Renovated Four-Unit Apartment
For Sale
$1,300,000
115-117 Mechanic, Clinton, MA 01510
Four renovated apartments offer modern finishes, private laundry hookups, basement storage, and dedicated off-street parking.
Property Size4,649 SF
Price / SF$279.63
Days on Market59
Property Features for 115-117 Mechanic
General Information
Standard status
Active
Size
4,649 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
RB
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$7,905
Amenities
in-unit laundry hookups
secure basement storage
Building Details
Building Size
4,649 SF
Year Built
1900
Stories
4
Listing Agency:
REMAX Executive Realty
(978) 807-7784
Listed By:
The Journey Group
Source:
Laerrealty
Added: Jul 4
Changed: Aug 30
Last Checked: Aug 30 at 6:29PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This four-unit apartment property contains 4,649 square feet across four renovated residences. Each apartment includes two bedrooms and one full bathroom, with individual layouts ranging from 918 to 1,362 square feet. Interior improvements include refinished hardwood flooring, energy-efficient windows, open-concept living areas, stainless steel kitchen appliances, Carrara quartz countertops, updated lighting, and contemporary fixtures. Each residence also includes laundry hookups, efficient heating and cooling, and secured basement storage.
The property provides off-street parking for two vehicles per apartment and is zoned RB. Its Clinton setting places the residences in the downtown area, within walking distance of restaurants, shopping, and Central Park. Originally constructed in 1900, the building has been adapted into four updated rental residences.
The property provides off-street parking for two vehicles per apartment and is zoned RB. Its Clinton setting places the residences in the downtown area, within walking distance of restaurants, shopping, and Central Park. Originally constructed in 1900, the building has been adapted into four updated rental residences.
Key Highlights
- Four renovated apartments, each with 2 bedrooms and 1 full bathroom
- Unit sizes range from 918 to 1,362 square feet within a 4,649‑square‑foot property
- Refinished hardwood floors, stainless appliances, and Carrara quartz kitchen countertops
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
$62,844
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
4.83%
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%
$1,256,880
$1.3M
Cap Rate 7%
$897,771
$897.8K
Cap Rate 9%
$698,267
$698.3K
Market Conditions
NOI Build-Up for 4,649 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
$92.1K $19.80/SF
− Vacancy
−$2.3K −$0.49/SF
EGI
$89.8K $19.31/SF
− OpEx
−$26.9K −$5.79/SF
NOI
$62.8K $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%
$1,256,880
Cap Rate 7%
$897,771
Cap Rate 9%
$698,267
Alternative Uses
Best Use
Multifamily LT 5
$897.8K
$785.6K – $1.05M
NOI $62,844 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$781.3K
$683.6K – $911.5K
NOI $54,691 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,130 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 01510, MA
15,428
Population
7,017
Households
2.2
Avg Household Size
39
Median Age
35%
College-Educated
91%
High-School Grad
5.7 sq mi
ZIP Area
2,707
Density / Sq Mi
$93,849
Median Household Income
$49,815
Median Earnings
$1,353
Median Rent
$348,000
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?
Quadplex - Four renovated apartments offer modern finishes, private laundry hookups, basement storage, and dedicated off-street parking.
Where is this quadplex located?
The property is located at 115-117 Mechanic Clinton, MA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Four renovated apartments, each with 2 bedrooms and 1 full bathroom; Unit sizes range from 918 to 1,362 square feet within a 4,649‑square‑foot property; Refinished hardwood floors, stainless appliances, and Carrara quartz kitchen countertops
