Two-Unit Residential Income
For Sale
$524,999
Pending
33 Howe Ave, Millbury, MA 01527
Well-maintained two-family with occupied units, separate driveways, and flexible extra-room layouts for each unit.
Property Size2,140 SF
Days on Market41
Property Features for 33 Howe Ave
General Information
Standard status
Pending
Size
2,140 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,752
Building Details
Tenancy
Multi
Listing Agency:
eXp Realty LLC
(617) 512-5167
Listed By:
Elaine Leung · License #449593699
(617) 512-5167
Source:
Exprealty
Added: Jul 17
Changed: Aug 25
Last Checked: Aug 25 at 9:24AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This well-maintained two-family residential income property has both units currently occupied. The first-floor unit includes a 1-bedroom layout plus two additional bonus rooms, and it offers separate washer/dryer hookups along with access to a large basement. The second unit features a separate arrangement with access to an expansive attic. Both units have separate driveways, each providing two parking spots.
The property is located near downtown Millbury and is described as having convenient access to major routes including Route 20, Route 146, and the MA Pike, along with nearby local amenities such as the Shops at Blackstone.
With separate living areas and multiple functional spaces in each unit, the overall configuration supports flexible use for additional bedrooms, office space, or den/utility room needs based on how a tenant chooses to operate.
The property is located near downtown Millbury and is described as having convenient access to major routes including Route 20, Route 146, and the MA Pike, along with nearby local amenities such as the Shops at Blackstone.
With separate living areas and multiple functional spaces in each unit, the overall configuration supports flexible use for additional bedrooms, office space, or den/utility room needs based on how a tenant chooses to operate.
Key Highlights
- Well‑maintained 2‑family built in 1900 with both units currently occupied
- Both units have 100% on‑time payment history and are intended to renew leases
- Each unit has separate driveways with 2 parking spots
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
$28,928
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
5.51%
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%
$578,560
$578.6K
Cap Rate 7%
$413,257
$413.3K
Cap Rate 9%
$321,422
$321.4K
Market Conditions
NOI Build-Up for 2,140 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
$42.4K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$41.3K $19.31/SF
− OpEx
−$12.4K −$5.79/SF
NOI
$28.9K $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%
$578,560
Cap Rate 7%
$413,257
Cap Rate 9%
$321,422
Alternative Uses
Best Use
Multifamily LT 5
$413.3K
$361.6K – $482.1K
NOI $28,928 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$359.6K
$314.7K – $419.6K
NOI $25,175 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$730.8K
$639.4K – $852.6K
NOI $51,155 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
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 - Well-maintained two-family with occupied units, separate driveways, and flexible extra-room layouts for each unit.
Where is this duplex located?
The property is located at 33 Howe Ave Millbury, 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: Well‑maintained 2‑family built in 1900 with both units currently occupied; Both units have 100% on‑time payment history and are intended to renew leases; Each unit has separate driveways with 2 parking spots
