Two-Family Residential Income
For Sale
$479,900
Pending
47 Winter St, Southbridge, MA 01550
Updated two-unit property features hardwood floors, updated kitchens and baths, and off-street parking.
Property Size2,064 SF
Days on Market108
Property Features for 47 Winter St
General Information
Standard status
Pending
Size
2,064 SF
Total Parking Spaces
12
Property subtype
Multi Family Home
Zoning
R2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,977
Building Details
Building Size
2,064 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
ERA Key Realty Services- Spenc
(508) 885-6336
Listed By:
Lori Stanikmas · License #9023471
(508) 868-6181
Source:
Janicemitchellre
Added: May 20
Changed: Aug 23
Last Checked: Jul 24 at 12:05PM
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 ERA Key Realty Services- Spenc
Investment Insights
Based on property information with market context.
This two-family residential income property is offered in updated condition. Each unit includes three bedrooms and hardwood floors, with updated lighting throughout. Roof, windows, bathrooms, and kitchens have all been updated, and the exterior and interior are freshly painted with no painting necessary.
The home also includes a partially finished basement with a half bath for the lower unit. Outdoor space includes a patio, composite decking, and handrails, along with exterior basement access. Off-street parking is provided via a paved driveway.
The first-floor unit is delivered vacant, while the second-floor unit is currently leased (lease details available upon request). Showings are weekends only.
The home also includes a partially finished basement with a half bath for the lower unit. Outdoor space includes a patio, composite decking, and handrails, along with exterior basement access. Off-street parking is provided via a paved driveway.
The first-floor unit is delivered vacant, while the second-floor unit is currently leased (lease details available upon request). Showings are weekends only.
Key Highlights
- Updated 2‑family property with hardwood floors, updated kitchens, and updated bathrooms.
- Roof, windows, bathrooms, and kitchens updated; interior and exterior freshly painted.
- Lower unit features a partially finished walk‑out basement with a half bath and exterior basement access.
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
$27,900
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
5.81%
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%
$558,000
$558.0K
Cap Rate 7%
$398,571
$398.6K
Cap Rate 9%
$310,000
$310.0K
Market Conditions
NOI Build-Up for 2,064 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
$40.9K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$39.9K $19.31/SF
− OpEx
−$12.0K −$5.79/SF
NOI
$27.9K $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%
$558,000
Cap Rate 7%
$398,571
Cap Rate 9%
$310,000
Alternative Uses
Best Use
Multifamily LT 5
$398.6K
$348.8K – $465.0K
NOI $27,900 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$346.9K
$303.5K – $404.7K
NOI $24,281 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$704.8K
$616.7K – $822.3K
NOI $49,338 @ 7.0% cap · market cap 10.28%
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
634
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 - Updated two-unit property features hardwood floors, updated kitchens and baths, and off-street parking.
Where is this duplex located?
The property is located at 47 Winter St Southbridge, MA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Updated 2‑family property with hardwood floors, updated kitchens, and updated bathrooms.; Roof, windows, bathrooms, and kitchens updated; interior and exterior freshly painted.; Lower unit features a partially finished walk‑out basement with a half bath and exterior basement access.
