Multifamily Property with Renovated
For Sale
$599,900
21-23 Eastford Rd., Southbridge, MA 01550
Two buildings on one lot, ideal for owner-occupiers or investors.
Property Size3,148 SF
Price / SF$190.57
Days on Market166
Property Features for 21-23 Eastford Rd.
General Information
Standard status
Active
Size
3,148 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
OR
Net Operating Income
$33,480
Taxes and HOA fees
Annual Taxes
$6,003
Building Details
Building Size
3,148 SF
Year Built
1880
Stories
5
Listing Agency:
Coldwell Banker Realty - Brookline
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 12
Changed: Aug 23
Last Checked: Aug 23 at 10:56AM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
This property features two buildings on a single lot, presenting an opportunity for both owner-occupiers and investors. One building contains three units, each equipped with separate heating and hot water systems. All tenants are tenants at will. The second building is a renovated single-family home. The first floor includes a cabinet-packed kitchen, living room, dining room, bedroom, and a full bathroom. The second floor, currently configured as an accessory dwelling unit with a monthly rent of $800, comprises four rooms and a bathroom. Previously part of the larger single-family home, the second floor can be integrated to provide additional bedrooms and a second full bath for an owner-occupier seeking more space. The property also features a good-sized yard. A paved driveway, accessible from the Elm St. side of the lot, provides ample off-street parking. The property has a walk score of 36, indicating car-dependence, and a bike score of 28, indicating it is somewhat bikeable.
Key Highlights
- Two buildings on one lot: a 3‑unit building and a renovated single‑family home.
- Ideal for owner‑occupants or investors.
- 3‑unit building: each unit has separate heat and hot water.
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
$37,033
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
6.17%
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%
$740,660
$740.7K
Cap Rate 7%
$529,043
$529.0K
Cap Rate 9%
$411,478
$411.5K
Market Conditions
NOI Build-Up for 3,148 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
$69.1K $21.96/SF
− Vacancy
−$1.8K −$0.57/SF
EGI
$67.3K $21.39/SF
− OpEx
−$30.3K −$9.63/SF
NOI
$37.0K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /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%
$740,660
Cap Rate 7%
$529,043
Cap Rate 9%
$411,478
Alternative Uses
Best Use
Apartment 5plus
$529.0K
$462.9K – $617.2K
NOI $37,033 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$940.6K – $1.25M
NOI $75,250 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 01550, MA
17,740
Population
7,644
Households
2.3
Avg Household Size
39
Median Age
18%
College-Educated
82%
High-School Grad
20.2 sq mi
ZIP Area
878
Density / Sq Mi
$59,397
Median Household Income
$41,365
Median Earnings
$1,157
Median Rent
$267,000
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?
Multifamily property - Two buildings on one lot, ideal for owner-occupiers or investors.
Where is this multifamily property located?
The property is located at 21-23 Eastford Rd. Southbridge, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two buildings on one lot: a 3‑unit building and a renovated single‑family home.; Ideal for owner‑occupants or investors.; 3‑unit building: each unit has separate heat and hot water.
