Three-Unit Residential Income
62 May Street Worcester, MA 01610
For Sale
$699,900
Three-family property with a renovated third-floor unit featuring a brand-new heating system and washer/dryer hookups in each unit.
Property Size3,765 SF
Price / SF$185.90
Days on Market100
Property Features for 62 May Street
General Information
- Standard status
- Active
- Size
- 3,765 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1890
Listing Agency:
Lyv Realty
Listed By:
The Decotis Group
(978) 808-8064
Source:
Merryfoxrealty
Added: Apr 15
Changed: Jul 21
Last Checked: Jul 22 at 6:54AM
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 Lyv Realty
Investment Insights
Based on property information with market context.
This three-unit residential income property offers three separate units, each with washer and dryer hookups. The third-floor unit has been fully renovated and includes a brand-new heating system, designed to reduce near-term capital expenses.
The property is located in Worcester, with convenient access to major highways and nearby shopping and dining, along with other local amenities.
As a multifamily investment or an opportunity for an owner-occupant, the remaining units provide ongoing rental income alongside the updated third-floor space.
The property is located in Worcester, with convenient access to major highways and nearby shopping and dining, along with other local amenities.
As a multifamily investment or an opportunity for an owner-occupant, the remaining units provide ongoing rental income alongside the updated third-floor space.
Key Highlights
- Three‑family property built in 1890 with a renovated third‑floor unit
- Third‑floor unit includes a brand‑new heating system
- Washer and dryer hookups available in each unit
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.6k | $22.20 |
| − Vacancy | −$4.6k | −$1.22 |
| EGI | $79.0k | $20.98 |
| − OpEx | −$23.7k | −$6.29 |
| NOI | $55.3k | $14.69 |
3,765 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$789.9K
$691.1K – $921.5K
NOI $55,290 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$725.1K
$634.4K – $845.9K
NOI $50,754 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $87,967 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
SonTSonCredit
Consultant
FAQs
What type of property is this?
Triplex - Three-family property with a renovated third-floor unit featuring a brand-new heating system and washer/dryer hookups in each unit.
Where is this triplex located?
The property is located at 62 May Street Worcester, 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‑family property built in 1890 with a renovated third‑floor unit; Third‑floor unit includes a brand‑new heating system; Washer and dryer hookups available in each unit
