Turn-Key Three-Family
For Sale
$724,900
81 Ward St, Worcester, MA 01610
Updated three-unit property with renovated kitchens, bathrooms, and refreshed interior finishes throughout.
Property Size2,416 SF
Price / SF$300.04
Days on Market145
Property Features for 81 Ward St
General Information
Standard status
Active
Size
2,416 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
RG-5
Net Operating Income
$69,600
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,112
Building Details
Building Size
2,416 SF
Year Built
1890
Stories
3
Listing Agency:
Prestige Realty Experts Inc.
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 16
Changed: Sep 6
Last Checked: Sep 6 at 5:53AM
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 Prestige Realty Experts Inc.
Investment Insights
Based on property information with market context.
This turn-key three-family residence is fully updated and ready for its next owner. The building has undergone major improvements, including new electrical, updated plumbing, new laminate flooring throughout, fresh paint, and new interior doors. Bathrooms feature renovated tiled floors and modern stand-up tiled showers, and both the first-floor and third-floor units include kitchens with granite countertops. Several windows have also been replaced.
Located in Worcester with convenient access to major highways, restaurants, shopping, and public transportation, the property is positioned for everyday practicality.
The asset is configured as three separate residential units and presents as a move-in-ready multi-family option supported by the interior and system upgrades listed.
Located in Worcester with convenient access to major highways, restaurants, shopping, and public transportation, the property is positioned for everyday practicality.
The asset is configured as three separate residential units and presents as a move-in-ready multi-family option supported by the interior and system upgrades listed.
Key Highlights
- Three‑family property built in 1890 with updated interior finishes throughout
- Major improvements include new electrical and updated plumbing
- New flooring with vinyl and laminate installed throughout
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
$35,480
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
4.89%
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%
$709,600
$709.6K
Cap Rate 7%
$506,857
$506.9K
Cap Rate 9%
$394,222
$394.2K
Market Conditions
NOI Build-Up for 2,416 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
$53.6K $22.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$50.7K $20.98/SF
− OpEx
−$15.2K −$6.29/SF
NOI
$35.5K $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 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%
$709,600
Cap Rate 7%
$506,857
Cap Rate 9%
$394,222
Alternative Uses
Best Use
Multifamily LT 5
$506.9K
$443.5K – $591.3K
NOI $35,480 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$465.3K
$407.1K – $542.8K
NOI $32,569 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$806.4K
$705.6K – $940.8K
NOI $56,449 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,007
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated three-unit property with renovated kitchens, bathrooms, and refreshed interior finishes throughout.
Where is this triplex located?
The property is located at 81 Ward St Worcester, MA.
What is the asking price?
The asking price for this property is $724,900.
What are key features of this property?
This property features: Three‑family property built in 1890 with updated interior finishes throughout; Major improvements include new electrical and updated plumbing; New flooring with vinyl and laminate installed throughout
