Vacant Three-Family
New
For Sale
$669,999
7 Preston St, Worcester, MA 01610
Vacant multifamily property with updated features, off-street parking, storage sheds, and apartment laundry hookups.
Property Size4,365 SF
Price / SF$153.49
Days on Market5
Property Features for 7 Preston St
General Information
Standard status
Active
Size
4,365 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
RG-5
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,295
Amenities
porches
laundry hook ups
playground
Building Details
Building Size
4,365 SF
Year Built
1890
Buildings
1
Stories
3
Units
3
Construction
Triple Decker
Listing Agency:
Park Place Realty Enterprises
(508) 410-8464
Listed By:
Karynsue Marchione-Reilly · License #9585735
(508) 410-8464
Source:
Startpoint
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 8 at 12:51PM
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 Park Place Realty Enterprises
Investment Insights
Based on property information with market context.
This vacant triplex contains 4365 Sq. Ft. across three apartments, each arranged with three bedrooms, a living room, dining area, hardwood floors, and laundry hookups. The first-floor eat-in kitchen and tiled bathroom have been updated, while the second floor also includes recent improvements. The property has vinyl siding, a 10 yr. roof, updated rear porches, three storage sheds, and a driveway with off-street parking for 6-8 cars. Heating includes modern forced hot water central heating on the first floor and gas space heating on the second floor; the third floor requires cosmetic work.
The property is zoned RG-5 and located near downtown amenities, Rte 9, Rte 122, Rte 395, Clark University, Polar Park, Union Train Station, WSU, Holy Cross College, and a shopping plaza. A playground is behind the home, with a school playground, YMCA, Boys and Girls Club, and school nearby.
The property is zoned RG-5 and located near downtown amenities, Rte 9, Rte 122, Rte 395, Clark University, Polar Park, Union Train Station, WSU, Holy Cross College, and a shopping plaza. A playground is behind the home, with a school playground, YMCA, Boys and Girls Club, and school nearby.
Key Highlights
- Vacant 4365 Sq. Ft. three‑family property
- Each apartment includes 3 BD, living room, dining room, hardwood floors, and laundry hookups
- Off‑street driveway parking for 6‑8 cars
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
$58,842
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
8.78%
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%
$1,176,840
$1.2M
Cap Rate 7%
$840,600
$840.6K
Cap Rate 9%
$653,800
$653.8K
Market Conditions
NOI Build-Up for 4,365 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
$112.6K $25.80/SF
− Vacancy
−$5.6K −$1.29/SF
EGI
$107.0K $24.51/SF
− OpEx
−$48.1K −$11.03/SF
NOI
$58.8K $13.48/SF
Area
Worcester, MA
Vacancy
5.00%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,176,840
Cap Rate 7%
$840,600
Cap Rate 9%
$653,800
Alternative Uses
Best Use
Multifamily LT 5
$915.7K
$801.3K – $1.07M
NOI $64,101 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$840.6K
$735.5K – $980.7K
NOI $58,842 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,986 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,667
Businesses Nearby
Explore this area
Business Placement
Demographics for 01610, MA
28,717
Population
10,263
Households
2.8
Avg Household Size
28
Median Age
18%
College-Educated
74%
High-School Grad
2.1 sq mi
ZIP Area
13,675
Density / Sq Mi
$43,757
Median Household Income
$22,978
Median Earnings
$1,339
Median Rent
$279,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Vacant multifamily property with updated features, off-street parking, storage sheds, and apartment laundry hookups.
Where is this triplex located?
The property is located at 7 Preston St Worcester, MA.
What is the asking price?
The asking price for this property is $669,999.
What are key features of this property?
This property features: Vacant 4365 Sq. Ft. three‑family property; Each apartment includes 3 BD, living room, dining room, hardwood floors, and laundry hookups; Off‑street driveway parking for 6‑8 cars
