Duplex With Fenced
For Sale
$689,999
354-356 South Street, Northborough, MA 01532
Two residential units provide separate living spaces, outdoor areas, and a vacant delivery for flexible occupancy planning.
Property Size2,070 SF
Price / SF$333.33
Days on Market11
Property Features for 354-356 South Street
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Multi-family
Lease Term
[]
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Amenities
fenced backyard
patio
deck
Building Details
Year Built
1959
Buildings
1
Listing Agency:
Keller Williams Boston MetroWest
Listed By:
Jennifer Juliano
(978) 537-8301
Source:
Foster-healey
Added: Aug 10
Changed: Aug 19
Last Checked: Aug 19 at 10:54AM
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 Keller Williams Boston MetroWest
Investment Insights
Based on property information with market context.
Built in 1959, this 2,070-square-foot duplex contains two residential units, each arranged with two bedrooms, a living room, and an eat-in kitchen. One unit includes a walkout to a small patio, while the other has a small deck. A large fenced backyard adds usable outdoor space, and newer 100-amp circuit breakers serve the property.
The property is located at 354-356 South Street in Northborough, Massachusetts, directly across from Ellsworth Park, which includes pickleball courts and a recreation field. It is also positioned near Routes 20 and 9, Wegmans shopping plaza, and schools. Town sewer was recently connected, while the property retains private water. The building will be delivered vacant.
The property is located at 354-356 South Street in Northborough, Massachusetts, directly across from Ellsworth Park, which includes pickleball courts and a recreation field. It is also positioned near Routes 20 and 9, Wegmans shopping plaza, and schools. Town sewer was recently connected, while the property retains private water. The building will be delivered vacant.
Key Highlights
- 2,070‑square‑foot duplex built in 1959
- Two units, each with two bedrooms, a living room, and an eat‑in kitchen
- Large fenced backyard, plus a small patio and small deck
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
$27,982
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
4.06%
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%
$559,640
$559.6K
Cap Rate 7%
$399,743
$399.7K
Cap Rate 9%
$310,911
$310.9K
Market Conditions
NOI Build-Up for 2,070 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
$41.0K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$40.0K $19.31/SF
− OpEx
−$12.0K −$5.79/SF
NOI
$28.0K $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%
$559,640
Cap Rate 7%
$399,743
Cap Rate 9%
$310,911
Alternative Uses
Best Use
Multifamily LT 5
$399.7K
$349.8K – $466.4K
NOI $27,982 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$347.9K
$304.4K – $405.9K
NOI $24,351 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$706.9K
$618.5K – $824.7K
NOI $49,481 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Explore this area
Business Placement
Demographics for 01532, MA
15,741
Population
5,913
Households
2.7
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
851
Density / Sq Mi
$174,358
Median Household Income
$90,816
Median Earnings
$2,087
Median Rent
$598,500
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 residential units provide separate living spaces, outdoor areas, and a vacant delivery for flexible occupancy planning.
Where is this duplex located?
The property is located at 354-356 South Street Northborough, MA.
What is the asking price?
The asking price for this property is $689,999.
What are key features of this property?
This property features: 2,070‑square‑foot duplex built in 1959; Two units, each with two bedrooms, a living room, and an eat‑in kitchen; Large fenced backyard, plus a small patio and small deck
