Duplex with Hardwood
For Sale
$699,900
28 School Street, Middleboro, MA 02346
Two residential units offer three-bedroom and two-bedroom layouts with updated kitchens, bathrooms, and heating.
Property Size2,387 SF
Price / SF$293.21
Days on Market284
Property Features for 28 School Street
General Information
Standard status
Active
Size
2,387 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
RES
Net Operating Income
$67,200
Taxes and HOA fees
Annual Taxes
$6,052
Amenities
No
Hardwood
2.0
Full
Living Room, Kitchen
2
2.00
Frame
Shingle
Cleared, Gentle Sloping
Porch
Building Details
Year Built
1860
Listing Agency:
RE/MAX Legacy
(508) 946-1661
Listed By:
Chelsea McLaughlin · License #9560250
(508) 946-1661
Source:
Compass
Added: Nov 20, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:47AM
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 Legacy
Investment Insights
Based on property information with market context.
This 2,387-square-foot duplex contains two residential units with distinct layouts. The first-floor apartment includes three bedrooms, hardwood flooring, and an updated kitchen and bathroom. The second-floor apartment has two bedrooms, hardwood floors, and access to a walk-up unfinished attic.
Recent property work includes a new roof, one new high-efficiency gas heating system, fresh interior paint, and freshly painted exterior siding. Knob-and-tube wiring has been removed. Built in 1860, the property is located at 28 School Street in Middleboro and carries RES zoning.
Recent property work includes a new roof, one new high-efficiency gas heating system, fresh interior paint, and freshly painted exterior siding. Knob-and-tube wiring has been removed. Built in 1860, the property is located at 28 School Street in Middleboro and carries RES zoning.
Key Highlights
- 2,387‑square‑foot duplex with two residential units
- First‑floor unit has 3 bedrooms, hardwood floors, updated kitchen, and updated bathroom
- Second‑floor unit includes 2 bedrooms, hardwood flooring, and a walk‑up unfinished attic
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
$40,341
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
5.76%
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%
$806,820
$806.8K
Cap Rate 7%
$576,300
$576.3K
Cap Rate 9%
$448,233
$448.2K
Market Conditions
NOI Build-Up for 2,387 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
$60.9K $25.50/SF
− Vacancy
−$3.2K −$1.36/SF
EGI
$57.6K $24.14/SF
− OpEx
−$17.3K −$7.24/SF
NOI
$40.3K $16.90/SF
Area
Plymouth County, MA
Vacancy
5.32%
Lease Rate
$25.50 /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%
$806,820
Cap Rate 7%
$576,300
Cap Rate 9%
$448,233
Alternative Uses
Best Use
Multifamily LT 5
$576.3K
$504.3K – $672.4K
NOI $40,341 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$531.1K
$464.8K – $619.7K
NOI $37,180 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,917 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 02346, MA
24,245
Population
10,230
Households
2.4
Avg Household Size
44
Median Age
30%
College-Educated
94%
High-School Grad
69.0 sq mi
ZIP Area
351
Density / Sq Mi
$91,914
Median Household Income
$52,710
Median Earnings
$1,692
Median Rent
$426,800
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 residential units offer three-bedroom and two-bedroom layouts with updated kitchens, bathrooms, and heating.
Where is this duplex located?
The property is located at 28 School Street Middleboro, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 2,387‑square‑foot duplex with two residential units; First‑floor unit has 3 bedrooms, hardwood floors, updated kitchen, and updated bathroom; Second‑floor unit includes 2 bedrooms, hardwood flooring, and a walk‑up unfinished attic
