Duplex with Off-Street
For Sale
$599,900
164 West Main, Millbury, MA 01527
Both units are vacant, allowing prospective buyers to arrange straightforward property showings.
Property Size2,548 SF
Price / SF$235.44
Days on Market34
Property Features for 164 West Main
General Information
Standard status
Active
Size
2,548 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1905
Listing Agency:
Harrington Real Estate Advisors
Listed By:
Pat Harrington
(774) 280-2745
Source:
Broadboutique
Added: Jul 13
Changed: Aug 15
Last Checked: Aug 15 at 3:15AM
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 Harrington Real Estate Advisors
Investment Insights
Based on property information with market context.
This duplex presents a 3/3 configuration and was built in 1905. The property includes off-street parking and is currently vacant in both units, making access available for buyer showings.
Located at 164 West Main in Millbury, Massachusetts, the property offers a commuting-oriented setting. Its 2,548 property size provides a substantial residential income asset for buyers evaluating a duplex with separate living spaces.
Located at 164 West Main in Millbury, Massachusetts, the property offers a commuting-oriented setting. Its 2,548 property size provides a substantial residential income asset for buyers evaluating a duplex with separate living spaces.
Key Highlights
- 3/3 duplex configuration
- Both units are vacant
- Off‑street parking included
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
$34,443
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
5.74%
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%
$688,860
$688.9K
Cap Rate 7%
$492,043
$492.0K
Cap Rate 9%
$382,700
$382.7K
Market Conditions
NOI Build-Up for 2,548 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
$50.5K $19.80/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$49.2K $19.31/SF
− OpEx
−$14.8K −$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%
$688,860
Cap Rate 7%
$492,043
Cap Rate 9%
$382,700
Alternative Uses
Best Use
Multifamily LT 5
$492.0K
$430.5K – $574.1K
NOI $34,443 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$428.2K
$374.7K – $499.6K
NOI $29,975 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$870.1K
$761.3K – $1.02M
NOI $60,907 @ 7.0% cap · market cap 10.15%
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
79
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 - Both units are vacant, allowing prospective buyers to arrange straightforward property showings.
Where is this duplex located?
The property is located at 164 West Main Millbury, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 3/3 duplex configuration; Both units are vacant; Off‑street parking included
