Three-Unit Triplex with
New
For Sale
$725,000
448 High St, Clinton, MA 01510
Single-level apartments feature updated heating systems and eat-in kitchens.
Property Size3,364 SF
Days on Market4
Property Features for 448 High St
General Information
Standard status
Active
Size
3,364 SF
Total Parking Spaces
2
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,046
Building Details
Building Size
3,364 SF
Year Built
1920
Stories
5
Units
3
Tenancy
Multi
Listing Agency:
William Raveis R.E. & Home Services
Listed By:
Knox Real Estate Group
(978) 852-9480
Source:
Elliman
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 15 at 9:17AM
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 William Raveis R.E. & Home Services
Investment Insights
Based on property information with market context.
Built in 1920, this triplex contains three single-level apartments, each arranged with two bedrooms, a full bathroom, a living room, and an eat-in kitchen. Updated mechanical systems include new heating equipment, while ongoing maintenance supports the building’s overall condition.
The property also includes a freshly paved parking area and a two-car garage. All three apartments are occupied under tenant-at-will agreements, providing a defined existing tenancy structure. Located at 448 High St in Clinton, Massachusetts, the property has a Walk Score of 12 and a Bike Score of 15.
The property also includes a freshly paved parking area and a two-car garage. All three apartments are occupied under tenant-at-will agreements, providing a defined existing tenancy structure. Located at 448 High St in Clinton, Massachusetts, the property has a Walk Score of 12 and a Bike Score of 15.
Key Highlights
- Three‑unit property with three two‑bedroom apartments
- Each unit offers a full bathroom, living room, and eat‑in kitchen
- Single‑level layouts throughout all three apartments
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
$45,473
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
6.27%
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%
$909,460
$909.5K
Cap Rate 7%
$649,614
$649.6K
Cap Rate 9%
$505,256
$505.3K
Market Conditions
NOI Build-Up for 3,364 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
$66.6K $19.80/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$65.0K $19.31/SF
− OpEx
−$19.5K −$5.79/SF
NOI
$45.5K $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%
$909,460
Cap Rate 7%
$649,614
Cap Rate 9%
$505,256
Alternative Uses
Best Use
Multifamily LT 5
$649.6K
$568.4K – $757.9K
NOI $45,473 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$565.3K
$494.7K – $659.6K
NOI $39,574 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,413 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
726
Businesses Nearby
Explore this area
Business Placement
Demographics for 01510, MA
15,428
Population
7,017
Households
2.2
Avg Household Size
39
Median Age
35%
College-Educated
91%
High-School Grad
5.7 sq mi
ZIP Area
2,707
Density / Sq Mi
$93,849
Median Household Income
$49,815
Median Earnings
$1,353
Median Rent
$348,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Single-level apartments feature updated heating systems and eat-in kitchens.
Where is this triplex located?
The property is located at 448 High St Clinton, 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: Three‑unit property with three two‑bedroom apartments; Each unit offers a full bathroom, living room, and eat‑in kitchen; Single‑level layouts throughout all three apartments
