Waterfront Duplex with Private
For Sale
$699,000
15 Groveridge Path, Shrewsbury, MA 01545
Two-unit waterfront property with separate utilities, lake views, a boathouse, and flexible owner-occupant or rental configurations.
Property Size2,150 SF
Price / SF$325.12
Days on Market17
Property Features for 15 Groveridge Path
General Information
Standard status
Active
Size
2,150 SF
Property subtype
Multi-family
Lease Term
[]
Amenities
direct lake access
dock
waterfront patio
updated eat-in kitchen with stainless steel appliances
new five-burner gas range
hardwood floors
fireplace
panoramic lake views
spacious deck
heated sunroom
private boathouse
Building Details
Year Built
1900
Listing Agency:
Castinetti Realty Group
Listed By:
Andrea Beth Castinetti
(781) 797-4028
Source:
Thepropernest
Added: Jul 27
Changed: Aug 11
Last Checked: Aug 11 at 10:23AM
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 Castinetti Realty Group
Investment Insights
Based on property information with market context.
This two-family waterfront property offers 2,150 square feet of living space across two distinct residences. The primary unit includes three bedrooms, 1.5 baths, hardwood flooring, a fireplace, and an eat-in kitchen equipped with stainless steel appliances and a five-burner gas range. A rear deck overlooks Lake Quinsigamond and complements the waterfront patio. The second residence provides one bedroom, a full bath, kitchen, heated sunroom, separate utilities, and water views.
The property includes direct lake access, a private dock, and a boathouse positioned along the shoreline for waterfront equipment storage. Located at 15 Groveridge Path in Shrewsbury, the property is minutes from Route 9, UMass Chan Medical School, shopping, restaurants, parks, and major commuter routes. Built in 1900, it combines two-unit residential functionality with year-round lakefront access.
The property includes direct lake access, a private dock, and a boathouse positioned along the shoreline for waterfront equipment storage. Located at 15 Groveridge Path in Shrewsbury, the property is minutes from Route 9, UMass Chan Medical School, shopping, restaurants, parks, and major commuter routes. Built in 1900, it combines two-unit residential functionality with year-round lakefront access.
Key Highlights
- Two‑family property with 2,150 square feet of living space
- Primary unit offers 3 bedrooms, 1.5 baths, hardwood floors, fireplace, and updated eat‑in kitchen
- Second unit includes 1 bedroom, full bath, kitchen, heated sunroom, and separate utilities
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
$29,063
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
4.16%
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%
$581,260
$581.3K
Cap Rate 7%
$415,186
$415.2K
Cap Rate 9%
$322,922
$322.9K
Market Conditions
NOI Build-Up for 2,150 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
$42.6K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$41.5K $19.31/SF
− OpEx
−$12.5K −$5.79/SF
NOI
$29.1K $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%
$581,260
Cap Rate 7%
$415,186
Cap Rate 9%
$322,922
Alternative Uses
Best Use
Multifamily LT 5
$415.2K
$363.3K – $484.4K
NOI $29,063 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$361.3K
$316.2K – $421.6K
NOI $25,293 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$734.2K
$642.4K – $856.6K
NOI $51,394 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 01545, MA
38,316
Population
15,318
Households
2.5
Avg Household Size
41
Median Age
66%
College-Educated
96%
High-School Grad
20.8 sq mi
ZIP Area
1,842
Density / Sq Mi
$136,225
Median Household Income
$74,718
Median Earnings
$2,046
Median Rent
$555,500
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 - Two-unit waterfront property with separate utilities, lake views, a boathouse, and flexible owner-occupant or rental configurations.
Where is this duplex located?
The property is located at 15 Groveridge Path Shrewsbury, MA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two‑family property with 2,150 square feet of living space; Primary unit offers 3 bedrooms, 1.5 baths, hardwood floors, fireplace, and updated eat‑in kitchen; Second unit includes 1 bedroom, full bath, kitchen, heated sunroom, and separate utilities
