Turnkey Two-Family
For Sale
$499,900
Pending
37 Oakes Ave, Southbridge, MA 01550
Fully renovated vacant two-family featuring separate utilities, in-unit laundry hookups, and units with 3 and 4 bedrooms.
Property Size2,319 SF
Days on Market58
Property Features for 37 Oakes Ave
General Information
Standard status
Pending
Size
2,319 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Multifamily Units
2
Amenities
in-unit laundry hookups
separate utilities
Building Details
Building Size
2,319 SF
Year Built
1880
Tenancy
Multi
Listing Agency:
Lock and Key Realty Inc.
(413) 282-8080
Listed By:
The Equity Group
(774) 437-1215
Source:
Iverty
Added: Jul 22
Changed: Sep 15
Last Checked: Sep 16 at 6:32PM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This fully renovated vacant two-family at 37 Oakes Ave offers a turnkey setup with complete interior updates. The property includes a new roof, new windows, updated electrical, and updated plumbing. Unit 1 is configured with 3 bedrooms and 1 full bathroom, and Unit 2 offers 4 bedrooms and 1 full bathroom. Both units include in-unit laundry hookups and separate utilities. Lead compliance certificates for both units are available.
The property is directly across from UMass Memorial Health – Harrington Hospital, with downtown and area amenities including shops, restaurants, parks, schools, and major commuter routes just minutes away.
Delivered completely vacant, the layout supports immediate move-in for an owner-occupant or ready-to-rent use for a buyer looking to operate both units.
The property is directly across from UMass Memorial Health – Harrington Hospital, with downtown and area amenities including shops, restaurants, parks, schools, and major commuter routes just minutes away.
Delivered completely vacant, the layout supports immediate move-in for an owner-occupant or ready-to-rent use for a buyer looking to operate both units.
Key Highlights
- Fully renovated vacant two‑family built in 1880, delivered completely vacant for immediate occupancy or rental income.
- New roof and new windows, plus updated electrical and updated plumbing throughout.
- Unit 1: 3 bedrooms and 1 full bathroom with in‑unit laundry hookups and separate utilities.
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
$31,347
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
6.27%
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%
$626,940
$626.9K
Cap Rate 7%
$447,814
$447.8K
Cap Rate 9%
$348,300
$348.3K
Market Conditions
NOI Build-Up for 2,319 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
$45.9K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$44.8K $19.31/SF
− OpEx
−$13.4K −$5.79/SF
NOI
$31.3K $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%
$626,940
Cap Rate 7%
$447,814
Cap Rate 9%
$348,300
Alternative Uses
Best Use
Multifamily LT 5
$447.8K
$391.8K – $522.5K
NOI $31,347 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$389.7K
$341.0K – $454.7K
NOI $27,281 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$791.9K
$692.9K – $923.9K
NOI $55,433 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 01550, MA
17,740
Population
7,644
Households
2.3
Avg Household Size
39
Median Age
18%
College-Educated
82%
High-School Grad
20.2 sq mi
ZIP Area
878
Density / Sq Mi
$59,397
Median Household Income
$41,365
Median Earnings
$1,157
Median Rent
$267,000
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?
Duplex - Fully renovated vacant two-family featuring separate utilities, in-unit laundry hookups, and units with 3 and 4 bedrooms.
Where is this duplex located?
The property is located at 37 Oakes Ave Southbridge, MA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Fully renovated vacant two‑family built in 1880, delivered completely vacant for immediate occupancy or rental income.; New roof and new windows, plus updated electrical and updated plumbing throughout.; Unit 1: 3 bedrooms and 1 full bathroom with in‑unit laundry hookups and separate utilities.
