Detached Multi-Family Live-Work
For Sale
$949,900
Pending
211 Mendon St, Hopedale, MA 01747
Fully renovated main home plus 2022 second building, with an oversized heated garage/workshop and residential business zoning.
Property Size2,275 SF
Days on Market108
Property Features for 211 Mendon St
General Information
Standard status
Pending
Size
2,275 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Zoning
RB
Taxes and HOA fees
Annual Taxes
$8,066
Building Details
Building Size
2,275 SF
Year Built
1903
Stories
3
Units
2
Listing Agency:
ERA Key Realty Services- Milf
(508) 478-7777
Listed By:
Christine Lawrence · License #9087937
(508) 277-1766
Source:
Alliancepartnersre
Added: May 21
Changed: Aug 23
Last Checked: Aug 19 at 4:10AM
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 ERA Key Realty Services- Milf
Investment Insights
Based on property information with market context.
This detached multi-family property is set up for live-work flexibility, with two separate residential buildings and a large accessory space. The fully renovated main home includes a brand-new cabinet-packed kitchen with stainless steel appliances, three bedrooms, and 1.5 updated baths. A second building, newly constructed in 2022, provides additional living space with a modern kitchen, one bedroom, a spacious living room, a large finished rec room, ample storage, and a radiant-heated bathroom with a walk-in shower.
The oversized garage/workshop sits on an early-2000s foundation and includes radiant heat and an 11-foot door, suitable for vehicles, RVs, boats, or equipment. The property is zoned for residential business use and is described as move-in ready at 211 Mendon St in Hopedale, MA 01747.
The oversized garage/workshop sits on an early-2000s foundation and includes radiant heat and an 11-foot door, suitable for vehicles, RVs, boats, or equipment. The property is zoned for residential business use and is described as move-in ready at 211 Mendon St in Hopedale, MA 01747.
Key Highlights
- Fully renovated main home (built 1903) with 3 bedrooms and 1.5 updated baths
- Newer second building constructed in 2022 with 1 bedroom, modern kitchen, living room, large finished rec room, and ample storage
- Radiant‑heated bathroom with a walk‑in shower in the 2022 building
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
$30,753
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
3.24%
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%
$615,060
$615.1K
Cap Rate 7%
$439,329
$439.3K
Cap Rate 9%
$341,700
$341.7K
Market Conditions
NOI Build-Up for 2,275 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
$45.0K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$43.9K $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%
$615,060
Cap Rate 7%
$439,329
Cap Rate 9%
$341,700
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.6K
NOI $30,753 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$382.3K
$334.5K – $446.1K
NOI $26,763 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$776.9K
$679.8K – $906.4K
NOI $54,382 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 01747, MA
6,017
Population
2,320
Households
2.6
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
1,157
Density / Sq Mi
$115,216
Median Household Income
$55,917
Median Earnings
$1,819
Median Rent
$456,000
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?
Duplex - Fully renovated main home plus 2022 second building, with an oversized heated garage/workshop and residential business zoning.
Where is this duplex located?
The property is located at 211 Mendon St Hopedale, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Fully renovated main home (built 1903) with 3 bedrooms and 1.5 updated baths; Newer second building constructed in 2022 with 1 bedroom, modern kitchen, living room, large finished rec room, and ample storage; Radiant‑heated bathroom with a walk‑in shower in the 2022 building
