Three-Unit Property with Separate
New
For Sale
$415,000
26 Harding Ct, Southbridge, MA 01550
R2-zoned residential income property with tenant-paid utilities and laundry hookups serving every unit.
Property Size2,283 SF
Days on Market3
Property Features for 26 Harding Ct
General Information
Standard status
Active
Size
2,283 SF
Total Parking Spaces
7
Property subtype
Residential Income
Zoning
R2
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,499
Amenities
laundry hook ups
Building Details
Building Size
2,283 SF
Year Built
1937
Stories
2
Units
3
Listing Agency:
The Neighborhood Realty Group
(508) 233-0080
Listed By:
Michelle Sweeney
(508) 233-0080
Source:
Housatonicrealestate
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:15AM
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 The Neighborhood Realty Group
Investment Insights
Based on property information with market context.
Built in 1937, this three-unit residential property offers a configuration suited to both income ownership and owner occupancy. Each unit includes an in-unit gas heater and laundry hookups, while a landlord panel supports fully separate electrical service. Tenants at will currently occupy all three units and pay their own utilities.
The property is situated on a dead-end street and uses a shared driveway with ample parking. R2 zoning supports its multifamily residential classification. The existing setup combines three separate living units with on-site laundry connections, individual heating, and distinct electrical service for practical day-to-day management.
The property is situated on a dead-end street and uses a shared driveway with ample parking. R2 zoning supports its multifamily residential classification. The existing setup combines three separate living units with on-site laundry connections, individual heating, and distinct electrical service for practical day-to-day management.
Key Highlights
- 3‑family property with all units currently rented to tenants at will
- R2 zoning for multifamily residential use
- Tenants pay their own utilities
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
$30,861
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
7.44%
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%
$617,220
$617.2K
Cap Rate 7%
$440,871
$440.9K
Cap Rate 9%
$342,900
$342.9K
Market Conditions
NOI Build-Up for 2,283 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
$45.2K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$44.1K $19.31/SF
− OpEx
−$13.2K −$5.79/SF
NOI
$30.9K $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%
$617,220
Cap Rate 7%
$440,871
Cap Rate 9%
$342,900
Alternative Uses
Best Use
Multifamily LT 5
$440.9K
$385.8K – $514.4K
NOI $30,861 @ 7.0% cap · market cap 7.44%
Second Best
Apartment 5plus
$383.7K
$335.7K – $447.6K
NOI $26,857 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$779.6K
$682.2K – $909.6K
NOI $54,573 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
956
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - R2-zoned residential income property with tenant-paid utilities and laundry hookups serving every unit.
Where is this triplex located?
The property is located at 26 Harding Ct Southbridge, MA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 3‑family property with all units currently rented to tenants at will; R2 zoning for multifamily residential use; Tenants pay their own utilities
