Triplex with Off-Street
New
For Sale
$524,999
32 North St, Warren, MA 01083
Built in 2020 with separate electrical panels and hot water heaters serving each unit.
Property Size3,007 SF
Days on Market3
Property Features for 32 North St
General Information
Standard status
Active
Size
3,007 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,022
Building Details
Building Size
3,007 SF
Year Built
2020
Stories
4
Units
4
Listing Agency:
(978) 333-1257
Listed By:
Luciano Giorgio
(978) 333-1257
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 8:05AM
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 Luciano Giorgio
Investment Insights
Based on property information with market context.
This three-unit property at 32 North St in Warren was constructed in 2020. The units feature matching finishes, while Unit 2 provides the largest layout with three bedrooms. Each residence has its own electrical panel and hot water heater, creating separate building systems across the property. All three units are currently vacant, and the site includes off-street parking.
The property is located 12 minutes from the Mass Pike and 10 minutes from Route 9. Its three-unit configuration, vacant occupancy, individual utility components, and parking are the primary physical and operational characteristics described for the asset.
The property is located 12 minutes from the Mass Pike and 10 minutes from Route 9. Its three-unit configuration, vacant occupancy, individual utility components, and parking are the primary physical and operational characteristics described for the asset.
Key Highlights
- Three‑unit property constructed in 2020
- All 3 units are vacant
- Unit 2 includes 3 bedrooms and is the larger 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
$40,648
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
7.74%
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%
$812,960
$813.0K
Cap Rate 7%
$580,686
$580.7K
Cap Rate 9%
$451,644
$451.6K
Market Conditions
NOI Build-Up for 3,007 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
$59.5K $19.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$58.1K $19.31/SF
− OpEx
−$17.4K −$5.79/SF
NOI
$40.6K $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%
$812,960
Cap Rate 7%
$580,686
Cap Rate 9%
$451,644
Alternative Uses
Best Use
Multifamily LT 5
$580.7K
$508.1K – $677.5K
NOI $40,648 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$505.3K
$442.2K – $589.6K
NOI $35,374 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.03M
$898.5K – $1.20M
NOI $71,879 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 01083, MA
2,549
Population
1,171
Households
2.2
Avg Household Size
43
Median Age
38%
College-Educated
92%
High-School Grad
12.8 sq mi
ZIP Area
199
Density / Sq Mi
$92,558
Median Household Income
$46,289
Median Earnings
$375,200
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 - Built in 2020 with separate electrical panels and hot water heaters serving each unit.
Where is this triplex located?
The property is located at 32 North St Warren, MA.
What is the asking price?
The asking price for this property is $524,999.
What are key features of this property?
This property features: Three‑unit property constructed in 2020; All 3 units are vacant; Unit 2 includes 3 bedrooms and is the larger unit
