2-Unit Duplex with Off-Street
New
For Sale
$560,000
23 Leonard Street, Milford, MA 01757
Two apartments offer distinct bedroom layouts, with a partially finished basement adding interior flexibility.
Property Size1,876 SF
Price / SF$298.51
Days on Market7
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Property Features for 23 Leonard Street
General Information
Standard status
Active
Size
1,876 SF
Property subtype
Multi-family
Occupancy
100%
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Building Details
Year Built
1890
Listing Agency:
EVO Real Estate Group,LLC
Listed By:
Sarah Khosla
(617) 792-6228
Source:
Thecharlesrealty
Added: Oct 9
Changed: Oct 15
Last Checked: Oct 14 at 11:38PM
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 EVO Real Estate Group,LLC
Investment Insights
Based on property information with market context.
Built in 1890, this 1,876-square-foot duplex contains two separate apartments. The first-floor unit has two bedrooms, an eat-in kitchen, and a living area; the upper unit includes three bedrooms, a kitchen, and additional living space. A partially finished basement adds usable interior area, and off-street parking is available. The property is zoned RA, and exterior siding work is underway.
Both apartments are occupied. One tenancy is month-to-month, while the other is under lease.
Both apartments are occupied. One tenancy is month-to-month, while the other is under lease.
Key Highlights
- Two‑unit duplex with 1,876 square feet
- First‑floor apartment has 2 bedrooms and an eat‑in kitchen
- Upper apartment has 3 bedrooms, a kitchen, and additional living space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,359
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,180
$507.2K
Cap Rate 7%
$362,271
$362.3K
Cap Rate 9%
$281,767
$281.8K
Market Conditions
NOI Build-Up for 1,876 SF
Gross rent
$37.1K $19.80/SF
− Vacancy
−$917 −$0.49/SF
EGI
$36.2K $19.31/SF
− OpEx
−$10.9K −$5.79/SF
NOI
$25.4K $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 Rate 5%
$507,180
Cap Rate 7%
$362,271
Cap Rate 9%
$281,767
Alternative Uses
Best Use
Multifamily LT 5
$362.3K
$317.0K – $422.7K
NOI $25,359 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$315.3K
$275.9K – $367.8K
NOI $22,069 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$640.6K
$560.6K – $747.4K
NOI $44,844 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,242
Businesses Nearby
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Business Placement
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer distinct bedroom layouts, with a partially finished basement adding interior flexibility.
Where is this duplex located?
The property is located at 23 Leonard Street Milford, MA.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,876 square feet; First‑floor apartment has 2 bedrooms and an eat‑in kitchen; Upper apartment has 3 bedrooms, a kitchen, and additional living space
