8-Unit Multifamily
For Sale
$2,148,000
222-226 South Main St & 1 Mulberry St, Attleboro, MA 02703
Three buildings share one lot, with separate utilities in many units and a common backyard.
Property Size9,000 SF
Days on Market94
Property Features for 222-226 South Main St & 1 Mulberry St
General Information
Standard status
Active
Size
9,000 SF
Property subtype
5-9 Family
Additional Details
Public Transit
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$16,556
Building Details
Building Size
9,000 SF
Year Built
1900
Buildings
3
Listing Agency:
Centre Realty Group
(617) 332-0077
Listed By:
John Saleh · License #9503072
Source:
Donnellyandco
Added: May 19
Changed: Aug 17
Last Checked: Aug 20 at 12:17PM
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 Centre Realty Group
Investment Insights
Based on property information with market context.
This 8-unit multifamily property comprises three buildings positioned on one lot. The building at 1 Mulberry St. contains three 2-bedroom apartments, while 222 South Main St. is configured as a two-family property. The 224-226 South Main St. building adds three more 2-bedroom apartments. Separate utilities serve the units in the two triple-decker buildings.
The two-family building has undergone a full renovation that included kitchens, bathrooms, electrical, plumbing, gas HVAC systems, and central air. The other buildings have also received extensive updates, including improvements to kitchens, baths, electrical, plumbing, and heating systems in many units. Residents share a backyard across the three buildings. The property is within walking distance of the train station, shopping, and local amenities.
The two-family building has undergone a full renovation that included kitchens, bathrooms, electrical, plumbing, gas HVAC systems, and central air. The other buildings have also received extensive updates, including improvements to kitchens, baths, electrical, plumbing, and heating systems in many units. Residents share a backyard across the three buildings. The property is within walking distance of the train station, shopping, and local amenities.
Key Highlights
- 8 units across three multifamily buildings on one lot
- 1 Mulberry St. includes three 2‑bedroom apartments
- 224‑226 South Main St. contains three 2‑bedroom apartments
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
$160,839
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
7.49%
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%
$3,216,780
$3.2M
Cap Rate 7%
$2,297,700
$2.3M
Cap Rate 9%
$1,787,100
$1.8M
Market Conditions
NOI Build-Up for 9,000 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
$248.4K $27.60/SF
− Vacancy
−$18.6K −$2.07/SF
EGI
$229.8K $25.53/SF
− OpEx
−$68.9K −$7.66/SF
NOI
$160.8K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$3,216,780
Cap Rate 7%
$2,297,700
Cap Rate 9%
$1,787,100
Alternative Uses
Best Use
Multifamily LT 5
$2.30M
$2.01M – $2.68M
NOI $160,839 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,474 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$5.48M
$4.80M – $6.39M
NOI $383,659 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
493
Businesses Nearby
Explore this area
Business Placement
Demographics for 02703, MA
46,389
Population
19,014
Households
2.4
Avg Household Size
42
Median Age
34%
College-Educated
90%
High-School Grad
26.8 sq mi
ZIP Area
1,731
Density / Sq Mi
$93,352
Median Household Income
$51,637
Median Earnings
$1,446
Median Rent
$409,400
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 - Three buildings share one lot, with separate utilities in many units and a common backyard.
Where is this multifamily property located?
The property is located at 222-226 South Main St & 1 Mulberry St Attleboro, MA.
What is the asking price?
The asking price for this property is $2,148,000.
What are key features of this property?
This property features: 8 units across three multifamily buildings on one lot; 1 Mulberry St. includes three 2‑bedroom apartments; 224‑226 South Main St. contains three 2‑bedroom apartments
