4-Unit Quadplex with
For Sale
$475,000
324 Front Street, Winchendon, MA 01475
Fully occupied four-family property with varied apartment layouts, dedicated heating systems, and a detached garage.
Property Size3,418 SF
Price / SF$138.97
Days on Market15
Property Features for 324 Front Street
General Information
Standard status
Active
Size
3,418 SF
Property subtype
Multi-family
Occupancy
100%
Lease Term
[]
Units
Unit Mix
2 x 1BR, 1 x 1BR, 1 x 2BR
Multifamily Units
4
Additional Details
Road Access
Yes
Amenities
back yard
Building Details
Year Built
1860
Listing Agency:
Freedom Real Estate
Listed By:
Paul Michaud · License #454501694
(978) 895-2607
Source:
Foster-healey
Added: Sep 12
Changed: Sep 24
Last Checked: Sep 24 at 10:19AM
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 Freedom Real Estate
Investment Insights
Based on property information with market context.
Built in 1860, this four-unit property at 324 Front St includes two one-bedroom apartments on the first level, plus a one-bedroom and a two-bedroom apartment above. The two-bedroom unit also has access to a third-floor den. Each apartment is equipped with a forced-hot-water furnace, tankless hot water, and a dedicated oil tank, with tenants responsible for heat and hot water.
A detached 30-by-30-foot garage with two doors is included with the two-bedroom apartment. The property occupies a corner lot on a dead-end street and includes a backyard for outdoor use. Roofing across the property, including the garage’s flat roof, was replaced within the last 8 years. The property is fully occupied.
A detached 30-by-30-foot garage with two doors is included with the two-bedroom apartment. The property occupies a corner lot on a dead-end street and includes a backyard for outdoor use. Roofing across the property, including the garage’s flat roof, was replaced within the last 8 years. The property is fully occupied.
Key Highlights
- Four apartments: three 1‑bedroom units and one 2‑bedroom unit
- Third‑floor den accessible from the 2‑bedroom apartment
- 30x30 garage with 2 doors included with 2‑bedroom rent
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
$40,209
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
8.47%
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%
$804,180
$804.2K
Cap Rate 7%
$574,414
$574.4K
Cap Rate 9%
$446,767
$446.8K
Market Conditions
NOI Build-Up for 3,418 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
$75.1K $21.96/SF
− Vacancy
−$2.0K −$0.57/SF
EGI
$73.1K $21.39/SF
− OpEx
−$32.9K −$9.63/SF
NOI
$40.2K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /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%
$804,180
Cap Rate 7%
$574,414
Cap Rate 9%
$446,767
Alternative Uses
Best Use
Multifamily LT 5
$660.0K
$577.5K – $770.1K
NOI $46,203 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$574.4K
$502.6K – $670.2K
NOI $40,209 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,704 @ 7.0% cap · market cap 17.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 01475, MA
10,304
Population
4,095
Households
2.5
Avg Household Size
42
Median Age
24%
College-Educated
94%
High-School Grad
42.8 sq mi
ZIP Area
241
Density / Sq Mi
$85,638
Median Household Income
$50,352
Median Earnings
$1,245
Median Rent
$294,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-family property with varied apartment layouts, dedicated heating systems, and a detached garage.
Where is this quadplex located?
The property is located at 324 Front Street Winchendon, MA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Four apartments: three 1‑bedroom units and one 2‑bedroom unit; Third‑floor den accessible from the 2‑bedroom apartment; 30x30 garage with 2 doors included with 2‑bedroom rent
