Building Details

Building Size 1,738 SF

Year Built 1932

Stories 3

Units 3

Listed By: Tony Palmerino Show Phone

Source: Elliman

Added: Sep 26 Last Checked: Sep 26 at 3:04PM

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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 Tony Palmerino

Investment Insights

Based on property information with market context.

This 1,738-square-foot duplex was built in 1932 and includes a separate one-bedroom apartment above a four-car garage. Hardwood flooring is present in the bedrooms, and the bathroom has a walk-in shower. Recent property updates include a new boiler and insulation installed through Mass Save.

The property also has owner-owned solar panels and a whole-house generator. Its additional apartment provides a distinct living space alongside the main residence.

Key Highlights

• 1,738 square feet; built in 1932
• Separate one‑bedroom apartment above a four‑car garage
• Hardwood flooring in the bedrooms and a walk‑in shower

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

$23,494

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

3.24%

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%

$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 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

$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 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%

$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

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Restaurant Dental Office Building Supply Big Box & Wholesale Store Law Firm

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

Location Intelligence

Trade Area within ½ mile

58

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes 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?

Duplex - A separate one-bedroom apartment above the garage adds another residential space to the property.

Where is this duplex located?

The property is located at 373 Highland St Whitinsville, 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 feet; built in 1932; Separate one‑bedroom apartment above a four‑car garage; Hardwood flooring in the bedrooms and a walk‑in shower