Two-Family Residential Income
For Sale
$640,000
28 Highland Street, Southborough, MA 01772
Two-family home with one-level layouts, hardwood floors, and outdoor living space, offering flexible living arrangements.
Property Size2,010 SF
Price / SF$318.41
Days on Market36
Property Features for 28 Highland Street
General Information
Standard status
Active
Size
2,010 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
Remax A-Team
(508) 736-5731
Listed By:
Richard Anzalone · License #453001066
(774) 280-2745
Source:
Broadboutique
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 24 at 7:07AM
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 Remax A-Team
Investment Insights
Based on property information with market context.
This two-family residential income property offers about 2,000 square feet of thoughtfully designed one-level living. The larger unit includes a big eat-in kitchen open to a spacious living room with hardwood floors, plus a fireplace and a wood stove. It also features two bedrooms and a large office for added flexibility. The second unit includes a kitchen and bath, a spacious bedroom, and cathedral ceilings.
The home is set on a quiet street and is conveniently close to the Southborough train station. Outdoor living is provided with a Trek deck overlooking a backyard.
With two separate units, the property supports rental use and also offers layout flexibility for arrangements such as in-law living.
The home is set on a quiet street and is conveniently close to the Southborough train station. Outdoor living is provided with a Trek deck overlooking a backyard.
With two separate units, the property supports rental use and also offers layout flexibility for arrangements such as in-law living.
Key Highlights
- 2‑family home built in 1890 with about 2,000 SF of one‑level living
- Larger unit includes an eat‑in kitchen open to a spacious living room with hardwood floors, fireplace, and wood stove
- Larger unit offers 2 bedrooms plus a large office for flexible living or work‑from‑home use
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
$27,170
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
4.25%
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%
$543,400
$543.4K
Cap Rate 7%
$388,143
$388.1K
Cap Rate 9%
$301,889
$301.9K
Market Conditions
NOI Build-Up for 2,010 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
$39.8K $19.80/SF
− Vacancy
−$983 −$0.49/SF
EGI
$38.8K $19.31/SF
− OpEx
−$11.6K −$5.79/SF
NOI
$27.2K $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%
$543,400
Cap Rate 7%
$388,143
Cap Rate 9%
$301,889
Alternative Uses
Best Use
Multifamily LT 5
$388.1K
$339.6K – $452.8K
NOI $27,170 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$337.8K
$295.6K – $394.1K
NOI $23,646 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$686.4K
$600.6K – $800.8K
NOI $48,047 @ 7.0% cap · market cap 7.51%
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
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 01772, MA
10,017
Population
3,571
Households
2.8
Avg Household Size
43
Median Age
75%
College-Educated
98%
High-School Grad
13.6 sq mi
ZIP Area
737
Density / Sq Mi
$196,680
Median Household Income
$97,457
Median Earnings
$2,425
Median Rent
$816,500
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 home with one-level layouts, hardwood floors, and outdoor living space, offering flexible living arrangements.
Where is this duplex located?
The property is located at 28 Highland Street Southborough, MA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 2‑family home built in 1890 with about 2,000 SF of one‑level living; Larger unit includes an eat‑in kitchen open to a spacious living room with hardwood floors, fireplace, and wood stove; Larger unit offers 2 bedrooms plus a large office for flexible living or work‑from‑home use
