Tenant-Occupied
New
For Sale
$945,000
62-64 Pearl St., Framingham, MA 01702
Three residential units are occupied, with leases in place for the first and second floors.
Property Size3,384 SF
Days on Market4
Property Features for 62-64 Pearl St.
General Information
Standard status
Active
Size
3,384 SF
Total Parking Spaces
6
Property subtype
Multifamily
Financials
Cap Rate
7%
Gross Income
$90,000
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,636
Building Details
Building Size
3,384 SF
Year Built
1890
Buildings
1
Tenancy
Multi
Listing Agency:
Commonwealth Standard Realty Advisors
Listed By:
Elizabeth Bain · License #449590647
(617) 834-3653
Source:
Classifiedrealtygroup
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 3:13AM
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 Commonwealth Standard Realty Advisors
Investment Insights
Based on property information with market context.
This three-family property in Framingham was built in 1890 and is being offered with tenants in place. The first- and second-floor units have leases; the third-floor tenancy is at will. The property reports an approximately 7% cap rate and $7,500 per month in gross rent, figures that are not repeated here as dollar amounts.
Improvements include hot water tanks installed in 2017, 2022, and 2024. The first-floor kitchen and bathroom were updated about six years ago, and a second bathroom was added in 2017. The second unit has a stove that is four years old, and its bathroom was updated about six years ago. The property is near downtown Framingham and the commuter rail.
Improvements include hot water tanks installed in 2017, 2022, and 2024. The first-floor kitchen and bathroom were updated about six years ago, and a second bathroom was added in 2017. The second unit has a stove that is four years old, and its bathroom was updated about six years ago. The property is near downtown Framingham and the commuter rail.
Key Highlights
- Three‑family property with tenants in place
- Approximately 7% cap rate
- First- and second‑floor units have leases; third‑floor tenancy is TAW
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
$71,607
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
7.58%
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%
$1,432,140
$1.4M
Cap Rate 7%
$1,022,957
$1.0M
Cap Rate 9%
$795,633
$795.6K
Market Conditions
NOI Build-Up for 3,384 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
$107.6K $31.80/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$102.3K $30.23/SF
− OpEx
−$30.7K −$9.07/SF
NOI
$71.6K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,432,140
Cap Rate 7%
$1,022,957
Cap Rate 9%
$795,633
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$895.1K – $1.19M
NOI $71,607 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$961.9K
$841.6K – $1.12M
NOI $67,330 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,232 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
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?
Triplex - Three residential units are occupied, with leases in place for the first and second floors.
Where is this triplex located?
The property is located at 62-64 Pearl St. Framingham, MA.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Three‑family property with tenants in place; Approximately 7% cap rate; First- and second‑floor units have leases; third‑floor tenancy is TAW
