6-Unit Apartment Building with
For Sale
$849,900
Pending
56 Morton Station Road, Charlton, MA 01507
Residential Income, Charlton, MA
Property Size5,084 SF
Lot Size3.44 Acres
Days on Market67
Property Features for 56 Morton Station Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 5, Bedroom 9, Bathroom 2, Bedroom 10, Bedroom 6, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 7, Bedroom 4, Bedroom 11, Bathroom 1, Bedroom 3, Bedroom 8
Parking
10
Directions
Route 20 to Old Worcester Road, left onto Morton Station Road.
Standard status
Pending
APN
1479472
Size
5,084 SF
Lot size
3.44 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6739
Amenities
laundry facilities
Building Details
Year built
1960
Floors in Building
5
Number of units
6
Listing Agency:
RE/MAX Vision · RE/MAX International
(508) 595-9900
Listed By:
Jeff Burk · License #9035530
(508) 595-9900
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 30 at 4:06PM
MLS# 73541694
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 1960, this 5,084-square-foot apartment building contains six residences across a 3.44-acre parcel. The unit mix includes five two-bedroom apartments and one one-bedroom apartment. A first-floor two-bedroom unit is handicap accessible from the rear parking area, while basement laundry facilities serve the building.
The property is located off Route 20 along Morton Station Road in Charlton’s residential district, which is characterized by predominantly single-family homes. Local shopping and everyday conveniences are readily accessible from the property. The building is zoned A and includes six bathrooms.
The property is located off Route 20 along Morton Station Road in Charlton’s residential district, which is characterized by predominantly single-family homes. Local shopping and everyday conveniences are readily accessible from the property. The building is zoned A and includes six bathrooms.
Key Highlights
- 6‑unit apartment building with five two‑bedroom units and one one‑bedroom unit
- 5,084 square feet on 3.44 acres
- Built in 1960
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
$59,808
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
7.04%
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%
$1,196,160
$1.2M
Cap Rate 7%
$854,400
$854.4K
Cap Rate 9%
$664,533
$664.5K
Market Conditions
NOI Build-Up for 5,084 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
$111.6K $21.96/SF
− Vacancy
−$2.9K −$0.57/SF
EGI
$108.7K $21.39/SF
− OpEx
−$48.9K −$9.63/SF
NOI
$59.8K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,196,160
Cap Rate 7%
$854,400
Cap Rate 9%
$664,533
Alternative Uses
Best Use
Apartment 5plus
$854.4K
$747.6K – $996.8K
NOI $59,808 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,528 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 01507, MA
13,315
Population
5,240
Households
2.5
Avg Household Size
44
Median Age
38%
College-Educated
94%
High-School Grad
42.2 sq mi
ZIP Area
316
Density / Sq Mi
$119,809
Median Household Income
$64,911
Median Earnings
$1,215
Median Rent
$405,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit residential property with varied apartment layouts, basement laundry, and a first-floor accessible residence.
Where is this apartment building located?
The property is located at 56 Morton Station Road Charlton, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 6‑unit apartment building with five two‑bedroom units and one one‑bedroom unit; 5,084 square feet on 3.44 acres; Built in 1960
