6-Unit Multifamily
18-22 East Street, Northbridge, MA 01588
For Sale
New
$1,150,000
Two residential buildings offer a varied unit mix, separately metered utilities, and off-street parking.
Property Size3,900 SF
Lot Size0.32 Acres
Price / SF$294.87
Days on Market6
Property Features for 18-22 East Street
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Cap Rate
Tenant in Place
Building Details
Year Built
Buildings
Stories
Listing Agency:
Horvath & Tremblay
Listed By:
Ethan Lazar · License #9582013
(617) 910-1219
Source:
Ballowhutchinsonrealestate
Added: Nov 4
Changed: Nov 8
Last Checked: Nov 8 at 6:11AM
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 Horvath & Tremblay
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Investment Insights
Based on property information with market context.
This Northbridge multifamily property comprises two two-story buildings on a 0.32-acre parcel: one with four apartments and another with two. The six units include four 2-bedroom/1-bathroom apartments and two 1-bedroom/1-bathroom apartments, with 3,900 square feet of gross living area and 5,477 square feet of gross building area. Four apartments have undergone recent renovations, and repairs were completed on the rear decks. A contractor shed/garage is also part of the property and is rented to a tenant.
Heat, hot water, and electricity are separately metered, with tenants paying those utility costs. The landlord covers domestic water and sewer. The property has 6+ off-street parking spaces and a 9.05% capitalization rate. Neighborhood retail, local services, and residential communities are nearby; more than 22,700 people live within three miles, where average household income is $151,264. The buildings were constructed in 1890.
Heat, hot water, and electricity are separately metered, with tenants paying those utility costs. The landlord covers domestic water and sewer. The property has 6+ off-street parking spaces and a 9.05% capitalization rate. Neighborhood retail, local services, and residential communities are nearby; more than 22,700 people live within three miles, where average household income is $151,264. The buildings were constructed in 1890.
Key Highlights
- Six apartments: four 2‑bedroom/1‑bathroom units and two 1‑bedroom/1‑bathroom units
- Two‑story buildings with 3,900 square feet of gross living area and 5,477 square feet of gross building area
- Four of six units recently renovated; rear deck repairs completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,719
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,054,380
$1.1M
Cap Rate 7%
$753,129
$753.1K
Cap Rate 9%
$585,767
$585.8K
Market Conditions
NOI Build-Up for 3,900 SF
Gross rent
$77.2K $19.80/SF
− Vacancy
−$1.9K −$0.49/SF
EGI
$75.3K $19.31/SF
− OpEx
−$22.6K −$5.79/SF
NOI
$52.7K $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 Rate 5%
$1,054,380
Cap Rate 7%
$753,129
Cap Rate 9%
$585,767
Alternative Uses
Best Use
Multifamily LT 5
$753.1K
$659.0K – $878.7K
NOI $52,719 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$655.4K
$573.5K – $764.7K
NOI $45,879 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,226 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
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Business Placement
Demographics for 01588, MA
10,106
Population
4,553
Households
2.2
Avg Household Size
42
Median Age
31%
College-Educated
94%
High-School Grad
8.1 sq mi
ZIP Area
1,248
Density / Sq Mi
$88,735
Median Household Income
$50,855
Median Earnings
$1,263
Median Rent
$413,600
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Worcester County, MA
Properties on Market for Multifamily properties in Worcester County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Two residential buildings offer a varied unit mix, separately metered utilities, and off-street parking.
Where is this multifamily property located?
The property is located at 18-22 East Street Northbridge, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Six apartments: four 2‑bedroom/1‑bathroom units and two 1‑bedroom/1‑bathroom units; Two‑story buildings with 3,900 square feet of gross living area and 5,477 square feet of gross building area; Four of six units recently renovated; rear deck repairs completed
