8-Unit Apartment
New
For Sale
$2,399,000
289 North Ave, Abington, MA 02351
Eight one-bedroom apartments offer off-street parking, separate utilities, and individual central air.
Property Size5,571 SF
Days on Market3
Property Features for 289 North Ave
General Information
Standard status
Active
Size
5,571 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
8 x 1BR
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$21,252
Building Details
Building Size
5,571 SF
Year Built
2009
Buildings
1
Stories
5
Units
8
Listing Agency:
RE/MAX Realty Pros
Listed By:
Tom McFarland · License #9008924
(617) 851-0900
Source:
Elliman
Added: Sep 8
Last Checked: Sep 9 at 10:26AM
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 Realty Pros
Investment Insights
Based on property information with market context.
This 8-unit apartment building was constructed in 2009 and contains an all-one-bedroom unit mix. Each residence features hardwood flooring, granite countertops, recessed lighting, central air, and separate utilities. Off-street parking is provided for the property.
The building is situated along Route 18, with shopping, restaurants, schools, and commuter rail located minutes away. WalkScore is 41 and BikeScore is 40, reflecting a car-dependent setting with some biking access.
The building is situated along Route 18, with shopping, restaurants, schools, and commuter rail located minutes away. WalkScore is 41 and BikeScore is 40, reflecting a car-dependent setting with some biking access.
Key Highlights
- 8‑unit apartment building constructed in 2009
- All units are one‑bedroom apartments
- Hardwood floors, granite counters, recessed lights, and central air in each unit
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
$86,774
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
3.62%
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%
$1,735,480
$1.7M
Cap Rate 7%
$1,239,629
$1.2M
Cap Rate 9%
$964,156
$964.2K
Market Conditions
NOI Build-Up for 5,571 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
$167.1K $30.00/SF
− Vacancy
−$9.4K −$1.68/SF
EGI
$157.8K $28.32/SF
− OpEx
−$71.0K −$12.74/SF
NOI
$86.8K $15.58/SF
Area
Plymouth County, MA
Vacancy
5.60%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,735,480
Cap Rate 7%
$1,239,629
Cap Rate 9%
$964,156
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.08M – $1.45M
NOI $86,774 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $230,861 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 02351, MA
17,085
Population
6,576
Households
2.6
Avg Household Size
41
Median Age
40%
College-Educated
96%
High-School Grad
10.0 sq mi
ZIP Area
1,709
Density / Sq Mi
$119,787
Median Household Income
$61,646
Median Earnings
$1,547
Median Rent
$516,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight one-bedroom apartments offer off-street parking, separate utilities, and individual central air.
Where is this apartment building located?
The property is located at 289 North Ave Abington, MA.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: 8‑unit apartment building constructed in 2009; All units are one‑bedroom apartments; Hardwood floors, granite counters, recessed lights, and central air in each unit
