Five Duplex Apartment
For Sale
$1,500,000
141-149 Park Hill Avenue, Millbury, MA 01527
Five duplex buildings with 10 apartment units sit on an approximately two-acre site with direct Route 20 frontage.
Property Size5,200 SF
Lot Size2.00 Acres
Days on Market117
Property Features for 141-149 Park Hill Avenue
General Information
Standard status
Active
Size
5,200 SF
Lot size
2.00 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
10
Building Details
Building Size
5,200 SF
Listing Agency:
Kelleher & Sadowsky
Listed By:
Chris Naff
(508) 277-6275
Source:
Kelleher-sadowsky
Added: May 14
Changed: Sep 6
Last Checked: Sep 7 at 7:05AM
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 Kelleher & Sadowsky
Investment Insights
Based on property information with market context.
The property offers an approximately two-acre site improved with five duplex buildings, totaling 10 apartment units. The asset is being offered for sale as an investment and/or development opportunity.
The site is conveniently positioned with close access to Routes 146, 290, and the Mass Pike, and features direct frontage on Route 20.
For buyers seeking multifamily income with road frontage, the current configuration provides 10 units across the five duplex structures on one combined parcel.
The site is conveniently positioned with close access to Routes 146, 290, and the Mass Pike, and features direct frontage on Route 20.
For buyers seeking multifamily income with road frontage, the current configuration provides 10 units across the five duplex structures on one combined parcel.
Key Highlights
- Approximately 2‑acre site with five duplex buildings
- Total of 10 apartment units across the five duplex buildings
- Direct frontage on Route 20
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
$70,292
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
4.69%
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%
$1,405,840
$1.4M
Cap Rate 7%
$1,004,171
$1.0M
Cap Rate 9%
$781,022
$781.0K
Market Conditions
NOI Build-Up for 5,200 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
$103.0K $19.80/SF
− Vacancy
−$2.5K −$0.49/SF
EGI
$100.4K $19.31/SF
− OpEx
−$30.1K −$5.79/SF
NOI
$70.3K $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%
$1,405,840
Cap Rate 7%
$1,004,171
Cap Rate 9%
$781,022
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$878.7K – $1.17M
NOI $70,292 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$873.9K
$764.7K – $1.02M
NOI $61,173 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,301 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
107
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Five duplex buildings with 10 apartment units sit on an approximately two-acre site with direct Route 20 frontage.
Where is this duplex located?
The property is located at 141-149 Park Hill Avenue Millbury, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 2‑acre site with five duplex buildings; Total of 10 apartment units across the five duplex buildings; Direct frontage on Route 20
