Building Details

Year Built 1945

Listing Agency: Manfred Karori, Berkshire Hathaway Homeservices Realty Professionals

Listed By: Michelle Terry Team Show Phone

Source: Centralmassachusettsproperties

Added: Oct 20 Changed: Oct 25 Last Checked: Oct 24 at 4:21PM

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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 Manfred Karori, Berkshire Hathaway Homeservices Realty Professionals

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Investment Insights

Based on property information with market context.

This 1,994-square-foot duplex, built in 1945, contains two separate apartments. The larger unit has four bedrooms, 1.5 bathrooms, a combined living and dining room, hardwood floors, and a vaulted ceiling in the primary bedroom. The second apartment has one bedroom, one bathroom, and a kitchen adjoining its dining area. The property needs updates, including window replacement, and the roof may also require work. It is offered in as-is condition.

Set on a corner lot, the property is about five minutes from the Massachusetts Turnpike (I-90) and six minutes from Route 20. Shopping, dining, and local amenities are also noted in the surrounding area.

Key Highlights

• Two separate residential units
• 1,994 square feet; built in 1945
• Main unit has 4 bedrooms and 1.5 bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,954

Cap Rate

5.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$539,080 $539.1K

Cap Rate 7%

$385,057 $385.1K

Cap Rate 9%

$299,489 $299.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,994 SF

Gross rent

$39.5K $19.80/SF

− Vacancy

−$975 −$0.49/SF

EGI

$38.5K $19.31/SF

− OpEx

−$11.6K −$5.79/SF

NOI

$27.0K $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 Rate 5%

$539,080

Cap Rate 7%

$385,057

Cap Rate 9%

$299,489

Alternative Uses

Best Use

Multifamily LT 5

$385.1K

$336.9K – $449.2K (±1% cap)

NOI $26,954 @ 7.0% cap · market cap 5.10%

Second Best

Apartment 5plus

$335.1K

$293.2K – $391.0K (±1% cap)

NOI $23,457 @ 7.0% cap · market cap 4.43%

Theoretical Best

Office A

$680.9K

$595.8K – $794.4K (±1% cap)

NOI $47,665 @ 7.0% cap · market cap 9.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

223

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Separate apartments include a four-bedroom primary residence and a one-bedroom secondary unit; renovation work is needed.

Where is this duplex located?

The property is located at 1495 Grafton Rd Millbury, MA.

What is the asking price?

The asking price for this property is $529,000.

What are key features of this property?

This property features: Two separate residential units; 1,994 square feet; built in 1945; Main unit has 4 bedrooms and 1.5 bathrooms