Updated Two-Family
For Sale
$425,000
148 Sanders St, Athol, MA 01331
Each unit offers 3 bedrooms and 1 full bath, with updated electrical, plumbing, new appliances, and replaced hot water heaters.
Property Size2,300 SF
Price / SF$184.78
Days on Market62
Property Features for 148 Sanders St
General Information
Standard status
Active
Size
2,300 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Building Size
2,300 SF
Year Built
1910
Stories
3
Listing Agency:
Lamacchia Realty, Inc.
(978) 534-3400
Listed By:
Emma Cook
(978) 577-9938
Source:
Iverty
Added: Jul 6
Changed: Sep 4
Last Checked: Sep 4 at 5:10AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
This updated two-family home is set up as a clean, straightforward income property. Each unit includes three bedrooms and one full bath. The first-floor unit features hardwood floors and is currently tenant occupied through April 2027. The second-floor unit is equipped with efficient mini-split heating and cooling.
Improvements include completely updated electrical and plumbing throughout, new appliances in both units, and both hot water heaters replaced. Outside, the property offers a spacious yard, a detached garage, and a large driveway.
An unfinished third floor is also included, offering possible expansion potential for additional living space subject to buyer due diligence. The property is presented as move-in ready with major systems addressed throughout.
Improvements include completely updated electrical and plumbing throughout, new appliances in both units, and both hot water heaters replaced. Outside, the property offers a spacious yard, a detached garage, and a large driveway.
An unfinished third floor is also included, offering possible expansion potential for additional living space subject to buyer due diligence. The property is presented as move-in ready with major systems addressed throughout.
Key Highlights
- Two‑family home built in 1910 with two units, each offering 3 bedrooms and 1 full bath
- Major updates include completely updated electrical and plumbing throughout the property
- New appliances in both units, plus both hot water heaters replaced
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
$31,091
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
7.32%
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%
$621,820
$621.8K
Cap Rate 7%
$444,157
$444.2K
Cap Rate 9%
$345,456
$345.5K
Market Conditions
NOI Build-Up for 2,300 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
$45.5K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$44.4K $19.31/SF
− OpEx
−$13.3K −$5.79/SF
NOI
$31.1K $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%
$621,820
Cap Rate 7%
$444,157
Cap Rate 9%
$345,456
Alternative Uses
Best Use
Multifamily LT 5
$444.2K
$388.6K – $518.2K
NOI $31,091 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$386.5K
$338.2K – $451.0K
NOI $27,057 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$785.4K
$687.2K – $916.3K
NOI $54,979 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 01331, MA
13,656
Population
6,050
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
89%
High-School Grad
54.2 sq mi
ZIP Area
252
Density / Sq Mi
$68,345
Median Household Income
$42,132
Median Earnings
$1,041
Median Rent
$257,300
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 - Each unit offers 3 bedrooms and 1 full bath, with updated electrical, plumbing, new appliances, and replaced hot water heaters.
Where is this duplex located?
The property is located at 148 Sanders St Athol, MA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑family home built in 1910 with two units, each offering 3 bedrooms and 1 full bath; Major updates include completely updated electrical and plumbing throughout the property; New appliances in both units, plus both hot water heaters replaced
