Renovated Duplex on
New
For Sale
$650,000
234 Purchase Street, Milford, MA 01757
Updated two-family configuration with extensive system and interior improvements.
Property Size2,095 SF
Price / SF$310.26
Days on Market7
Property Features for 234 Purchase Street
General Information
Standard status
Active
Size
2,095 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1800
Listing Agency:
Lamacchia Realty,Inc.
Listed By:
Lioce Properties Group
(508) 422-9750
Source:
Sarkisboston
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 22 at 5:25PM
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 Lamacchia Realty,Inc.
Investment Insights
Based on property information with market context.
This duplex offers two-family residential income use on more than 1 acre in Milford. The property has undergone substantial renovations, including replacement plumbing, electrical, heating, roof, siding, and insulation. Both kitchens and bathrooms have been renovated, while flooring has been replaced or refinished throughout the residence.
The property is located near Routes 495, the Mass Pike, Route 135, and Route 85. Zoning is RC, and the building dates to 1800. The large rear yard provides substantial outdoor space alongside the renovated residential improvements.
The property is located near Routes 495, the Mass Pike, Route 135, and Route 85. Zoning is RC, and the building dates to 1800. The large rear yard provides substantial outdoor space alongside the renovated residential improvements.
Key Highlights
- Duplex on 1+ acres
- New plumbing, electrical, heating, roof, siding, and insulation
- Renovated kitchens and bathrooms
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
$28,319
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
4.36%
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%
$566,380
$566.4K
Cap Rate 7%
$404,557
$404.6K
Cap Rate 9%
$314,656
$314.7K
Market Conditions
NOI Build-Up for 2,095 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
$41.5K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$40.5K $19.31/SF
− OpEx
−$12.1K −$5.79/SF
NOI
$28.3K $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%
$566,380
Cap Rate 7%
$404,557
Cap Rate 9%
$314,656
Alternative Uses
Best Use
Multifamily LT 5
$404.6K
$354.0K – $472.0K
NOI $28,319 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$352.1K
$308.1K – $410.8K
NOI $24,646 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$715.4K
$626.0K – $834.7K
NOI $50,079 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
38
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-family configuration with extensive system and interior improvements.
Where is this duplex located?
The property is located at 234 Purchase Street Milford, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Duplex on 1+ acres; New plumbing, electrical, heating, roof, siding, and insulation; Renovated kitchens and bathrooms
