Building Details

Building Size 1,738 SF

Year Built 1932

Tenancy Multi

Listing Agency: Real Broker MA, LLC Show Phone

Listed By: Tony Palmerino Show Phone

Source: Iverty

Added: Sep 25 Changed: Oct 4 Last Checked: Oct 4 at 11:05AM

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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 Real Broker MA, LLC

Investment Insights

Based on property information with market context.

This 1,738-square-foot triplex, built in 1932, includes two two-bedroom units and a separate one-bedroom apartment above a four-car garage. The property has hardwood floors in the bedrooms, a walk-in shower, a full-house generator, and owner-owned solar panels. Recent improvements include a new boiler and insulation installed through Mass Save.

Both two-bedroom units are occupied by long-term, month-to-month tenants. The address is 373 Highland Street in Northbridge, Massachusetts.

Key Highlights

• 1,738‑square‑foot triplex built in 1932
• Two rented two‑bedroom units with long‑term, month‑to‑month tenants
• Separate one‑bedroom apartment above a four‑car garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,494

Cap Rate

3.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$469,880 $469.9K

Cap Rate 7%

$335,629 $335.6K

Cap Rate 9%

$261,044 $261.0K

Market Conditions

NOI Build-Up for 1,738 SF

Gross rent

$34.4K $19.80/SF

− Vacancy

−$850 −$0.49/SF

EGI

$33.6K $19.31/SF

− OpEx

−$10.1K −$5.79/SF

NOI

$23.5K $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 Rate 5%

$469,880

Cap Rate 7%

$335,629

Cap Rate 9%

$261,044

Alternative Uses

Best Use

Multifamily LT 5

$335.6K

$293.7K – $391.6K (±1% cap)

NOI $23,494 @ 7.0% cap · market cap 3.24%

Second Best

Apartment 5plus

$292.1K

$255.6K – $340.8K (±1% cap)

NOI $20,446 @ 7.0% cap · market cap 2.82%

Theoretical Best

Office A

$593.5K

$519.3K – $692.4K (±1% cap)

NOI $41,545 @ 7.0% cap · market cap 5.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Restaurant Hair Salon HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

148

Businesses Nearby

Explore this area Business Placement

Demographics for 01534, MA

6,233

Population

2,515

Households

2.5

Avg Household Size

45

Median Age

41%

College-Educated

89%

High-School Grad

9.5 sq mi

ZIP Area

656

Density / Sq Mi

$134,539

Median Household Income

$69,844

Median Earnings

$1,170

Median Rent

$451,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - A separate one-bedroom apartment above the garage adds another residential unit alongside two rented two-bedroom units.

Where is this triplex located?

The property is located at 373 Highland St Northbridge, MA.

What is the asking price?

The asking price for this property is $725,000.

What are key features of this property?

This property features: 1,738‑square‑foot triplex built in 1932; Two rented two‑bedroom units with long‑term, month‑to‑month tenants; Separate one‑bedroom apartment above a four‑car garage