Renovated Duplex with Two-Car
For Sale
$429,000
Pending
132-134 Lincoln Ave, Winchendon, MA 01475
Two units offer updated interiors, separate utilities, and flexible living space.
Property Size2,331 SF
Days on Market142
Property Features for 132-134 Lincoln Ave
General Information
Standard status
Pending
Size
2,331 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Zoning
R4
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
Washer Hookup
Wood, Carpet
Yes
2.0
Park, Walk/Jog Trails, Bike Path, Conservation Area, Private School, Public School
for Electric Range, for Electric Oven, Washer Hookup
9
Building Details
Building Size
2,331 SF
Year Built
1870
Buildings
1
Stories
3
Listing Agency:
Prospective Realty INC
Listed By:
Jesse Gadarowski
Source:
Reishomesearch
Added: Apr 13
Changed: Aug 29
Last Checked: Apr 22 at 10:59AM
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 Prospective Realty INC
Investment Insights
Based on property information with market context.
This two-family duplex combines refreshed interiors with a practical residential layout. The first-floor apartment has two bedrooms, updated kitchen finishes, and refinished hardwood flooring. Upstairs, the unit includes flexible bonus space that can support an office, additional living area, or bedroom configuration. A full basement adds storage and utility space.
The property occupies a flat lot at 132-134 Lincoln Avenue in Winchendon, Massachusetts. Exterior features include a detached two-car garage, off-street parking, and a sizeable yard. Separate utilities serve the units. Originally built in 1870, the residence has undergone recent renovation and includes updated kitchens and refinished hardwood floors throughout the apartments.
The property occupies a flat lot at 132-134 Lincoln Avenue in Winchendon, Massachusetts. Exterior features include a detached two-car garage, off-street parking, and a sizeable yard. Separate utilities serve the units. Originally built in 1870, the residence has undergone recent renovation and includes updated kitchens and refinished hardwood floors throughout the apartments.
Key Highlights
- Two‑family duplex at 132‑134 Lincoln Avenue, Winchendon, MA 01475
- First‑floor unit includes 2 bedrooms
- Second‑floor unit offers flexible bonus space
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
$31,510
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
7.34%
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%
$630,200
$630.2K
Cap Rate 7%
$450,143
$450.1K
Cap Rate 9%
$350,111
$350.1K
Market Conditions
NOI Build-Up for 2,331 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
$46.2K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$45.0K $19.31/SF
− OpEx
−$13.5K −$5.79/SF
NOI
$31.5K $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%
$630,200
Cap Rate 7%
$450,143
Cap Rate 9%
$350,111
Alternative Uses
Best Use
Multifamily LT 5
$450.1K
$393.9K – $525.2K
NOI $31,510 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$391.7K
$342.8K – $457.0K
NOI $27,422 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$796.0K
$696.5K – $928.7K
NOI $55,720 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 01475, MA
10,304
Population
4,095
Households
2.5
Avg Household Size
42
Median Age
24%
College-Educated
94%
High-School Grad
42.8 sq mi
ZIP Area
241
Density / Sq Mi
$85,638
Median Household Income
$50,352
Median Earnings
$1,245
Median Rent
$294,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two units offer updated interiors, separate utilities, and flexible living space.
Where is this duplex located?
The property is located at 132-134 Lincoln Ave Winchendon, MA.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two‑family duplex at 132‑134 Lincoln Avenue, Winchendon, MA 01475; First‑floor unit includes 2 bedrooms; Second‑floor unit offers flexible bonus space
