Vacant Multifamily Property with Restoration
New
For Sale
$430,000
38 Purchase St, Milford, MA 01757
Delivered vacant with RES zoning and an as-is sale condition.
Property Size2,296 SF
Days on Market6
Property Features for 38 Purchase St
General Information
Standard status
Active
Size
2,296 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
RES
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,673
Building Details
Building Size
2,296 SF
Year Built
1877
Stories
2
Units
2
Listing Agency:
Real Broker MA, LLC
(508) 789-0622
Listed By:
Donna Lapointe
(508) 789-0622
Source:
Thefirmreg
Added: Aug 7
Changed: Aug 9
Last Checked: Aug 11 at 2:54PM
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 multifamily property was built in 1877 and requires updating and restoration. It will be delivered vacant and is offered in as-is condition, providing a buyer with a property requiring renovation rather than a completed asset.
The property is near a town park with fitness areas, tennis courts, and basketball courts. Local schools, the Milford Rail Trail Bike Path, and Milford Regional Medical Center are also nearby. Regional access includes I-495, Route 16, and Route 140. The property carries RES zoning and is not bank-owned.
The property is near a town park with fitness areas, tennis courts, and basketball courts. Local schools, the Milford Rail Trail Bike Path, and Milford Regional Medical Center are also nearby. Regional access includes I-495, Route 16, and Route 140. The property carries RES zoning and is not bank-owned.
Key Highlights
- Multifamily property built in 1877
- Delivered vacant and sold AS IS
- RES zoning
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
$27,010
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
6.28%
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%
$540,200
$540.2K
Cap Rate 7%
$385,857
$385.9K
Cap Rate 9%
$300,111
$300.1K
Market Conditions
NOI Build-Up for 2,296 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
$50.4K $21.96/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$49.1K $21.39/SF
− OpEx
−$22.1K −$9.63/SF
NOI
$27.0K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$540,200
Cap Rate 7%
$385,857
Cap Rate 9%
$300,111
Alternative Uses
Best Use
Apartment 5plus
$385.9K
$337.6K – $450.2K
NOI $27,010 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.1K
$686.1K – $914.7K
NOI $54,884 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
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?
Multifamily property - Delivered vacant with RES zoning and an as-is sale condition.
Where is this multifamily property located?
The property is located at 38 Purchase St Milford, MA.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Multifamily property built in 1877; Delivered vacant and sold AS IS; RES zoning
