Townhouse Quadplex with In-Law
For Sale
$3,450,000
194 Oak Street, Shrewsbury, MA 01545
Four townhouse units feature separate utilities, secondary kitchens, private entrances, and central heating and air conditioning.
Property Size11,028 SF
Price / SF$312.84
Days on Market23
Property Features for 194 Oak Street
General Information
Standard status
Active
Size
11,028 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Units
Unit Mix
4 x 4BR/5BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Building Details
Year Built
2017
Construction
townhouse
Listing Agency:
Stuart St James,Inc.
(617) 320-4268
Listed By:
Zeyu Derek Liu
Source:
Stonewallre
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 Stuart St James,Inc.
Investment Insights
Based on property information with market context.
Built in 2017, this 11,028-square-foot quadplex comprises four townhouse-style units with in-law suites that add separate entrances, secondary kitchens, laundry facilities, and additional living space. Interior features include stainless steel appliances, granite countertops, family and living rooms, gas fireplaces, decks, master suites with private baths and walk-in closets, and central A/C and heating. The property also includes a two-car garage and separate utility service for the units.
The property is near Route 9, UMass Medical School, the Biotech Park area, a hospital, and several shopping plazas. It is fully leased, with the potential for one unit to be delivered vacant for owner occupancy. Each townhouse is configured with upper and lower living areas, supporting flexible household arrangements and separate-suite use.
The property is near Route 9, UMass Medical School, the Biotech Park area, a hospital, and several shopping plazas. It is fully leased, with the potential for one unit to be delivered vacant for owner occupancy. Each townhouse is configured with upper and lower living areas, supporting flexible household arrangements and separate-suite use.
Key Highlights
- Four‑unit townhouse quadplex built in 2017
- 11,028 SF property with in‑law suites and secondary kitchens
- Separate entrances, laundry facilities, and utilities for the suites
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
$149,073
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
4.32%
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%
$2,981,460
$3.0M
Cap Rate 7%
$2,129,614
$2.1M
Cap Rate 9%
$1,656,367
$1.7M
Market Conditions
NOI Build-Up for 11,028 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
$218.4K $19.80/SF
− Vacancy
−$5.4K −$0.49/SF
EGI
$213.0K $19.31/SF
− OpEx
−$63.9K −$5.79/SF
NOI
$149.1K $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%
$2,981,460
Cap Rate 7%
$2,129,614
Cap Rate 9%
$1,656,367
Alternative Uses
Best Use
Multifamily LT 5
$2.13M
$1.86M – $2.48M
NOI $149,073 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,733 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$3.77M
$3.30M – $4.39M
NOI $263,613 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 01545, MA
38,316
Population
15,318
Households
2.5
Avg Household Size
41
Median Age
66%
College-Educated
96%
High-School Grad
20.8 sq mi
ZIP Area
1,842
Density / Sq Mi
$136,225
Median Household Income
$74,718
Median Earnings
$2,046
Median Rent
$555,500
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?
Quadplex - Four townhouse units feature separate utilities, secondary kitchens, private entrances, and central heating and air conditioning.
Where is this quadplex located?
The property is located at 194 Oak Street Shrewsbury, MA.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Four‑unit townhouse quadplex built in 2017; 11,028 SF property with in‑law suites and secondary kitchens; Separate entrances, laundry facilities, and utilities for the suites
