property presents an investment opportunity with potential for long-term value and future rental growth. Each of the three units features three bedrooms and approximately 1,200 square feet of living space. The property includes separate utilities for each unit, in-unit laundry hookups, basement storage, and parking space for over eight vehicles. A yard is also located on the premises. Since 2020, infrastructure upgrades have been implemented, including complete replacement of all knob-and-tube wiring, new electrical panels in each unit, new PEX plumbing throughout, a new PVC stack, and a new roof. Three new hydroelectric water heaters, insulation improvements, and hardwired smoke/CO detectors have also been installed, along with updated common areas and exterior/porch code and safety improvements. The first-floor unit is equipped with a new 96% high-efficiency gas FHA furnace and central air. The property is located in a very walkable area, with a walk score of 74, and a somewhat bikeable area, with a bike score of 43. Long-term tenants are in place with below-market rents, offering potential for future income increase.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $540.7K
    NOI $48,664 @ 9.00% cap · cautious / downside scenario
    Moderate
    $695.2K
    NOI $48,664 @ 7.00% cap · market / base-case scenario
    Aggressive
    $973.3K
    NOI $48,664 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $71.3k $19.80
    − Vacancy −$1.8k −$0.49
    EGI $69.5k $19.31
    − OpEx −$20.9k −$5.79
    NOI $48.7k $13.52
    3,600 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $695.2K
    $608.3K – $811.1K (±1% cap)
    NOI $48,664 @ 7.0% cap · market cap 6.95%
    Second Best
    Apartment 5plus
    $605.0K
    $529.4K – $705.8K (±1% cap)
    NOI $42,350 @ 7.0% cap · market cap 6.05%
    Theoretical Best
    Office A
    $1.23M
    $1.08M – $1.43M (±1% cap)
    NOI $86,054 @ 7.0% cap · market cap 12.30%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Blackstone
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.5020649
    Latitude
    42.018044

    Nearby Similar for Sale

    • $699,900
      5,406 SF

      Blackstone Triplex: Investment Opportunity

      Well-maintained Blackstone triplex with long-term tenants and significant upgrades.
      612 Rathbun Street, Blackstone, MA 01504
      View Details
    • $585,000
      2,200 SF

      Updated Two-Family Home

      Renovated two-family home with modern comfort and style.
      13 Ethel Street, Blackstone, MA 01504
      View Details

    FAQs

    What type of property is this?
    Triplex - Spacious 3-bed units with upgrades and income potential.
    Where is this triplex located?
    The property is located at 612 Rathbun St Blackstone, MA.
    What is the asking price?
    The asking price for this property is $699,900.
    What are key features of this property?
    This property features: Three spacious 3‑bed units (approximately 1,200 sq ft each).; Extensive infrastructure upgrades since 2020, including electrical, plumbing, roof, and water heaters.; Separate utilities and in‑unit laundry hookups for each unit.
    (401) 244-8355
    We can help!
    Listing Contact
    DiSpirito Team
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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