Duplex With Detached Barn
New
For Sale
$590,000
311 Main St, Leicester, MA 01611
Two-parcel duplex property with a detached barn or garage, off-street parking, and additional outdoor space.
Property Size2,582 SF
Days on Market6
Property Features for 311 Main St
General Information
Standard status
Active
Size
2,582 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,766
Building Details
Building Size
2,582 SF
Year Built
1860
Buildings
2
Stories
2
Units
2
Listing Agency:
(855) 283-0001
Listed By:
Kris Lippi · License #236519466
(855) 283-0001
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 19 at 9:58AM
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 Kris Lippi
Investment Insights
Based on property information with market context.
This duplex property includes two parcels and two buildings. The primary structure contains two residential units, while the detached barn or garage adds substantial auxiliary space for storage, parking, hobbies, or other uses subject to applicable approvals. The property was previously configured as three units, with any future use requiring buyer due diligence and municipal compliance.
Off-street parking and green space extend behind the residence, providing additional functional area beyond the main building. Built in 1860, the property is located at 311 Main St in Leicester, Massachusetts. Both parcels are included in the sale, creating a combined offering of residential improvements, an accessory structure, parking, and land.
Off-street parking and green space extend behind the residence, providing additional functional area beyond the main building. Built in 1860, the property is located at 311 Main St in Leicester, Massachusetts. Both parcels are included in the sale, creating a combined offering of residential improvements, an accessory structure, parking, and land.
Key Highlights
- Two parcels and two buildings included in the sale
- Primary residence configured with two residential units
- Property was previously used as three units, subject to approvals
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
$34,903
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
5.92%
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%
$698,060
$698.1K
Cap Rate 7%
$498,614
$498.6K
Cap Rate 9%
$387,811
$387.8K
Market Conditions
NOI Build-Up for 2,582 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
$51.1K $19.80/SF
− Vacancy
−$1.3K −$0.49/SF
EGI
$49.9K $19.31/SF
− OpEx
−$15.0K −$5.79/SF
NOI
$34.9K $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%
$698,060
Cap Rate 7%
$498,614
Cap Rate 9%
$387,811
Alternative Uses
Best Use
Multifamily LT 5
$498.6K
$436.3K – $581.7K
NOI $34,903 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$881.7K
$771.5K – $1.03M
NOI $61,720 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 01611, MA
2,277
Population
845
Households
2.7
Avg Household Size
41
Median Age
28%
College-Educated
91%
High-School Grad
3.4 sq mi
ZIP Area
670
Density / Sq Mi
$118,389
Median Household Income
$46,424
Median Earnings
$1,040
Median Rent
$306,400
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-parcel duplex property with a detached barn or garage, off-street parking, and additional outdoor space.
Where is this duplex located?
The property is located at 311 Main St Leicester, MA.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Two parcels and two buildings included in the sale; Primary residence configured with two residential units; Property was previously used as three units, subject to approvals
