Three-Unit Property with Full
99 Paine Street, Worcester, MA 01605
For Sale
$699,000
All three apartments have long-term tenants, with one two-bedroom layout and two three-bedroom layouts.
Property Size4,021 SF
Price / SF$173.84
Days on Market8
Property Features for 99 Paine Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
enclosed porch
off-street parking
full basement
Living Room
Kitchen
Laundry Room
Sunroom
Family Room
Building Details
Building Size
Year Built
Buildings
Stories
Units
Tenancy
Listing Agency:
Thread Real Estate, LLC
(781) 728-9689
Listed By:
The Uyen Phan
(617) 872-5408
Source:
2sistersteam
Added: Oct 31
Changed: Nov 7
Last Checked: Nov 7 at 4:59AM
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 Thread Real Estate, LLC
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Investment Insights
Based on property information with market context.
The 4,021-square-foot residential property contains three apartments: one with two bedrooms and one bathroom, and two with three bedrooms and one bathroom. A full basement adds approximately 1,649 square feet of unfinished space for storage and utilities. The building dates to 1900 and includes an enclosed porch and a driveway with off-street parking. The property is zoned RL-7.
All three units are occupied by long-term tenants. The apartment mix and existing basement, porch, and driveway are the principal physical features of the property.
All three units are occupied by long-term tenants. The apartment mix and existing basement, porch, and driveway are the principal physical features of the property.
Key Highlights
- Three apartments: one 2‑bedroom/1‑bath unit and two 3‑bedroom/1‑bath units
- 4,021‑square‑foot property
- Full basement with approximately 1,649 square feet of unfinished area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,050
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,181,000
$1.2M
Cap Rate 7%
$843,571
$843.6K
Cap Rate 9%
$656,111
$656.1K
Market Conditions
NOI Build-Up for 4,021 SF
Gross rent
$89.3K $22.20/SF
− Vacancy
−$4.9K −$1.22/SF
EGI
$84.4K $20.98/SF
− OpEx
−$25.3K −$6.29/SF
NOI
$59.0K $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%
$1,181,000
Cap Rate 7%
$843,571
Cap Rate 9%
$656,111
Alternative Uses
Best Use
Multifamily LT 5
$843.6K
$738.1K – $984.2K
NOI $59,050 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$774.4K
$677.6K – $903.4K
NOI $54,205 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$1.34M
$1.17M – $1.57M
NOI $93,949 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,542
Businesses Nearby
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Business Placement
Demographics for 01605, MA
29,218
Population
12,757
Households
2.3
Avg Household Size
35
Median Age
32%
College-Educated
87%
High-School Grad
5.7 sq mi
ZIP Area
5,126
Density / Sq Mi
$54,805
Median Household Income
$41,236
Median Earnings
$1,362
Median Rent
$349,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Worcester, MA
Properties on Market for Triplexes in Worcester
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments have long-term tenants, with one two-bedroom layout and two three-bedroom layouts.
Where is this triplex located?
The property is located at 99 Paine Street Worcester, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Three apartments: one 2‑bedroom/1‑bath unit and two 3‑bedroom/1‑bath units; 4,021‑square‑foot property; Full basement with approximately 1,649 square feet of unfinished area
