Three-Unit Residential
New
For Sale
$699,900
87 West St, Milford, MA 01757
Three separate apartments include one vacant unit and two occupied TAW units, supporting flexible occupancy arrangements.
Property Size2,638 SF
Days on Market7
Property Features for 87 West St
General Information
Standard status
Active
Size
2,638 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,112
Building Details
Building Size
2,638 SF
Year Built
1820
Buildings
1
Stories
3
Units
3
Listed By:
Linda Mossman
(508) 272-8824
Source:
Elliman
Added: Sep 21
Changed: Sep 25
Last Checked: Sep 26 at 9:32AM
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 Linda Mossman
Investment Insights
Based on property information with market context.
This three-unit residential property at 87 West St in Milford, Massachusetts, dates to 1820 and includes distinct apartments across three floors. The first-floor residence has two bedrooms, one full bath, a kitchen, vinyl flooring, a mudroom, and deck access. The second-floor apartment provides three bedrooms, a living room, kitchen, full bath, recessed lighting, vinyl flooring, and recent renovation work. The third-floor unit contains two bedrooms, one full bath, and a kitchen.
Each apartment has its own electrical panel, and the property includes individual updated hot water tanks. Gas-fired heating is provided by forced hot air on the first floor and forced hot water on the second. First- and second-floor units have washer and dryer hookups, while the shared basement offers additional storage. Replacement vinyl windows, blown-in insulation, and a Lead Certificate of Compliance are also included. The first- and third-floor units are occupied TAW, while the second-floor unit is vacant.
Each apartment has its own electrical panel, and the property includes individual updated hot water tanks. Gas-fired heating is provided by forced hot air on the first floor and forced hot water on the second. First- and second-floor units have washer and dryer hookups, while the shared basement offers additional storage. Replacement vinyl windows, blown-in insulation, and a Lead Certificate of Compliance are also included. The first- and third-floor units are occupied TAW, while the second-floor unit is vacant.
Key Highlights
- Three apartments with 2‑bedroom, 3‑bedroom, and 2‑bedroom layouts
- Second‑floor unit is vacant; first- and third‑floor units are occupied TAW
- Three separate electrical panels and individual updated hot water tanks
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
$35,660
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
5.10%
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%
$713,200
$713.2K
Cap Rate 7%
$509,429
$509.4K
Cap Rate 9%
$396,222
$396.2K
Market Conditions
NOI Build-Up for 2,638 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
$52.2K $19.80/SF
− Vacancy
−$1.3K −$0.49/SF
EGI
$50.9K $19.31/SF
− OpEx
−$15.3K −$5.79/SF
NOI
$35.7K $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%
$713,200
Cap Rate 7%
$509,429
Cap Rate 9%
$396,222
Alternative Uses
Best Use
Multifamily LT 5
$509.4K
$445.8K – $594.3K
NOI $35,660 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$443.3K
$387.9K – $517.2K
NOI $31,033 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$900.8K
$788.2K – $1.05M
NOI $63,059 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three separate apartments include one vacant unit and two occupied TAW units, supporting flexible occupancy arrangements.
Where is this triplex located?
The property is located at 87 West St Milford, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Three apartments with 2‑bedroom, 3‑bedroom, and 2‑bedroom layouts; Second‑floor unit is vacant; first- and third‑floor units are occupied TAW; Three separate electrical panels and individual updated hot water tanks
