Three-Unit Property with
For Sale
$980,000
36-38 West Street, Norwood, MA 02062
Three residential units offer hardwood interiors, updated systems, and access to separate driveways with on-site parking.
Property Size2,715 SF
Price / SF$360.96
Days on Market154
Property Features for 36-38 West Street
General Information
Standard status
Active
Size
2,715 SF
Total Parking Spaces
8
Property subtype
Multi-family / 3 Family
Zoning
red
Net Operating Income
$62,296
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,673
Amenities
No
Wood, Tile, Vinyl, Hardwood
Range, Refrigerator, Dishwasher
3.0
Insulated Windows
Full, Interior Access
Pantry, Bathroom With Tub, Upgraded Cabinets, Upgraded Countertops, Living Room, Dining Room, Kitchen, Mudroom
3
3.00
Frame
Shingle
Shed(s)
Porch
Building Details
Year Built
1916
Listing Agency:
William Raveis R. E. & Home Services
(617) 731-7737
Listed By:
The Cobi Team
(617) 731-7737
Source:
Compass
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 1:39PM
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 William Raveis R. E. & Home Services
Investment Insights
Based on property information with market context.
Built in 1916, this 2,715-square-foot triplex contains three 2-bedroom, 1-bathroom units. Interior finishes include hardwood, tile, and vinyl flooring, along with kitchens equipped with ranges, refrigerators, and dishwashers. Additional features include insulated windows, porches, mudrooms, pantries, upgraded cabinets and countertops, living rooms, dining rooms, and full bathrooms with tubs. Major systems have been updated, and Units 2 and 3 were renovated in 2021.
The property includes two separate driveways serving 8 parking spaces. It is located at 36-38 West Street in Norwood, Massachusetts, approximately 0.5 miles from Norwood Depot commuter rail. The stated zoning is red.
The property includes two separate driveways serving 8 parking spaces. It is located at 36-38 West Street in Norwood, Massachusetts, approximately 0.5 miles from Norwood Depot commuter rail. The stated zoning is red.
Key Highlights
- Three 2BR/1BA residential units in a 2,715‑square‑foot triplex
- Units 2 and 3 renovated in 2021
- Two separate driveways with 8 parking spaces
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
$48,635
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
4.96%
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%
$972,700
$972.7K
Cap Rate 7%
$694,786
$694.8K
Cap Rate 9%
$540,389
$540.4K
Market Conditions
NOI Build-Up for 2,715 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
$73.3K $27.00/SF
− Vacancy
−$3.8K −$1.41/SF
EGI
$69.5K $25.59/SF
− OpEx
−$20.8K −$7.68/SF
NOI
$48.6K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$972,700
Cap Rate 7%
$694,786
Cap Rate 9%
$540,389
Alternative Uses
Best Use
Multifamily LT 5
$694.8K
$607.9K – $810.6K
NOI $48,635 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$641.1K
$560.9K – $747.9K
NOI $44,874 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,509 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,434
Businesses Nearby
Explore this area
Business Placement
Demographics for 02062, MA
31,611
Population
13,961
Households
2.3
Avg Household Size
41
Median Age
53%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
3,011
Density / Sq Mi
$97,110
Median Household Income
$60,434
Median Earnings
$2,056
Median Rent
$613,500
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?
Triplex - Three residential units offer hardwood interiors, updated systems, and access to separate driveways with on-site parking.
Where is this triplex located?
The property is located at 36-38 West Street Norwood, MA.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Three 2BR/1BA residential units in a 2,715‑square‑foot triplex; Units 2 and 3 renovated in 2021; Two separate driveways with 8 parking spaces
