Three-Unit Property with Private
New
For Sale
$625,000
247 Millbury Ave, Millbury, MA 01527
Three residential units feature updated interiors, in-unit laundry, off-street parking, and access to a fenced outdoor area.
Property Size3,082 SF
Lot Size0.50 Acres
Days on Market7
Property Features for 247 Millbury Ave
General Information
Standard status
Active
Size
3,082 SF
Lot size
0.50 Acres
Property subtype
Investment
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,624
Amenities
fenced-in backyard
private deck
in-unit laundry
spacious family rooms
Building Details
Building Size
3,082 SF
Year Built
1880
Stories
3
Units
3
Construction
vinyl siding
Listed By:
Tara Cassery
(508) 887-6356
Source:
Elliman
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 24 at 11:29AM
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 Tara Cassery
Investment Insights
Based on property information with market context.
This three-unit residential property at 247 Millbury Ave includes a two-bedroom unit with a full bath, private deck, and backyard access; a first-floor one-bedroom unit with a granite kitchen and full bath; and an upper-level two-bedroom unit with an additional room suited to office or flex use. Each residence includes a family room and in-unit laundry, while updates have been completed in the first two units.
The property occupies a 0.50-acre parcel with vinyl siding, a fenced backyard, and substantial off-street parking. Its Millbury setting provides access to major routes, shopping, and area amenities. Built in 1880, the property has a car-dependent Walk Score of 14, a Bike Score of 27, and a Transit Score of 24.
The property occupies a 0.50-acre parcel with vinyl siding, a fenced backyard, and substantial off-street parking. Its Millbury setting provides access to major routes, shopping, and area amenities. Built in 1880, the property has a car-dependent Walk Score of 14, a Bike Score of 27, and a Transit Score of 24.
Key Highlights
- Three residential units with 2‑bedroom, 1‑bedroom, and 2‑bedroom layouts
- First two units updated; one includes a granite kitchen and another has a private deck
- Each unit includes in‑unit laundry and a spacious family room
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
$41,661
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
6.67%
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%
$833,220
$833.2K
Cap Rate 7%
$595,157
$595.2K
Cap Rate 9%
$462,900
$462.9K
Market Conditions
NOI Build-Up for 3,082 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
$61.0K $19.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$59.5K $19.31/SF
− OpEx
−$17.9K −$5.79/SF
NOI
$41.7K $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%
$833,220
Cap Rate 7%
$595,157
Cap Rate 9%
$462,900
Alternative Uses
Best Use
Multifamily LT 5
$595.2K
$520.8K – $694.4K
NOI $41,661 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$518.0K
$453.2K – $604.3K
NOI $36,257 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.05M
$920.9K – $1.23M
NOI $73,672 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature updated interiors, in-unit laundry, off-street parking, and access to a fenced outdoor area.
Where is this triplex located?
The property is located at 247 Millbury Ave Millbury, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three residential units with 2‑bedroom, 1‑bedroom, and 2‑bedroom layouts; First two units updated; one includes a granite kitchen and another has a private deck; Each unit includes in‑unit laundry and a spacious family room
