Two-Property Residential Income
9-11 Dover Street Worcester, MA 01609
9-11 Dover Street, Worcester, MA, 01609
$1,650,000
For Sale
$1,650,000
Well-maintained three-unit buildings offer a buyer an opportunity to set rents with many units currently vacant.
Property Size6,885 SF
Price / SF$239.65
Days on Market397
Property Features for 9-11 Dover Street
General Information
- Standard status
- Active
- Size
- 6,885 SF
- Property subtype
- Multi-family / 5-9 Family
Building Details
- Year Built
- 1905
Listing Agency
Keller Williams Pinnacle Central
(508) 754-3020
Listed by
The Riel Estate Team
(508) 754-3020
Source
Compass
Added: Jun 17, 2025 Checked: Jul 17 at 12:44 pm
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 Keller Williams Pinnacle Central
Investment Insights
Based on property information with market context.
This offering includes two separate three-unit residential buildings on a single lot. The exteriors are reported to be in great condition, and the individual units are described as clean and well kept. The current owner has maintained both buildings, and most units are currently vacant, giving a new owner flexibility to select tenants and set rents.
The properties are located in very close proximity to WPI and Elm Park, placing them near a strong demand base tied to the surrounding institutions and neighborhood amenities. With two buildings on one lot, the configuration allows ownership of a small, diversified rental portfolio within a single acquisition.
For buyers or investors seeking a manageable residential income asset, this property presents a straightforward path to repositioning. Since most units are vacant, a new owner can move through leasing on a unit-by-unit basis and establish market rent positioning. The described condition of both the buildings and interiors helps reduce immediate uncertainty around property upkeep, supporting a practical transition to new ownership.
The properties are located in very close proximity to WPI and Elm Park, placing them near a strong demand base tied to the surrounding institutions and neighborhood amenities. With two buildings on one lot, the configuration allows ownership of a small, diversified rental portfolio within a single acquisition.
For buyers or investors seeking a manageable residential income asset, this property presents a straightforward path to repositioning. Since most units are vacant, a new owner can move through leasing on a unit-by-unit basis and establish market rent positioning. The described condition of both the buildings and interiors helps reduce immediate uncertainty around property upkeep, supporting a practical transition to new ownership.
Key Highlights
- Two three‑unit buildings on one lot
- 6 total full bathrooms across the buildings
- Full basement
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $152.8k | $22.20 |
| − Vacancy | −$8.4k | −$1.22 |
| EGI | $144.4k | $20.98 |
| − OpEx | −$43.3k | −$6.29 |
| NOI | $101.1k | $14.69 |
6,885 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.44M
$1.26M – $1.69M
NOI $101,108 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,813 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,864 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Well-maintained three-unit buildings offer a buyer an opportunity to set rents with many units currently vacant.
Where is this triplex located?
The property is located at 9-11 Dover Street Worcester, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two three‑unit buildings on one lot; 6 total full bathrooms across the buildings; Full basement
