Building Details

Building Size 2,456 SF

Year Built 1905

Buildings 1

Listing Agency: Lamacchia Realty, Inc. Show Phone

Listed By: Edwin Ahearn Show Phone

Source: Iverty

Added: Jun 25 Changed: Aug 31 Last Checked: Sep 1 at 6:11PM

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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 Lamacchia Realty, Inc.

Investment Insights

Based on property information with market context.

This 2,456-square-foot duplex, built in 1905, contains two residential units with distinct layouts. Unit 12 has three bedrooms, one full bathroom, a bonus room, an eat-in kitchen, and a pine ceiling in the living area. Unit 10 offers two bedrooms, one full bathroom, and its own eat-in kitchen. Both units feature living rooms with bay windows.

A shared mudroom connects to the deck and backyard, while a storage shed provides additional utility. The common basement includes separate laundry hookups for each unit. Separate heating systems and hot water tanks support independent operation within the two-family property.

Key Highlights

• 2,456 SF duplex built in 1905
• Unit 12 includes 3 bedrooms, 1 full bath, and a flexible bonus room
• Unit 10 includes 2 bedrooms and 1 full bath

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

$33,199

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

8.51%

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%

$663,980 $664.0K

Cap Rate 7%

$474,271 $474.3K

Cap Rate 9%

$368,878 $368.9K

Market Conditions

NOI Build-Up for 2,456 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

$48.6K $19.80/SF

− Vacancy

−$1.2K −$0.49/SF

EGI

$47.4K $19.31/SF

− OpEx

−$14.2K −$5.79/SF

NOI

$33.2K $13.52/SF

Area

Worcester County, MA

Vacancy

2.47%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

30.00%

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%

$663,980

Cap Rate 7%

$474,271

Cap Rate 9%

$368,878

Alternative Uses

Best Use

Multifamily LT 5

$474.3K

$415.0K – $553.3K (±1% cap)

NOI $33,199 @ 7.0% cap · market cap 8.51%

Second Best

Apartment 5plus

$412.7K

$361.2K – $481.5K (±1% cap)

NOI $28,892 @ 7.0% cap · market cap 7.41%

Theoretical Best

Office A

$838.7K

$733.9K – $978.5K (±1% cap)

NOI $58,708 @ 7.0% cap · market cap 15.06%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage (Bike/Boat/Book/etc) Store Grocery & Convenience Store Big Box & Wholesale Store Travel Agency Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 01368, MA

1,283

Population

618

Households

2.1

Avg Household Size

51

Median Age

27%

College-Educated

87%

High-School Grad

44.3 sq mi

ZIP Area

29

Density / Sq Mi

$101,875

Median Household Income

$51,053

Median Earnings

$1,031

Median Rent

$325,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units include individual heating and hot water systems, plus shared outdoor and basement areas.

Where is this duplex located?

The property is located at 10-12 Pleasant Street Royalston, MA.

What is the asking price?

The asking price for this property is $389,900.

What are key features of this property?

This property features: 2,456 SF duplex built in 1905; Unit 12 includes 3 bedrooms, 1 full bath, and a flexible bonus room; Unit 10 includes 2 bedrooms and 1 full bath