Pembroke Multifamily Property with
For Sale
$4,000,000
172 Washington St, Pembroke, MA 02359
Unique multifamily property with gardens, barns, and nature preserve.
Property Size11,000 SF
Lot Size6.97 Acres
Days on Market164
Property Features for 172 Washington St
General Information
Standard status
Active
Size
11,000 SF
Lot size
6.97 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$23,113
Building Details
Building Size
11,000 SF
Year Built
1980
Stories
5
Units
11
Listing Agency:
The Firm
(617) 378-2965
Listed By:
Cody Rohland · License #9557400
(617) 378-2965
Source:
Elliman
Added: Mar 10
Changed: Aug 15
Last Checked: Aug 20 at 11:40AM
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 The Firm
Investment Insights
Based on property information with market context.
This unique property, situated on 7 acres and bordered by a 73-acre nature preserve, comprises 10 buildings with 11 rental units and various amenities. Building 1 features four 1-bed/1-bath apartments, each with decks, and laundry facilities are available in the building. Building 2 offers four 1-bed/1-bath apartments, with three including decks, and laundry in the building. Building 3 contains two 1-bed/1-bath apartments, one of which has a deck, and laundry in the building. Additionally, there is a freestanding cottage with two bedrooms and one bathroom, complete with a deck. A guest house provides a 1-bed/1-bath layout with a kitchen, bath, and balcony. The property also includes three large barns, a Victorian stained-glass gazebo, a party piazza, and a below-grade greenhouse. Further enhancing the landscape are goldfish pools and five botanical garden rooms containing over 5000 plants, supported by a cistern pump irrigation system. The surrounding preserve offers trails, a pond, a tidal estuary, beaches, river access, and four fields suitable for animal grazing or crops.
Key Highlights
- 7‑acre property surrounded by a 73‑acre nature preserve.
- Features 10 buildings with 11 rental units.
- Includes a freestanding 2‑bed/1‑bath cottage and a 1‑bed/1‑bath guest house.
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
$171,336
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
4.28%
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%
$3,426,720
$3.4M
Cap Rate 7%
$2,447,657
$2.4M
Cap Rate 9%
$1,903,733
$1.9M
Market Conditions
NOI Build-Up for 11,000 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
$330.0K $30.00/SF
− Vacancy
−$18.5K −$1.68/SF
EGI
$311.5K $28.32/SF
− OpEx
−$140.2K −$12.74/SF
NOI
$171.3K $15.58/SF
Area
Plymouth County, MA
Vacancy
5.60%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,426,720
Cap Rate 7%
$2,447,657
Cap Rate 9%
$1,903,733
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.14M – $2.86M
NOI $171,336 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.51M
$5.70M – $7.60M
NOI $455,837 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 02359, MA
18,361
Population
7,173
Households
2.6
Avg Household Size
43
Median Age
46%
College-Educated
97%
High-School Grad
21.8 sq mi
ZIP Area
842
Density / Sq Mi
$141,332
Median Household Income
$69,860
Median Earnings
$2,413
Median Rent
$550,300
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?
Apartment building - Unique multifamily property with gardens, barns, and nature preserve.
Where is this apartment building located?
The property is located at 172 Washington St Pembroke, MA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 7‑acre property surrounded by a 73‑acre nature preserve.; Features **10 buildings with 11 rental units**.; Includes a freestanding 2‑bed/1‑bath cottage and a 1‑bed/1‑bath guest house.
