Two-Family
For Sale
$900,000
11 Harmony Ln, Framingham, MA 01702
Occupied two-unit property with separate utilities, fenced yards, parking, and an unfinished basement with laundry hookups.
Property Size2,496 SF
Price / SF$360.58
Days on Market171
Property Features for 11 Harmony Ln
General Information
Standard status
Active
Size
2,496 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
G
Net Operating Income
$72,000
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,771
Amenities
fenced yard
Building Details
Building Size
2,496 SF
Year Built
1976
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Coelho Realty Group LLC
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 13
Changed: Aug 29
Last Checked: Aug 29 at 10:26PM
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 Coelho Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1976, this two-family duplex contains two separate residences, each with 3 bedrooms and 1.5 baths. Both units offer kitchen, dining, and living areas, along with separate utilities. The property is currently occupied by long-term tenants under month-to-month leases, and both units are Section 8 approved.
A full unfinished basement provides washer and dryer connections and additional space for storage or future finishing. The exterior includes fenced yards and on-site parking. Situated on a large lot along a dead-end street, the property is zoned G and includes room that may support future expansion, subject to applicable approvals.
A full unfinished basement provides washer and dryer connections and additional space for storage or future finishing. The exterior includes fenced yards and on-site parking. Situated on a large lot along a dead-end street, the property is zoned G and includes room that may support future expansion, subject to applicable approvals.
Key Highlights
- Two units, each with 3 bedrooms and 1.5 baths
- Separate utilities for each residence
- Both units Section 8 approved and occupied by long‑term tenants on month‑to‑month leases
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
$52,816
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
5.87%
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%
$1,056,320
$1.1M
Cap Rate 7%
$754,514
$754.5K
Cap Rate 9%
$586,844
$586.8K
Market Conditions
NOI Build-Up for 2,496 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
$79.4K $31.80/SF
− Vacancy
−$3.9K −$1.57/SF
EGI
$75.5K $30.23/SF
− OpEx
−$22.6K −$9.07/SF
NOI
$52.8K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,056,320
Cap Rate 7%
$754,514
Cap Rate 9%
$586,844
Alternative Uses
Best Use
Multifamily LT 5
$754.5K
$660.2K – $880.3K
NOI $52,816 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$709.5K
$620.8K – $827.7K
NOI $49,662 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,434 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
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 - Occupied two-unit property with separate utilities, fenced yards, parking, and an unfinished basement with laundry hookups.
Where is this duplex located?
The property is located at 11 Harmony Ln Framingham, MA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1.5 baths; Separate utilities for each residence; Both units Section 8 approved and occupied by long‑term tenants on month‑to‑month leases
