Two-Family Income
For Sale
$430,000
Pending
409 Worcester St, Southbridge, MA 01550
Well maintained two-family home with updated kitchens, separate utilities, and a detached two-car garage.
Property Size2,048 SF
Days on Market55
Property Features for 409 Worcester St
General Information
Standard status
Pending
Size
2,048 SF
Property subtype
Investment
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,073
Building Details
Building Size
2,048 SF
Year Built
1925
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
(774) 441-4895
Listed By:
Michael Evans
(774) 441-4895
Source:
Elliman
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 1 at 11:17AM
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 Michael Evans
Investment Insights
Based on property information with market context.
This well maintained two-family home features updated kitchens with modern cabinetry and countertops, bright sun-filled living areas, and separate utilities for each unit. The property also includes a newer hot water tank, covered front porches, and a private backyard with wooded views. Additional exterior amenities include a detached two-car garage, ample off-street parking, and a storage shed.
Conveniently located near Route 20 and the Mass Pike, the home is positioned close to shopping, restaurants, and local amenities. Bike and walking scores indicate it is somewhat walkable but more car-dependent, aligning with the area’s overall access patterns.
The layout supports both owner-occupants and investors seeking a property with two separate living setups, each served by its own utilities. With practical outdoor space, garage parking, and an additional parcel of land included, the home can accommodate a range of day-to-day needs while offering flexibility for future use of the property grounds.
Conveniently located near Route 20 and the Mass Pike, the home is positioned close to shopping, restaurants, and local amenities. Bike and walking scores indicate it is somewhat walkable but more car-dependent, aligning with the area’s overall access patterns.
The layout supports both owner-occupants and investors seeking a property with two separate living setups, each served by its own utilities. With practical outdoor space, garage parking, and an additional parcel of land included, the home can accommodate a range of day-to-day needs while offering flexibility for future use of the property grounds.
Key Highlights
- Two‑family home built in 1925 with well‑maintained interior and updated kitchens.
- Updated kitchens with modern cabinetry and countertops.
- Separate utilities for each unit.
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
$27,684
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
6.44%
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%
$553,680
$553.7K
Cap Rate 7%
$395,486
$395.5K
Cap Rate 9%
$307,600
$307.6K
Market Conditions
NOI Build-Up for 2,048 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
$40.6K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$39.5K $19.31/SF
− OpEx
−$11.9K −$5.79/SF
NOI
$27.7K $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%
$553,680
Cap Rate 7%
$395,486
Cap Rate 9%
$307,600
Alternative Uses
Best Use
Multifamily LT 5
$395.5K
$346.1K – $461.4K
NOI $27,684 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$344.2K
$301.2K – $401.6K
NOI $24,093 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$699.4K
$611.9K – $815.9K
NOI $48,955 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
108
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
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 - Well maintained two-family home with updated kitchens, separate utilities, and a detached two-car garage.
Where is this duplex located?
The property is located at 409 Worcester St Southbridge, 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: Two‑family home built in 1925 with well‑maintained interior and updated kitchens.; Updated kitchens with modern cabinetry and countertops.; Separate utilities for each unit.
