3-Unit Multifamily with Bonus
New
For Sale
$655,000
8-3 Chilmark, Worcester, MA 01604
Each residence has a bonus room, with upgrades completed in two units and shared areas.
Property Size3,162 SF
Price / SF$207.15
Days on Market5
Property Features for 8-3 Chilmark
General Information
Standard status
Active
Size
3,162 SF
Total Parking Spaces
15
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Building Details
Year Built
1947
Buildings
1
Listing Agency:
Block Realty
Listed By:
AD Advisors Team
(617) 505-3324
Source:
Parksquarerealty
Added: Oct 13
Changed: Oct 16
Last Checked: Oct 16 at 8:31AM
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 Block Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1947 triplex contains 3,162 square feet of living area, arranged as three units with a total of five bedrooms and three full bathrooms. Each unit also has a bonus room. Recent work includes new electrical service, wired smoke and CO detectors, 2025 water heaters, refreshed common areas, and improvements to two units. Parking accommodates 15 or more vehicles, and the property includes approximately 0.72 combined acres with wooded surroundings and outdoor space.
The sale also includes the adjoining 3 Chilmark St. parcel, approximately 0.32 acres and currently designated unbuildable. Any future use of that parcel would be subject to buyer due diligence and municipal approvals. The property is convenient to I-290, Route 9, Shrewsbury Street, Green Hill Park, Lake Quinsigamond, Union Station, and downtown Worcester.
The sale also includes the adjoining 3 Chilmark St. parcel, approximately 0.32 acres and currently designated unbuildable. Any future use of that parcel would be subject to buyer due diligence and municipal approvals. The property is convenient to I-290, Route 9, Shrewsbury Street, Green Hill Park, Lake Quinsigamond, Union Station, and downtown Worcester.
Key Highlights
- Three units with five bedrooms and three full bathrooms across 3,162 square feet
- Each unit includes a bonus room
- Approximately 0.72 combined acres with wooded surroundings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,435
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$928,700
$928.7K
Cap Rate 7%
$663,357
$663.4K
Cap Rate 9%
$515,944
$515.9K
Market Conditions
NOI Build-Up for 3,162 SF
Gross rent
$70.2K $22.20/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$66.3K $20.98/SF
− OpEx
−$19.9K −$6.29/SF
NOI
$46.4K $14.69/SF
Area
Worcester, MA
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$928,700
Cap Rate 7%
$663,357
Cap Rate 9%
$515,944
Alternative Uses
Best Use
Multifamily LT 5
$663.4K
$580.4K – $773.9K
NOI $46,435 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$608.9K
$532.8K – $710.4K
NOI $42,625 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$1.06M
$923.5K – $1.23M
NOI $73,878 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,868
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence has a bonus room, with upgrades completed in two units and shared areas.
Where is this triplex located?
The property is located at 8-3 Chilmark Worcester, MA.
What is the asking price?
The asking price for this property is $655,000.
What are key features of this property?
This property features: Three units with five bedrooms and three full bathrooms across 3,162 square feet; Each unit includes a bonus room; Approximately 0.72 combined acres with wooded surroundings
