Two-Unit Duplex with Attic
For Sale
$494,000
102 Sycamore Street, Millbury, MA 01527
Up-and-down residential income property with matching two-bedroom layouts, separate outdoor spaces, and a fenced rear yard.
Property Size2,276 SF
Price / SF$217.05
Days on Market12
Property Features for 102 Sycamore Street
General Information
Standard status
Active
Size
2,276 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1830
Listing Agency:
Coldwell Banker Realty - Worcester
Listed By:
Karen Russo · License #453010872
(508) 614-8744
Source:
Foster-healey
Added: Sep 5
Changed: Sep 15
Last Checked: Sep 15 at 7:46AM
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 Coldwell Banker Realty - Worcester
Investment Insights
Based on property information with market context.
Built in 1830, this 2,276-square-foot duplex at 102 Sycamore Street provides two vertically arranged apartments with similar layouts. Each unit includes 2 bedrooms, a living room, kitchen, and dining area. The first-floor apartment has 1.5 baths and a small deck, while the second-floor unit has 1 bath and a balcony. Gas heat serves the property, and the full walk-up attic adds storage capacity.
The property sits on an easy-to-maintain lot with a small fenced rear yard and shed. Its Millbury location offers access to Rt 146 and nearby amenities, supporting commuter convenience. The configuration accommodates either an investment or owner-occupied use, as described for the property.
The property sits on an easy-to-maintain lot with a small fenced rear yard and shed. Its Millbury location offers access to Rt 146 and nearby amenities, supporting commuter convenience. The configuration accommodates either an investment or owner-occupied use, as described for the property.
Key Highlights
- Two‑unit duplex with 2,276 square feet of building area
- Each apartment features 2 bedrooms, a living room, kitchen, and dining area
- First‑floor unit includes 1.5 baths and a small deck
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
$30,766
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
6.23%
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%
$615,320
$615.3K
Cap Rate 7%
$439,514
$439.5K
Cap Rate 9%
$341,844
$341.8K
Market Conditions
NOI Build-Up for 2,276 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
$45.1K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$44.0K $19.31/SF
− OpEx
−$13.2K −$5.79/SF
NOI
$30.8K $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%
$615,320
Cap Rate 7%
$439,514
Cap Rate 9%
$341,844
Alternative Uses
Best Use
Multifamily LT 5
$439.5K
$384.6K – $512.8K
NOI $30,766 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$382.5K
$334.7K – $446.3K
NOI $26,775 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$777.2K
$680.1K – $906.8K
NOI $54,406 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
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?
Duplex - Up-and-down residential income property with matching two-bedroom layouts, separate outdoor spaces, and a fenced rear yard.
Where is this duplex located?
The property is located at 102 Sycamore Street Millbury, MA.
What is the asking price?
The asking price for this property is $494,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,276 square feet of building area; Each apartment features 2 bedrooms, a living room, kitchen, and dining area; First‑floor unit includes 1.5 baths and a small deck
