Three-Unit Multifamily
New
For Sale
$899,000
Pending
28 Court Street, Mansfield, MA 02048
Downtown residential property with updated systems, separate utilities, and shared parking and site maintenance.
Property Size4,311 SF
Days on Market2
Property Features for 28 Court Street
General Information
Standard status
Pending
Size
4,311 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RES
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x 5BR
Multifamily Units
3
Additional Details
HOA Fee
$348
Taxes and HOA fees
Annual Taxes
$5,158
Amenities
landscaping
snow removal
Building Details
Building Size
4,311 SF
Year Built
1910
Buildings
1
Stories
3
Units
3
Tenancy
Single
Listing Agency:
eXp Realty LLC - Corporate Office
(774) 487-2731
Listed By:
Alexandra McDermott
(774) 487-2731
Source:
Janicemitchellre
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 5:00AM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
Built in 1910, this RES-zoned multifamily property contains three residential units arranged across three levels. The first floor includes one one-bedroom unit and one two-bedroom unit, while a five-bedroom unit occupies the second and third floors. Electrical service and the heating system have been updated, and each unit has separate water, heat, and electric utilities.
The property is located in downtown Mansfield near the train station and shares parking, landscaping, and snow removal amenities with Jackson Court Condominiums. Unit 11, the one-bedroom apartment, is leased month to month; Units 12 and 13 are vacant. The property is addressed as 28 Court Street, with the individual units identified as 11, 12, and 13 Court Street.
The property is located in downtown Mansfield near the train station and shares parking, landscaping, and snow removal amenities with Jackson Court Condominiums. Unit 11, the one-bedroom apartment, is leased month to month; Units 12 and 13 are vacant. The property is addressed as 28 Court Street, with the individual units identified as 11, 12, and 13 Court Street.
Key Highlights
- Three residential units with one-, two-, and five‑bedroom layouts
- Five‑bedroom unit spans the second and third floors
- Updated electric service and heating system
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
$77,042
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
8.57%
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%
$1,540,840
$1.5M
Cap Rate 7%
$1,100,600
$1.1M
Cap Rate 9%
$856,022
$856.0K
Market Conditions
NOI Build-Up for 4,311 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
$119.0K $27.60/SF
− Vacancy
−$8.9K −$2.07/SF
EGI
$110.1K $25.53/SF
− OpEx
−$33.0K −$7.66/SF
NOI
$77.0K $17.87/SF
Area
Bristol County, MA
Vacancy
7.50%
Lease Rate
$27.60 /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%
$1,540,840
Cap Rate 7%
$1,100,600
Cap Rate 9%
$856,022
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$963.0K – $1.28M
NOI $77,042 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$1.02M
$895.0K – $1.19M
NOI $71,598 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$2.63M
$2.30M – $3.06M
NOI $183,773 @ 7.0% cap · market cap 20.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 02048, MA
23,860
Population
9,228
Households
2.6
Avg Household Size
40
Median Age
51%
College-Educated
96%
High-School Grad
20.1 sq mi
ZIP Area
1,187
Density / Sq Mi
$131,409
Median Household Income
$65,154
Median Earnings
$1,702
Median Rent
$571,000
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 - Downtown residential property with updated systems, separate utilities, and shared parking and site maintenance.
Where is this triplex located?
The property is located at 28 Court Street Mansfield, MA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three residential units with one-, two-, and five‑bedroom layouts; Five‑bedroom unit spans the second and third floors; Updated electric service and heating system
