North Framingham Multifamily Investment
For Sale
$1,700,000
Pending
19-21 Chestnut Street, Framingham, MA 01701
Eight-unit multifamily property in Saxonville Village, Framingham.
Property Size6,586 SF
Days on Market132
Property Features for 19-21 Chestnut Street
General Information
Standard status
Pending
Size
6,586 SF
Total Parking Spaces
16
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$17,203
Building Details
Building Size
6,586 SF
Year Built
1882
Listing Agency:
Coldwell Banker Realty - Framingham
Listed By:
Diane B. Sullivan · License #449502655
(508) 561-1618
Source:
Classifiedrealtygroup
Added: Apr 25
Changed: Aug 25
Last Checked: Aug 24 at 3:46AM
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 - Framingham
Investment Insights
Based on property information with market context.
Located in the heart of Saxonville Village in North Framingham, this eight-unit multifamily property offers an investment opportunity. The building has 6586 square feet of living space, comprising five one-bedroom units, one studio unit, and two two-bedroom units. One unit is completely gutted, and a second unit is approximately two-thirds renovated. The property features an abundance of parking in the back, providing ease and flexibility for tenants. The location is near a coffee shop, restaurants, a library, the Sudbury River, walking trails, and public transportation. All units except the studio have in-unit washer/dryers. All tenants are tenant at will. There is an easement on the property with access to Elm Street.
Key Highlights
- Eight‑unit multi‑family property in North Framingham's Saxonville Village.
- Significant living space: 6,586 sq ft with a mix of unit types (5 one‑bedroom, 1 studio, 2 two‑bedroom).
- In‑unit washer/dryer** for all units except the studio.
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
$131,039
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
7.71%
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%
$2,620,780
$2.6M
Cap Rate 7%
$1,871,986
$1.9M
Cap Rate 9%
$1,455,989
$1.5M
Market Conditions
NOI Build-Up for 6,586 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
$251.3K $38.16/SF
− Vacancy
−$13.1K −$1.98/SF
EGI
$238.3K $36.18/SF
− OpEx
−$107.2K −$16.28/SF
NOI
$131.0K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$2,620,780
Cap Rate 7%
$1,871,986
Cap Rate 9%
$1,455,989
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.18M
NOI $131,039 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $272,922 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 01701, MA
33,005
Population
13,131
Households
2.5
Avg Household Size
44
Median Age
61%
College-Educated
95%
High-School Grad
16.9 sq mi
ZIP Area
1,953
Density / Sq Mi
$127,000
Median Household Income
$69,672
Median Earnings
$1,973
Median Rent
$612,600
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?
Apartment building - Eight-unit multifamily property in Saxonville Village, Framingham.
Where is this apartment building located?
The property is located at 19-21 Chestnut Street Framingham, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Eight‑unit multi‑family property in North Framingham's Saxonville Village.; Significant living space: **6,586 sq ft** with a mix of unit types (5 one‑bedroom, 1 studio, 2 two‑bedroom).; In‑unit washer/dryer** for all units except the studio.
