Duplex with Covered
For Sale
$685,000
41-43 Highland Avenue, Chelmsford, MA 01863
Multi-Family, Chelmsford, MA
Property Size1,960 SF
Lot Size0.12 Acres
Price / SF$349.49
Days on Market101
Property Features for 41-43 Highland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RC
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking features
Carport
Patio and Porch features
Porch
Exterior features
Garden Space, Covered Porch, Enclosed Porch, Shed, Storage
Lot features
City Lot, Level
Directions
South on Middlesex St. Right on Highland Ave. House on the right
Standard status
Active
Size
1,960 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6872
Utilities
Heating system
Baseboard, Hot Water(Heating)
Water source
Public
Amenities
screen porch
carport
basement storage
shed
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile, Wood, Carpet
Building materials
Wood Frame
Roof type
Tar/Gravel
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Coldwell Banker Realty Nashua · Coldwell Banker Real Estate
(603) 673-4000
Listed By:
Ashima Scripp
(603) 848-9559
Added: May 28
Changed: Aug 20
Last Checked: Sep 5 at 11:06AM
MLS# 5091592
Copyright © 2026 PrimeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,960-square-foot duplex contains two residential units within a wood-frame home built in 1920. Each unit includes hardwood flooring, living and dining areas, bedrooms, and shared closets in the main living space. The first-floor residence has an updated kitchen and a large bathroom, while the upper unit includes a second kitchen that can remain in place or be removed for additional shared space. A newer roof, screen porch, basement storage, shed, and carport add practical utility. The property also includes garden space and public water service.
Located at 41-43 Highland Avenue in Chelmsford, Massachusetts, the property occupies a 0.12-acre lot and carries RC zoning. Its two-unit layout supports owner-occupancy, rental use of one portion, or a multigenerational household seeking separate living areas within the same building.
Located at 41-43 Highland Avenue in Chelmsford, Massachusetts, the property occupies a 0.12-acre lot and carries RC zoning. Its two-unit layout supports owner-occupancy, rental use of one portion, or a multigenerational household seeking separate living areas within the same building.
Key Highlights
- Two‑unit duplex with 1,960 square feet of living area
- 0.12‑acre lot at 41‑43 Highland Avenue, Chelmsford, MA 01863
- First‑floor unit has an updated kitchen and large bathroom
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
$41,474
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
6.05%
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%
$829,480
$829.5K
Cap Rate 7%
$592,486
$592.5K
Cap Rate 9%
$460,822
$460.8K
Market Conditions
NOI Build-Up for 1,960 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
$62.3K $31.80/SF
− Vacancy
−$3.1K −$1.57/SF
EGI
$59.2K $30.23/SF
− OpEx
−$17.8K −$9.07/SF
NOI
$41.5K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$829,480
Cap Rate 7%
$592,486
Cap Rate 9%
$460,822
Alternative Uses
Best Use
Multifamily LT 5
$592.5K
$518.4K – $691.2K
NOI $41,474 @ 7.0% cap · market cap 6.05%
Second Best
Apartment 5plus
$557.1K
$487.5K – $650.0K
NOI $38,997 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,222 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 01863, MA
9,536
Population
3,677
Households
2.6
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
4.5 sq mi
ZIP Area
2,119
Density / Sq Mi
$136,284
Median Household Income
$67,005
Median Earnings
$1,698
Median Rent
$477,900
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 - Two residential units offer flexible living arrangements with separate kitchens, shared storage, and a carport.
Where is this duplex located?
The property is located at 41-43 Highland Avenue Chelmsford, MA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,960 square feet of living area; 0.12‑acre lot at 41‑43 Highland Avenue, Chelmsford, MA 01863; First‑floor unit has an updated kitchen and large bathroom
