Renovated Multifamily Apartment
For Sale
$1,950,000
2 Coburn Street, Framingham, MA 01702
Renovated multifamily building with six apartments, including an ADA-accessible two-bedroom unit, plus coin laundry and off-street parking.
Property Size7,008 SF
Lot Size0.14 Acres
Price / SF$278.25
Days on Market52
Property Features for 2 Coburn Street
General Information
Standard status
Active
Size
7,008 SF
Total Parking Spaces
6
Lot size
0.14 Acres
Property subtype
Multi-family
Additional Details
Sprinkler System
Yes
Multifamily Units
6
Building Details
Year Built
1890
Year Renovated
2019
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
(978) 406-1789
Listed By:
Stephen Girolamo · License #9552229
(508) 287-2695
Source:
Demakis
Added: Jul 5
Changed: Aug 24
Last Checked: Jul 23 at 6:02AM
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
Investment Insights
Based on property information with market context.
2 Coburn St is a renovated multifamily apartment building featuring five 3-bedroom/1-bath units and one ADA-accessible 2-bedroom/1-bath unit. The property includes 7,008 square feet of gross living area within 9,472 square feet of total gross area on a 0.14-acre corner parcel.
Improvements completed with a new certificate of occupancy in 2019 include new roofing, siding, and windows, updated interiors with a mix of hardwood and luxury vinyl plank flooring, and renovated kitchens and bathrooms. Mechanical and life-safety updates include a sprinkler system and fire alarm panel, individual gas-fired Navien Combi-Boilers for heat and hot water, and individual electric meters. The building also has an intercom system and coin-operated laundry in the basement. Tenants are responsible for gas heat and hot water and separate electricity, while the landlord provides city water and sewer.
Parking consists of three tandem off-street spaces, two surface spaces, and one garage stall.
Improvements completed with a new certificate of occupancy in 2019 include new roofing, siding, and windows, updated interiors with a mix of hardwood and luxury vinyl plank flooring, and renovated kitchens and bathrooms. Mechanical and life-safety updates include a sprinkler system and fire alarm panel, individual gas-fired Navien Combi-Boilers for heat and hot water, and individual electric meters. The building also has an intercom system and coin-operated laundry in the basement. Tenants are responsible for gas heat and hot water and separate electricity, while the landlord provides city water and sewer.
Parking consists of three tandem off-street spaces, two surface spaces, and one garage stall.
Key Highlights
- Six‑unit multifamily at 2 Coburn St with five 3BD/1BA units plus one ADA‑accessible 2BD/1BA unit
- Completely renovated; new certificate of occupancy issued in 2019 with new roofing, siding, and windows
- 7,008 SF gross living area in 9,472 SF gross area on a 0.14‑acre corner parcel
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
$139,436
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
7.15%
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%
$2,788,720
$2.8M
Cap Rate 7%
$1,991,943
$2.0M
Cap Rate 9%
$1,549,289
$1.5M
Market Conditions
NOI Build-Up for 7,008 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
$267.4K $38.16/SF
− Vacancy
−$13.9K −$1.98/SF
EGI
$253.5K $36.18/SF
− OpEx
−$114.1K −$16.28/SF
NOI
$139.4K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$2,788,720
Cap Rate 7%
$1,991,943
Cap Rate 9%
$1,549,289
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,436 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,410 @ 7.0% cap · market cap 14.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
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 - Renovated multifamily building with six apartments, including an ADA-accessible two-bedroom unit, plus coin laundry and off-street parking.
Where is this apartment building located?
The property is located at 2 Coburn Street Framingham, MA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Six‑unit multifamily at 2 Coburn St with five 3BD/1BA units plus one ADA‑accessible 2BD/1BA unit; Completely renovated; new certificate of occupancy issued in 2019 with new roofing, siding, and windows; 7,008 SF gross living area in 9,472 SF gross area on a 0.14‑acre corner parcel
