Two-Family Property with Private
New
For Sale
$425,000
198-200 Southbridge Rd, Dudley, MA 01571
Two residential units offer matching three-bedroom layouts, with one side available for occupancy at closing.
Property Size1,945 SF
Days on Market6
Property Features for 198-200 Southbridge Rd
General Information
Standard status
Active
Size
1,945 SF
Property subtype
Investment
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,658
Building Details
Building Size
1,945 SF
Year Built
1838
Stories
4
Units
2
Listed By:
Brooke Coughlin
(508) 612-0821
Source:
Elliman
Added: Sep 10
Last Checked: Sep 15 at 7:00AM
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 Brooke Coughlin
Investment Insights
Based on property information with market context.
This two-family property, built in 1838, contains two residential units, each with three bedrooms and one full bathroom. One unit is occupied, while the other is expected to be vacant at closing. Recent work includes flooring in the occupied unit, a septic system replacement, a roof installed in 2021, and heating systems that are approximately 3 years old.
The property includes a private backyard and is located near schools in Dudley, Massachusetts. Its configuration supports owner occupancy with a separate rental unit or continued use as a two-unit residential property.
The property includes a private backyard and is located near schools in Dudley, Massachusetts. Its configuration supports owner occupancy with a separate rental unit or continued use as a two-unit residential property.
Key Highlights
- Two units, each with 3 bedrooms and 1 full bathroom
- One unit expected to be vacant at closing
- Roof replaced in 2021
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
$26,292
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
6.19%
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%
$525,840
$525.8K
Cap Rate 7%
$375,600
$375.6K
Cap Rate 9%
$292,133
$292.1K
Market Conditions
NOI Build-Up for 1,945 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
$38.5K $19.80/SF
− Vacancy
−$951 −$0.49/SF
EGI
$37.6K $19.31/SF
− OpEx
−$11.3K −$5.79/SF
NOI
$26.3K $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%
$525,840
Cap Rate 7%
$375,600
Cap Rate 9%
$292,133
Alternative Uses
Best Use
Multifamily LT 5
$375.6K
$328.7K – $438.2K
NOI $26,292 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$326.9K
$286.0K – $381.4K
NOI $22,881 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$664.2K
$581.2K – $774.9K
NOI $46,493 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 01571, MA
11,921
Population
4,295
Households
2.8
Avg Household Size
40
Median Age
25%
College-Educated
92%
High-School Grad
20.8 sq mi
ZIP Area
573
Density / Sq Mi
$85,179
Median Household Income
$43,232
Median Earnings
$1,188
Median Rent
$372,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer matching three-bedroom layouts, with one side available for occupancy at closing.
Where is this duplex located?
The property is located at 198-200 Southbridge Rd Dudley, MA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 full bathroom; One unit expected to be vacant at closing; Roof replaced in 2021
