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    Well-Maintained Three-Family Home Title is generated by Realmo AI

    198 W Main Street, Millbury, MA 01527

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    New
    For Sale
    $674,900

    MULTI_FAMILY - Millbury, MA

    Property size:
    3,232 SF
    Lot size:
    0.54 Acres
    Price / SF:
    $208/SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 198 W Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    -
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 3, Bedroom 4
    Parking
    8
    Standard status
    Active
    APN
    3582605
    Size
    3,232 SF
    Lot size
    0.54 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    7828

    Building Details

    Year built
    1850
    Floors in Building
    4
    Number of units
    3

    We can help!

    Listing Contact
    Bill Wright

    Listing agent Bill Wright License #5503

    Listing office REMAX Executive Realty 68 Worcester Street, North Grafton, MA

    Listing date Jun 3, 2026

    MLS# 73529191 Listing URL

    Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 3‑family home built in 1850 in West Millbury
    • 7‑room, 2‑bedroom second‑floor unit with hardwood floors and kitchen with tray ceiling
    • Second‑floor primary bedroom includes a walk‑in closet and French door to a composite deck overlooking a private, quiet backyard
    • Other two units are 1‑bedroom apartments with living room, kitchen, and full bath
    • Separate utilities except water and sewer; updated electric panels
    • Includes a 2‑car garage and an enclosed front porch

    Overview

    This well-maintained three-family home offers a practical investment setup with three separate residential units. The second-floor unit features seven rooms with two bedrooms, highlighted by an attractive kitchen with tray ceiling, off-white cabinetry, under-cabinet lighting, and hardwood floors. It also includes a full dining room and a spacious upper-level layout with additional rooms, along with a primary bedroom that has a walk-in closet and French doors opening to a composite deck overlooking a private, quiet backyard. The other two units are one-bedroom apartments, each with a living room, kitchen, and a full bath.

    The property is located at 198 W Main Street in Millbury, MA. It includes a two-car garage and an enclosed front porch, providing additional convenience and sheltered entry. Utility arrangements are designed for tenant independence, with separate utilities except for water and sewer. The electric panels have also been updated.

    For investors, this configuration can help diversify income within a single asset, while the distinct unit layouts may appeal to a range of tenants. For owner-occupants, the two one-bedroom apartments can potentially offset living expenses while the larger second-floor unit provides a more substantial home base.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $64.0k $19.80
    − Vacancy −$1.6k −$0.49
    EGI $62.4k $19.31
    − OpEx −$18.7k −$5.79
    NOI $43.7k $13.52
    3,232 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $624.1K
    $546.1K – $728.2K (±1% cap)
    NOI $43,689 @ 7.0% cap · market cap 6.47%
    Second Best
    Apartment 5plus
    $543.2K
    $475.3K – $633.7K (±1% cap)
    NOI $38,021 @ 7.0% cap · market cap 5.63%
    Theoretical Best
    Office A
    $1.10M
    $965.7K – $1.29M (±1% cap)
    NOI $77,258 @ 7.0% cap · market cap 11.45%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Building Supply Gym & Fitness Center Big Box & Wholesale Store Bar & Pub Grocery & Convenience Store HVAC Service Discount Store Electrical Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Millbury
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.780413
    Latitude
    42.172621

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    • $450,000

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      Well-Maintained Two-Family Home

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    • Contact for pricing
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    FAQs

    What type of property is this?
    Triplex - A well-kept three-unit property with separate utilities and updated electrical, offering strong rental income flexibility.
    Where is this triplex located?
    The property is located at 198 W Main Street Millbury, MA.
    What is the asking price?
    The asking price for this property is $674,900.
    What are key features of this property?
    This property features: 3‑family home built in 1850 in West Millbury; 7‑room, 2‑bedroom second‑floor unit with hardwood floors and kitchen with tray ceiling; Second‑floor primary bedroom includes a walk‑in closet and French door to a composite deck overlooking a private, quiet backyard
    (508) 839-9219
    We can help!
    Listing Contact
    Bill Wright
    Real Estate License ID: 5503
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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