Three-Unit Property with Private
247 Millbury Ave, Millbury, MA 01527
For Sale
$625,000
Pending
Three residential units feature updated interiors, in-unit laundry, off-street parking, and access to a fenced outdoor area.
Property Size3,082 SF
Lot Size0.50 Acres
Days on Market53
Property Features for 247 Millbury Ave
General Information
Standard status
Size
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Taxes and HOA fees
Annual Taxes
Amenities
fenced-in backyard
private deck
in-unit laundry
spacious family rooms
Building Details
Building Size
Year Built
Stories
Units
Construction
Listed By:
Tara Cassery
(508) 887-6356
Source:
Elliman
Added: Sep 18
Changed: Nov 5
Last Checked: Nov 8 at 6:05AM
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 Tara Cassery
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Investment Insights
Based on property information with market context.
This three-unit residential property at 247 Millbury Ave includes a two-bedroom unit with a full bath, private deck, and backyard access; a first-floor one-bedroom unit with a granite kitchen and full bath; and an upper-level two-bedroom unit with an additional room suited to office or flex use. Each residence includes a family room and in-unit laundry, while updates have been completed in the first two units.
The property occupies a 0.50-acre parcel with vinyl siding, a fenced backyard, and substantial off-street parking. Its Millbury setting provides access to major routes, shopping, and area amenities. Built in 1880, the property has a car-dependent Walk Score of 14, a Bike Score of 27, and a Transit Score of 24.
The property occupies a 0.50-acre parcel with vinyl siding, a fenced backyard, and substantial off-street parking. Its Millbury setting provides access to major routes, shopping, and area amenities. Built in 1880, the property has a car-dependent Walk Score of 14, a Bike Score of 27, and a Transit Score of 24.
Key Highlights
- Three residential units with 2‑bedroom, 1‑bedroom, and 2‑bedroom layouts
- First two units updated; one includes a granite kitchen and another has a private deck
- Each unit includes in‑unit laundry and a spacious family room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,661
Cap Rate
6.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$833,220
$833.2K
Cap Rate 7%
$595,157
$595.2K
Cap Rate 9%
$462,900
$462.9K
Market Conditions
NOI Build-Up for 3,082 SF
Gross rent
$61.0K $19.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$59.5K $19.31/SF
− OpEx
−$17.9K −$5.79/SF
NOI
$41.7K $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%
$833,220
Cap Rate 7%
$595,157
Cap Rate 9%
$462,900
Alternative Uses
Best Use
Multifamily LT 5
$595.2K
$520.8K – $694.4K
NOI $41,661 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$518.0K
$453.2K – $604.3K
NOI $36,257 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.05M
$920.9K – $1.23M
NOI $73,672 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
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Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Worcester County, MA
Properties on Market for Triplexes in Worcester County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature updated interiors, in-unit laundry, off-street parking, and access to a fenced outdoor area.
Where is this triplex located?
The property is located at 247 Millbury Ave Millbury, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three residential units with 2‑bedroom, 1‑bedroom, and 2‑bedroom layouts; First two units updated; one includes a granite kitchen and another has a private deck; Each unit includes in‑unit laundry and a spacious family room
