Building Details

Year Built 1900

Buildings 2

Listing Agency: RE/MAX Vision

Listed By: Richard J. Trifone · License #BB954834 Show Phone

Source: Sarkisboston

Added: Jun 2 Changed: Oct 16 Last Checked: Oct 16 at 8:47AM

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Investment Insights

Based on property information with market context.

This apartment property comprises two buildings with five residential units. The front structure contains three two-bedroom apartments, while the rear building at 71½ Esther St. has two one-bedroom apartments. Recent work in the rear building includes new siding completed in 2024, a poured concrete basement floor, replacement water heaters, renovated kitchens and bathrooms, new appliances, a new roof installed in 2025, and a sewer-line replacement completed in 2023. Units 2 and 3 in the front building have received new gas stoves and refrigerators. Originally built in 1900, the property is near public parks, a swimming pool, shopping, and dining, with access to major commuter routes, highways, and the Massachusetts Turnpike.

Key Highlights

• Five‑family property with two separate buildings on one lot
• Front building includes three 2‑bedroom units
• Rear building at 71½ Esther St. contains two 1‑bedroom units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,442

Cap Rate

4.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$808,840 $808.8K

Cap Rate 7%

$577,743 $577.7K

Cap Rate 9%

$449,356 $449.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$77.4K $25.80/SF

− Vacancy

−$3.9K −$1.29/SF

EGI

$73.5K $24.51/SF

− OpEx

−$33.1K −$11.03/SF

NOI

$40.4K $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 Rate 5%

$808,840

Cap Rate 7%

$577,743

Cap Rate 9%

$449,356

Alternative Uses

Best Use

Apartment 5plus

$577.7K

$505.5K – $674.0K (±1% cap)

NOI $40,442 @ 7.0% cap · market cap 4.52%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.00M

$876.2K – $1.17M (±1% cap)

NOI $70,093 @ 7.0% cap · market cap 7.83%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Cafe & Coffee Shop Skin Care Clinic Acupuncture Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Two-building multifamily property with upgraded kitchens, baths, appliances, siding, roofing, and utility systems.

Where is this apartment building located?

The property is located at 71 Esther Street Worcester, MA.

What is the asking price?

The asking price for this property is $895,000.

What are key features of this property?

This property features: Five‑family property with two separate buildings on one lot; Front building includes three 2‑bedroom units; Rear building at 71½ Esther St. contains two 1‑bedroom units