Renovated Three-Family
For Sale
$539,900
Pending
47 Morris St, Southbridge, MA 01550
Extensively renovated three-family property with separated utilities, updated systems, and exterior egress for improved safety.
Property Size2,074 SF
Days on Market98
Property Features for 47 Morris St
General Information
Standard status
Pending
Size
2,074 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Multifamily Units
3
Building Details
Year Built
1890
Listing Agency:
Lamacchia Realty, Inc.
(508) 832-5324
Listed By:
We Close Deals Team
(508) 612-0821
Source:
Lockandkeyre
Added: Jun 5
Changed: Sep 8
Last Checked: Sep 10 at 6:01AM
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 Lamacchia Realty, Inc.
Investment Insights
Based on property information with market context.
This extensively renovated three-family residence has been upgraded throughout with a new roof, new windows, and an electrical system refreshed with new panels and meters. Plumbing has been fully modernized, including complete removal of cast-iron lines and updated kitchen and bathroom plumbing across the units. The property also includes separation of gas and water services for each apartment, with new water lines and all new hot water heaters. Interior updates include new flooring, fresh paint, modern lighting, and updated fixtures in each unit. Exterior work includes the addition of exterior egress for the third-floor unit to enhance safety and functionality.
Located at 47 Morris St in Southbridge, MA, the building is arranged to provide independent utility services by unit, which can simplify day-to-day operations. The third-floor unit’s exterior egress improves compliant access compared with older configurations.
The combination of major mechanical, electrical, and plumbing replacements with unit-by-unit utility separation supports a low-maintenance ownership experience for both investors and owner-occupants. With cosmetic improvements completed alongside system upgrades, this three-family offers a turn-key option for tenants and a streamlined setup for an operator seeking dependable building performance.
Located at 47 Morris St in Southbridge, MA, the building is arranged to provide independent utility services by unit, which can simplify day-to-day operations. The third-floor unit’s exterior egress improves compliant access compared with older configurations.
The combination of major mechanical, electrical, and plumbing replacements with unit-by-unit utility separation supports a low-maintenance ownership experience for both investors and owner-occupants. With cosmetic improvements completed alongside system upgrades, this three-family offers a turn-key option for tenants and a streamlined setup for an operator seeking dependable building performance.
Key Highlights
- 1890‑built renovated three‑family property in Southbridge
- New roof and new windows as part of extensive upgrades
- Upgraded electrical service with new panels and meters
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
$28,036
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
5.19%
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%
$560,720
$560.7K
Cap Rate 7%
$400,514
$400.5K
Cap Rate 9%
$311,511
$311.5K
Market Conditions
NOI Build-Up for 2,074 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
$41.1K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$40.1K $19.31/SF
− OpEx
−$12.0K −$5.79/SF
NOI
$28.0K $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%
$560,720
Cap Rate 7%
$400,514
Cap Rate 9%
$311,511
Alternative Uses
Best Use
Multifamily LT 5
$400.5K
$350.5K – $467.3K
NOI $28,036 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$348.5K
$305.0K – $406.6K
NOI $24,398 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$708.2K
$619.7K – $826.3K
NOI $49,577 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
587
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Extensively renovated three-family property with separated utilities, updated systems, and exterior egress for improved safety.
Where is this triplex located?
The property is located at 47 Morris St Southbridge, MA.
What is the asking price?
The asking price for this property is $539,900.
What are key features of this property?
This property features: 1890‑built renovated three‑family property in Southbridge; New roof and new windows as part of extensive upgrades; Upgraded electrical service with new panels and meters
