Five-Unit Apartment
New
For Sale
$590,000
1 Cheney St, Orange, MA 01364
Fully occupied apartments offer separate utilities and paved off-street parking.
Property Size2,920 SF
Price / SF$202.05
Days on Market4
Property Features for 1 Cheney St
General Information
Standard status
Active
Size
2,920 SF
Total Parking Spaces
10
Property subtype
Residential Income
Zoning
A
Occupancy
100%
Net Operating Income
$63,812
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,599
Building Details
Building Size
2,920 SF
Year Built
1910
Buildings
1
Stories
5
Listing Agency:
Four Columns Realty, LLC
(978) 544-5100
Listed By:
Liza M Melo
Source:
Insightrealtygroup
Added: Aug 10
Changed: Aug 13
Last Checked: Aug 13 at 4:21AM
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 Four Columns Realty, LLC
Investment Insights
Based on property information with market context.
This five-unit apartment property contains five one-bedroom residences and is fully occupied. Each apartment is separately metered for utilities, with utility expenses assigned to the occupants. Interior updates include new flooring and electric hot water heaters installed approximately four years ago. The property also includes a paved driveway completed about four years ago, providing off-street parking. Built in 1910 and zoned A, the building is located at 1 Cheney St in Orange, Massachusetts.
Key Highlights
- Five one‑bedroom apartments in a fully occupied building
- Separate utilities with tenant responsibility for utility expenses
- New flooring and electric hot water heaters installed approximately four years ago
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
$38,771
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
6.57%
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%
$775,420
$775.4K
Cap Rate 7%
$553,871
$553.9K
Cap Rate 9%
$430,789
$430.8K
Market Conditions
NOI Build-Up for 2,920 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
$73.6K $25.20/SF
− Vacancy
−$3.1K −$1.06/SF
EGI
$70.5K $24.14/SF
− OpEx
−$31.7K −$10.86/SF
NOI
$38.8K $13.28/SF
Area
Franklin County, MA
Vacancy
4.20%
Lease Rate
$25.20 /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%
$775,420
Cap Rate 7%
$553,871
Cap Rate 9%
$430,789
Alternative Uses
Best Use
Apartment 5plus
$553.9K
$484.6K – $646.2K
NOI $38,771 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.21M
$1.06M – $1.41M
NOI $84,759 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 01364, MA
7,665
Population
3,435
Households
2.2
Avg Household Size
45
Median Age
16%
College-Educated
90%
High-School Grad
36.0 sq mi
ZIP Area
213
Density / Sq Mi
$54,061
Median Household Income
$37,525
Median Earnings
$745
Median Rent
$226,000
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?
Apartment building - Fully occupied apartments offer separate utilities and paved off-street parking.
Where is this apartment building located?
The property is located at 1 Cheney St Orange, MA.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Five one‑bedroom apartments in a fully occupied building; Separate utilities with tenant responsibility for utility expenses; New flooring and electric hot water heaters installed approximately four years ago
