Five-Unit Apartment
For Sale
$895,000
71 Esther St, Worcester, MA 01607
Residential Income, Worcester, MA
Property Size3,000 SF
Lot Size0.11 Acres
Price / SF$298.33
Days on Market47
Property Features for 71 Esther St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RG-5
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 9, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 10, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 8, Bedroom 6, Bathroom 4, Bedroom 2
Parking
4
Directions
Providence St to Upsala St to Esther St
Standard status
Active
APN
M:10 B:010 L:00004,1771905
Size
3,000 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8588
Building Details
Year built
1900
Floors in Building
5
Number of units
5
Listing Agency:
RE/MAX Vision · RE/MAX International
(508) 595-9900
Listed By:
Jeff Burk · License #9035530
(508) 595-9900
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 30 at 12:06PM
MLS# 73549862
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Worcester residential income property contains five apartments across two buildings on a 0.1142-acre lot. The front structure has three two-bedroom units, while the rear building includes two one-bedroom apartments. The property totals 3,000 square feet and dates to 1900, with RG-5 zoning.
The rear building at 71 1/2 Esther St. received extensive work, including new siding in 2024, a poured concrete basement floor in 2024, replacement water heaters, renovated kitchens and bathrooms with new appliances, a new roof in 2025, and a sewer line replacement in 2023. Units 2 and 3 in the front building have new gas stoves and refrigerators. The property is near public parks, a swimming pool, shopping, dining, major commuter routes, highways, and the Massachusetts Turnpike.
The rear building at 71 1/2 Esther St. received extensive work, including new siding in 2024, a poured concrete basement floor in 2024, replacement water heaters, renovated kitchens and bathrooms with new appliances, a new roof in 2025, and a sewer line replacement in 2023. Units 2 and 3 in the front building have new gas stoves and refrigerators. The property is near public parks, a swimming pool, shopping, dining, major commuter routes, highways, and the Massachusetts Turnpike.
Key Highlights
- Five apartments across two separate buildings
- Front building has three 2‑bedroom units; rear building has two 1‑bedroom units
- 3,000 square feet on a 0.1142‑acre lot
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
$40,442
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
4.52%
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%
$808,840
$808.8K
Cap Rate 7%
$577,743
$577.7K
Cap Rate 9%
$449,356
$449.4K
Market Conditions
NOI Build-Up for 3,000 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
$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 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%
$808,840
Cap Rate 7%
$577,743
Cap Rate 9%
$449,356
Alternative Uses
Best Use
Apartment 5plus
$577.7K
$505.5K – $674.0K
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
NOI $70,093 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-building configuration with updated interiors and substantial recent capital improvements, including renovated kitchens, bathrooms, roofing, and sewer infrastructure.
Where is this apartment building located?
The property is located at 71 Esther St 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 apartments across two separate buildings; Front building has three 2‑bedroom units; rear building has two 1‑bedroom units; 3,000 square feet on a 0.1142‑acre lot
