3-Unit Multifamily
For Sale
$599,990
22 Gilboa Street, Douglas, MA 01516
Income-producing residential building with one vacant apartment, updated interiors, and off-street parking in Douglas, Massachusetts.
Property Size2,100 SF
Price / SF$285.71
Days on Market197
Property Features for 22 Gilboa Street
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi-family
Additional Details
Gross Income
$59,400
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Byrnes Real Estate Group LLC
Listed By:
Nicholas Redden
(617) 846-8000
Source:
Highlandre
Added: Feb 15
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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 Byrnes Real Estate Group LLC
Investment Insights
Based on property information with market context.
Located at 22 Gilboa Street in Douglas, Massachusetts, this 2,100-square-foot triplex contains three apartments with six bedrooms and three bathrooms. The first-floor two-bedroom unit is vacant, while the other apartments are occupied under month-to-month lease agreements. Off-street parking serves the property.
Unit 1 has been recently renovated, and additional updates have been completed in Units 2 and 3. The building dates to 1900 and offers a combination of existing improvements and flexible occupancy conditions. The vacant first-floor apartment can support a new tenancy or owner occupancy, subject to applicable requirements.
Unit 1 has been recently renovated, and additional updates have been completed in Units 2 and 3. The building dates to 1900 and offers a combination of existing improvements and flexible occupancy conditions. The vacant first-floor apartment can support a new tenancy or owner occupancy, subject to applicable requirements.
Key Highlights
- Three‑unit building with 6 bedrooms and 3 bathrooms
- 2,100 square feet of multifamily space
- Vacant first‑floor 2‑bedroom apartment
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
$28,387
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
4.73%
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%
$567,740
$567.7K
Cap Rate 7%
$405,529
$405.5K
Cap Rate 9%
$315,411
$315.4K
Market Conditions
NOI Build-Up for 2,100 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
$41.6K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$40.6K $19.31/SF
− OpEx
−$12.2K −$5.79/SF
NOI
$28.4K $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%
$567,740
Cap Rate 7%
$405,529
Cap Rate 9%
$315,411
Alternative Uses
Best Use
Multifamily LT 5
$405.5K
$354.8K – $473.1K
NOI $28,387 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$352.9K
$308.8K – $411.7K
NOI $24,704 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$717.1K
$627.5K – $836.6K
NOI $50,198 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 01516, MA
8,962
Population
3,558
Households
2.5
Avg Household Size
43
Median Age
44%
College-Educated
98%
High-School Grad
36.7 sq mi
ZIP Area
244
Density / Sq Mi
$147,859
Median Household Income
$70,780
Median Earnings
$1,537
Median Rent
$436,700
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?
Triplex - Income-producing residential building with one vacant apartment, updated interiors, and off-street parking in Douglas, Massachusetts.
Where is this triplex located?
The property is located at 22 Gilboa Street Douglas, MA.
What is the asking price?
The asking price for this property is $599,990.
What are key features of this property?
This property features: Three‑unit building with 6 bedrooms and 3 bathrooms; 2,100 square feet of multifamily space; Vacant first‑floor 2‑bedroom apartment
