Five-Unit Apartment
For Sale
$590,000
1 Cheney Street, Orange, MA 01364
Fully occupied apartment property with separate utilities and paved off-street parking.
Property Size2,920 SF
Price / SF$202.05
Days on Market15
Property Features for 1 Cheney Street
General Information
Standard status
Active
Size
2,920 SF
Property subtype
Multi-family
Occupancy
100%
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Building Details
Year Built
1910
Listing Agency:
Four Columns Realty,LLC
Listed By:
Liza M. Melo
(413) 549-5555
Source:
Fivecollegerealtors
Added: Aug 6
Changed: Aug 19
Last Checked: Aug 20 at 8:31AM
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 2,920-square-foot apartment building, constructed in 1910, contains five one-bedroom apartments and is fully occupied. Separate utilities place responsibility for individual utility expenses with the tenants.
Each apartment received new flooring and a new electric hot water heater approximately four years ago. The property also includes a paved driveway completed about four years ago, providing off-street parking for the building.
Each apartment received new flooring and a new electric hot water heater approximately four years ago. The property also includes a paved driveway completed about four years ago, providing off-street parking for the building.
Key Highlights
- Five fully occupied one‑bedroom apartments
- 2,920 square feet in a building constructed in 1910
- Separate utilities with tenants responsible for their own utility expenses
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
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
181
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 apartment property with separate utilities and paved off-street parking.
Where is this apartment building located?
The property is located at 1 Cheney Street 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 fully occupied one‑bedroom apartments; 2,920 square feet in a building constructed in 1910; Separate utilities with tenants responsible for their own utility expenses
