Side-by-Side
For Sale
$409,000
150-152 Mill Circle, Winchendon, MA 01475
Two attached residences feature refreshed kitchens, updated bathrooms, private driveways, and separately metered major systems.
Property Size2,544 SF
Lot Size0.36 Acres
Price / SF$160.77
Days on Market293
Property Features for 150-152 Mill Circle
General Information
Standard status
Active
Size
2,544 SF
Total Parking Spaces
4
Lot size
0.36 Acres
Property subtype
Multi-family / Duplex
Zoning
R1
Net Operating Income
$39,600
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,214
Amenities
No, Yes, .00, Paved Drive, Paved Drive
No
Range, Dishwasher
2.0
Full
2
2.00
Wooded
Building Details
Year Built
1980
Listing Agency:
Spencer Home Realty
(781) 341-4409
Listed By:
Peter Costa · License #AU0003334
(781) 341-4409
Source:
Compass
Added: Nov 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:06PM
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 Spencer Home Realty
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 2,544 square feet across two attached residences. Constructed in 1980, the property includes refreshed kitchens with granite countertops and updated bathrooms. Each unit has its own driveway, while heating, hot water, and electric systems are separately configured for the two residences.
The property occupies a 15,682-square-foot wooded lot and carries R1 zoning. Its two-unit layout supports separate household accommodations within a single multifamily asset, with outdoor space surrounding the building.
The property occupies a 15,682-square-foot wooded lot and carries R1 zoning. Its two-unit layout supports separate household accommodations within a single multifamily asset, with outdoor space surrounding the building.
Key Highlights
- 2,544‑square‑foot side‑by‑side duplex built in 1980
- 15,682‑square‑foot wooded lot
- Updated kitchens with granite countertops
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
$34,389
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
8.41%
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%
$687,780
$687.8K
Cap Rate 7%
$491,271
$491.3K
Cap Rate 9%
$382,100
$382.1K
Market Conditions
NOI Build-Up for 2,544 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
$50.4K $19.80/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$49.1K $19.31/SF
− OpEx
−$14.7K −$5.79/SF
NOI
$34.4K $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%
$687,780
Cap Rate 7%
$491,271
Cap Rate 9%
$382,100
Alternative Uses
Best Use
Multifamily LT 5
$491.3K
$429.9K – $573.2K
NOI $34,389 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$427.5K
$374.1K – $498.8K
NOI $29,928 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$868.7K
$760.2K – $1.01M
NOI $60,812 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 01475, MA
10,304
Population
4,095
Households
2.5
Avg Household Size
42
Median Age
24%
College-Educated
94%
High-School Grad
42.8 sq mi
ZIP Area
241
Density / Sq Mi
$85,638
Median Household Income
$50,352
Median Earnings
$1,245
Median Rent
$294,900
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 attached residences feature refreshed kitchens, updated bathrooms, private driveways, and separately metered major systems.
Where is this duplex located?
The property is located at 150-152 Mill Circle Winchendon, MA.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: 2,544‑square‑foot side‑by‑side duplex built in 1980; 15,682‑square‑foot wooded lot; Updated kitchens with granite countertops
