Two-Unit Residential Income
For Sale
$695,000
261 Stone Street, Walpole, MA 02081
Two-family duplex with separate utilities, each unit offering two bedrooms, an eat-in kitchen, and a full bath.
Property Size1,398 SF
Price / SF$497.14
Days on Market74
Property Features for 261 Stone Street
General Information
Standard status
Active
Size
1,398 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
RE/MAX Real Estate Center
(508) 668-4634
Listed By:
Rossana Gonser · License #9056567
(508) 280-1234
Source:
Lockandkeyre
Added: Jun 24
Changed: Sep 4
Last Checked: Sep 4 at 5:15AM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex features two separate residential units, each with a living room, eat-in kitchen, two bedrooms, and a full bath. Utilities are separated, and both units are heated with gas-fired FHW. Updated circuit breakers are included, and the home has seen recent improvements including a new roof, and additional heating and hot water upgrades for both the first- and second-floor units. The property also includes two washers and two dryers.
Located in Walpole’s high school district, the property is described as within walking distance of Walpole Center and the commuter rail, as well as town pool, playground, library, high school athletic fields, tennis courts, and the Walpole Town Forest.
The layout supports either an investor or owner-occupant strategy with tenants-at-will currently in place, and the included laundry equipment supports daily convenience for the household units.
Located in Walpole’s high school district, the property is described as within walking distance of Walpole Center and the commuter rail, as well as town pool, playground, library, high school athletic fields, tennis courts, and the Walpole Town Forest.
The layout supports either an investor or owner-occupant strategy with tenants-at-will currently in place, and the included laundry equipment supports daily convenience for the household units.
Key Highlights
- Two‑family duplex with separate utilities; each unit has a living room, eat‑in kitchen, two bedrooms, and a full bath
- Gas‑fired FHW heating plus updated circuit breakers
- 1st floor unit has new roof, new heating system, and new hot water tank
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
$25,043
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
3.60%
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%
$500,860
$500.9K
Cap Rate 7%
$357,757
$357.8K
Cap Rate 9%
$278,256
$278.3K
Market Conditions
NOI Build-Up for 1,398 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
$37.7K $27.00/SF
− Vacancy
−$2.0K −$1.41/SF
EGI
$35.8K $25.59/SF
− OpEx
−$10.7K −$7.68/SF
NOI
$25.0K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$500,860
Cap Rate 7%
$357,757
Cap Rate 9%
$278,256
Alternative Uses
Best Use
Multifamily LT 5
$357.8K
$313.0K – $417.4K
NOI $25,043 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$330.1K
$288.8K – $385.1K
NOI $23,106 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$827.6K
$724.2K – $965.6K
NOI $57,933 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Explore this area
Business Placement
Demographics for 02081, MA
20,584
Population
7,663
Households
2.7
Avg Household Size
43
Median Age
61%
College-Educated
97%
High-School Grad
17.7 sq mi
ZIP Area
1,163
Density / Sq Mi
$150,233
Median Household Income
$75,808
Median Earnings
$1,980
Median Rent
$647,200
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?
Duplex - Two-family duplex with separate utilities, each unit offering two bedrooms, an eat-in kitchen, and a full bath.
Where is this duplex located?
The property is located at 261 Stone Street Walpole, MA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two‑family duplex with separate utilities; each unit has a living room, eat‑in kitchen, two bedrooms, and a full bath; Gas‑fired FHW heating plus updated circuit breakers; 1st floor unit has new roof, new heating system, and new hot water tank
