Building Details

Year Built 1960

Tenancy Multi

Listing Agency: Realty Executives Boston West j***@lockandkeyma.com Show Phone

Listed By: Karen McKiernan Show Phone

Source: Lockandkeyre

Added: Jun 4 Changed: Aug 14 Last Checked: Aug 14 at 7:01AM

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Investment Insights

Based on property information with market context.

This two-family duplex includes Unit 1 and Unit 2, each with dedicated living space. Unit 1 is a 3-bedroom, 2-bath home with an additional bonus room and will be delivered vacant. Unit 2 offers 2 bedrooms, 1 bath, plus a bonus room and is currently occupied by a long-term tenant. The property also includes a large garage with a very large workshop area and ample parking. Recent improvements include newer heating and central A/C systems, replacement windows, and a newer septic system.

The home sits on two contiguous lots totaling 3.41 acres with extensive frontage. It is zoned RA (Residential Agricultural). The property is located just minutes from downtown Hudson and major commuter routes, supporting both residential use and potential multi-use planning consistent with the zoning.

For owner-occupants, the vacant Unit 1 can provide flexibility to live in one unit while using the second for rental income. Investors will find a duplex configuration with one unit occupied by a long-term tenant and a garage/workshop that can support storage or business-related needs, subject to applicable zoning and permitted uses.

Key Highlights

• Two‑family property built in 1960 with 2 condominium units and a large garage with very large workshop area
• Set on 3.41 contiguous acres with extensive frontage on two lots
• Unit 1: 3 bed, 2 bath home plus bonus room, delivered vacant

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

$45,960

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

5.75%

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%

$919,200 $919.2K

Cap Rate 7%

$656,571 $656.6K

Cap Rate 9%

$510,667 $510.7K

Market Conditions

NOI Build-Up for 3,400 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

$67.3K $19.80/SF

− Vacancy

−$1.7K −$0.49/SF

EGI

$65.7K $19.31/SF

− OpEx

−$19.7K −$5.79/SF

NOI

$46.0K $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%

$919,200

Cap Rate 7%

$656,571

Cap Rate 9%

$510,667

Alternative Uses

Best Use

Multifamily LT 5

$656.6K

$574.5K – $766.0K (±1% cap)

NOI $45,960 @ 7.0% cap · market cap 5.75%

Second Best

Apartment 5plus

$571.4K

$500.0K – $666.6K (±1% cap)

NOI $39,998 @ 7.0% cap · market cap 5.01%

Theoretical Best

Office A

$1.16M

$1.02M – $1.35M (±1% cap)

NOI $81,274 @ 7.0% cap · market cap 10.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Big Box & Wholesale Store Pharmacy Restaurant Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

50%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

112

Businesses Nearby

Explore this area Business Placement

Demographics for 01503, MA

3,158

Population

1,502

Households

2.1

Avg Household Size

47

Median Age

54%

College-Educated

98%

High-School Grad

13.0 sq mi

ZIP Area

243

Density / Sq Mi

$122,411

Median Household Income

$67,443

Median Earnings

$1,432

Median Rent

$566,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units plus a large garage workshop, supported by newer mechanicals and replacement windows under RA zoning.

Where is this duplex located?

The property is located at 214-216 River Road East Berlin, MA.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: Two‑family property built in 1960 with 2 condominium units and a large garage with very large workshop area; Set on 3.41 contiguous acres with extensive frontage on two lots; Unit 1: 3 bed, 2 bath home plus bonus room, delivered vacant