Two-Unit Multifamily
New
For Sale
$849,999
23 Pinehurst Ave, Billerica, MA 01821
Separate driveways provide property access from both Pinehurst Avenue and Glenside Avenue.
Property Size1,856 SF
Lot Size0.11 Acres
Price / SF$457.97
Days on Market2
Property Features for 23 Pinehurst Ave
General Information
Standard status
Active
Size
1,856 SF
Total Parking Spaces
4
Lot size
0.11 Acres
Property subtype
Multifamily
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,007
Building Details
Building Size
1,856 SF
Year Built
1940
Buildings
1
Stories
2
Listing Agency:
Cameron Prestige, LLC
Listed By:
Zahidul Islam · License #452018049
(857) 891-4053
Source:
Classifiedrealtygroup
Added: Sep 24
Last Checked: Sep 24 at 2:42PM
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 Cameron Prestige, LLC
Investment Insights
Based on property information with market context.
This two-story multifamily property at 23 Pinehurst Ave in Billerica was built in 1940 and contains approximately 1,856 square feet of living area on a 5,001-square-foot lot. The layout includes two units, with a total of four bedrooms and two full bathrooms. Recent work includes a gas heating system installed in 2024, a new roof and basement windows, plus interior improvements to Unit 2: fresh paint, vinyl flooring, updated kitchen cabinets, quartz countertops, a dishwasher and a microwave.
Two separate driveways connect the property to Pinehurst Avenue and Glenside Avenue, providing access from either street. The property is near the Burlington line and offers access to surrounding communities, shopping, dining and major roads.
Two separate driveways connect the property to Pinehurst Avenue and Glenside Avenue, providing access from either street. The property is near the Burlington line and offers access to surrounding communities, shopping, dining and major roads.
Key Highlights
- Two‑story multifamily property with 1,856 square feet of living area
- 5,001‑square‑foot lot with access from Pinehurst Avenue and Glenside Avenue
- Four bedrooms and two full bathrooms across two units
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
$36,928
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
4.34%
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%
$738,560
$738.6K
Cap Rate 7%
$527,543
$527.5K
Cap Rate 9%
$410,311
$410.3K
Market Conditions
NOI Build-Up for 1,856 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
$70.8K $38.16/SF
− Vacancy
−$3.7K −$1.98/SF
EGI
$67.1K $36.18/SF
− OpEx
−$30.2K −$16.28/SF
NOI
$36.9K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$738,560
Cap Rate 7%
$527,543
Cap Rate 9%
$410,311
Alternative Uses
Best Use
Apartment 5plus
$527.5K
$461.6K – $615.5K
NOI $36,928 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$961.4K – $1.28M
NOI $76,912 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 01821, MA
30,909
Population
11,666
Households
2.6
Avg Household Size
43
Median Age
42%
College-Educated
95%
High-School Grad
16.6 sq mi
ZIP Area
1,862
Density / Sq Mi
$142,564
Median Household Income
$65,056
Median Earnings
$2,211
Median Rent
$581,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Separate driveways provide property access from both Pinehurst Avenue and Glenside Avenue.
Where is this multifamily property located?
The property is located at 23 Pinehurst Ave Billerica, MA.
What is the asking price?
The asking price for this property is $849,999.
What are key features of this property?
This property features: Two‑story multifamily property with 1,856 square feet of living area; 5,001‑square‑foot lot with access from Pinehurst Avenue and Glenside Avenue; Four bedrooms and two full bathrooms across two units
