Updated Duplex with Two
For Sale
$867,900
363 Concord Road, Billerica, MA 01821
Legal two-family residence with separate utilities, gas heat, and a private backyard.
Property Size2,204 SF
Price / SF$393.78
Days on Market146
Property Features for 363 Concord Road
General Information
Standard status
Active
Size
2,204 SF
Total Parking Spaces
5
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
res
Taxes and HOA fees
Annual Taxes
$6,977
Amenities
No
Hardwood, Wood
Range, Dishwasher, Microwave, Refrigerator, Washer, Dryer
2
Yes
2.0
Washer Hookup
Walk Out, Interior Access, Slab
Wood Burning
Pantry, Storage, Upgraded Cabinets, Upgraded Countertops, Remodeled, Ceiling Fan(s), Crown Molding, Living Room, Kitchen
2.00
Balcony/Deck, Deck - Composite
Deck - Composite
Building Details
Year Built
1860
Listing Agency:
Core Real Estate
(617) 869-4477
Listed By:
Faina Snitkovsky · License #9526025
(617) 869-4477
Source:
Compass
Added: Apr 7
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 Core Real Estate
Investment Insights
Based on property information with market context.
This legal two-family residence contains 2,204 square feet with two units, each offering two bedrooms, a large kitchen, and comfortable living areas. The first floor includes an updated kitchen, remodeled bathroom, generous closets, and interior access to a high-ceiling basement. The upper unit adds in-unit laundry, crown molding, a barn door, and a walk-up attic. Two composite decks were added in 2023, while separate utilities, gas heat, 100-amp electrical service, and a horseshoe driveway support practical operation.
Set on a private 0.5-acre parcel in South Billerica near the Bedford line, the property includes a spacious backyard and is near the Narrow Gauge Rail Trail, Minuteman Bike Path, Fawn Lake, highway access, and Boston. Residential zoning is identified as res.
Set on a private 0.5-acre parcel in South Billerica near the Bedford line, the property includes a spacious backyard and is near the Narrow Gauge Rail Trail, Minuteman Bike Path, Fawn Lake, highway access, and Boston. Residential zoning is identified as res.
Key Highlights
- Legal two‑family property with 2,204 square feet
- Two units, each with 2 bedrooms and a large kitchen
- Private 0.5‑acre parcel with spacious backyard
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
$46,637
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
5.37%
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%
$932,740
$932.7K
Cap Rate 7%
$666,243
$666.2K
Cap Rate 9%
$518,189
$518.2K
Market Conditions
NOI Build-Up for 2,204 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
$70.1K $31.80/SF
− Vacancy
−$3.5K −$1.57/SF
EGI
$66.6K $30.23/SF
− OpEx
−$20.0K −$9.07/SF
NOI
$46.6K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$932,740
Cap Rate 7%
$666,243
Cap Rate 9%
$518,189
Alternative Uses
Best Use
Multifamily LT 5
$666.2K
$583.0K – $777.3K
NOI $46,637 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$626.5K
$548.2K – $730.9K
NOI $43,852 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,333 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 01821, MA
30,909
Population
11,666
Households
2.6
Avg Household Size
43
Median Age
42%
College-Educated
95%
High-School Grad
16.6 sq mi
ZIP Area
1,862
Density / Sq Mi
$142,564
Median Household Income
$65,056
Median Earnings
$2,211
Median Rent
$581,300
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 - Legal two-family residence with separate utilities, gas heat, and a private backyard.
Where is this duplex located?
The property is located at 363 Concord Road Billerica, MA.
What is the asking price?
The asking price for this property is $867,900.
What are key features of this property?
This property features: Legal two‑family property with 2,204 square feet; Two units, each with 2 bedrooms and a large kitchen; Private 0.5‑acre parcel with spacious backyard
