3-Unit Multifamily
New
For Sale
$535,000
165 Pleasant St., Southbridge, MA 01604
R2-zoned triplex with two occupied apartments and one vacant unit offering flexible residential income use.
Property Size1,240 SF
Price / SF$431.45
Days on Market6
Property Features for 165 Pleasant St.
General Information
Standard status
Active
Size
1,240 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
R2
Net Operating Income
$87,512
Units
Unit Mix
1 x 2BR/1BA basement, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,915
Building Details
Building Size
1,240 SF
Year Built
1860
Listing Agency:
www.HomeZu.com
(877) 249-5478
Listed By:
Jason Saphire · License #REB.0016418
Source:
413realestate
Added: Aug 15
Changed: Aug 18
Last Checked: Aug 20 at 4:33AM
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 www.HomeZu.com
Investment Insights
Based on property information with market context.
This 1,240-square-foot triplex at 165 Pleasant St. in Southbridge, MA, was built in 1860 and contains three apartments. The unit mix includes two 2-bedroom, 1-bath residences and one 1-bedroom, 1-bath residence, including a basement apartment. One 2-bedroom unit is leased through 5/31/2027, while the basement apartment is occupied under a lease ending 11/30/2026. The 1-bedroom unit is vacant and available for occupancy or owner use.
The property is designated R2 and combines existing tenancy with an unoccupied apartment. Its Southbridge location and established three-unit configuration provide a straightforward multifamily format for continued residential use, subject to buyer due diligence.
The property is designated R2 and combines existing tenancy with an unoccupied apartment. Its Southbridge location and established three-unit configuration provide a straightforward multifamily format for continued residential use, subject to buyer due diligence.
Key Highlights
- Three‑unit multifamily property with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 1,240 square feet on a 0.1860‑built property
- R2 zoning supports the existing multifamily configuration
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
$16,762
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
3.13%
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%
$335,240
$335.2K
Cap Rate 7%
$239,457
$239.5K
Cap Rate 9%
$186,244
$186.2K
Market Conditions
NOI Build-Up for 1,240 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
$24.6K $19.80/SF
− Vacancy
−$606 −$0.49/SF
EGI
$23.9K $19.31/SF
− OpEx
−$7.2K −$5.79/SF
NOI
$16.8K $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%
$335,240
Cap Rate 7%
$239,457
Cap Rate 9%
$186,244
Alternative Uses
Best Use
Multifamily LT 5
$239.5K
$209.5K – $279.4K
NOI $16,762 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$208.4K
$182.3K – $243.1K
NOI $14,587 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$423.4K
$370.5K – $494.0K
NOI $29,641 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 01604, MA
41,301
Population
18,166
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
86%
High-School Grad
6.6 sq mi
ZIP Area
6,258
Density / Sq Mi
$72,911
Median Household Income
$45,596
Median Earnings
$1,570
Median Rent
$321,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - R2-zoned triplex with two occupied apartments and one vacant unit offering flexible residential income use.
Where is this triplex located?
The property is located at 165 Pleasant St. Southbridge, MA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Three‑unit multifamily property with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 1,240 square feet on a 0.1860‑built property; R2 zoning supports the existing multifamily configuration
