Abstract-This work presents a stochastic mixed integer linear program based model, for optimization and business case assessment of smart multi-energy districts (including electricity, heat and gas). The model is general and extensible, and can include multiple types of multi-energy generation and consumption. In particular, it is capable of co-optimization of energy and capacity, for participation in multiple energy/reserve/capacity markets. Further, the model incorporates a level-of-aggregation approach, which facilitates modelling and assessment of physical and virtual aggregation within districts. The model is demonstrated through application to a case study district in the Irish energy system. Prices from the various relevant energy markets and charging regimes are presented, before the results of optimization with respect to various business cases are explored.