Three-Unit Residential
New
For Sale
$499,900
238 Pleasant St, Southbridge, MA 01550
Occupied apartments have month-to-month agreements, with a mix of one- and three-bedroom layouts.
Property Size3,582 SF
Price / SF$139.56
Days on Market6
Property Features for 238 Pleasant St
General Information
Standard status
Active
Size
3,582 SF
Property subtype
3 Family
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA, 2 x 3BR/1BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Building Details
Building Size
3,582 SF
Year Built
1915
Listing Agency:
Five Stars Realty LLC
(860) 560-1500
Listed By:
Paul Hernandez
(508) 713-1840
Source:
Iverty
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 24 at 6:01PM
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 Five Stars Realty LLC
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Investment Insights
Based on property information with market context.
This three-family property contains 3,582 square feet across three apartments: a one-bedroom, one-bath unit on the first floor and two three-bedroom, one-bath units above. The building dates to 1915 and is zoned R2. Updates include exterior paint, windows, bathroom improvements, and deck work.
All three apartments are occupied, and each tenant is on a month-to-month agreement. The property is on a corner lot at 238 Pleasant St in Southbridge, Massachusetts.
All three apartments are occupied, and each tenant is on a month-to-month agreement. The property is on a corner lot at 238 Pleasant St in Southbridge, Massachusetts.
Key Highlights
- Three apartments: one 1‑bedroom, 1‑bath unit and two 3‑bedroom, 1‑bath units
- 3,582 square feet; built in 1915
- All units occupied with month‑to‑month tenant agreements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,139
Cap Rate
8.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$842,780
$842.8K
Cap Rate 7%
$601,986
$602.0K
Cap Rate 9%
$468,211
$468.2K
Market Conditions
NOI Build-Up for 3,582 SF
Gross rent
$78.7K $21.96/SF
− Vacancy
−$2.0K −$0.57/SF
EGI
$76.6K $21.39/SF
− OpEx
−$34.5K −$9.63/SF
NOI
$42.1K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$842,780
Cap Rate 7%
$601,986
Cap Rate 9%
$468,211
Alternative Uses
Best Use
Multifamily LT 5
$691.7K
$605.3K – $807.0K
NOI $48,420 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$602.0K
$526.7K – $702.3K
NOI $42,139 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,624 @ 7.0% cap · market cap 17.13%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 01550, MA
17,740
Population
7,644
Households
2.3
Avg Household Size
39
Median Age
18%
College-Educated
82%
High-School Grad
20.2 sq mi
ZIP Area
878
Density / Sq Mi
$59,397
Median Household Income
$41,365
Median Earnings
$1,157
Median Rent
$267,000
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?
Triplex - Occupied apartments have month-to-month agreements, with a mix of one- and three-bedroom layouts.
Where is this triplex located?
The property is located at 238 Pleasant St Southbridge, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three apartments: one 1‑bedroom, 1‑bath unit and two 3‑bedroom, 1‑bath units; 3,582 square feet; built in 1915; All units occupied with month‑to‑month tenant agreements
