Duplex with Off-Street
New
For Sale
$335,000
48 Litchfield Ave, Southbridge, MA 01550
Two-level income property with one vacant unit and a second-floor tenant in place at will.
Property Size2,296 SF
Price / SF$145.91
Days on Market6
Property Features for 48 Litchfield Ave
General Information
Standard status
Active
Size
2,296 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Building Size
2,296 SF
Year Built
1917
Buildings
1
Listing Agency:
RE/MAX Prof Associates
(508) 320-9625
Listed By:
Denise Blais · License #452508574
(508) 320-9625
Source:
Iverty
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 22 at 3:30AM
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 RE/MAX Prof Associates
Investment Insights
Based on property information with market context.
Built in 1917, this 2,296-square-foot duplex includes two separate residential units. The first-floor apartment is expected to be vacant at delivery and has hardwood flooring, an updated pantry, and a tiled bathroom. The second-floor unit is occupied by a tenant who has been in place for 9 years under an at-will arrangement, and the unit has a new natural gas furnace.
The property includes off-street parking and natural gas utilities. It is situated near a hospital and a conservation area with walking and biking trails. The home has been owner-occupied for approximately 40 years.
The property includes off-street parking and natural gas utilities. It is situated near a hospital and a conservation area with walking and biking trails. The home has been owner-occupied for approximately 40 years.
Key Highlights
- 2,296‑square‑foot duplex built in 1917
- First‑floor unit expected to be vacant at delivery
- Second‑floor tenant has occupied the unit for 9 years at will
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
$27,010
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
8.06%
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%
$540,200
$540.2K
Cap Rate 7%
$385,857
$385.9K
Cap Rate 9%
$300,111
$300.1K
Market Conditions
NOI Build-Up for 2,296 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
$50.4K $21.96/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$49.1K $21.39/SF
− OpEx
−$22.1K −$9.63/SF
NOI
$27.0K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
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%
$540,200
Cap Rate 7%
$385,857
Cap Rate 9%
$300,111
Alternative Uses
Best Use
Multifamily LT 5
$443.4K
$388.0K – $517.3K
NOI $31,037 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$385.9K
$337.6K – $450.2K
NOI $27,010 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$784.1K
$686.1K – $914.7K
NOI $54,884 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
453
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 - Two-level income property with one vacant unit and a second-floor tenant in place at will.
Where is this duplex located?
The property is located at 48 Litchfield Ave Southbridge, MA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 2,296‑square‑foot duplex built in 1917; First‑floor unit expected to be vacant at delivery; Second‑floor tenant has occupied the unit for 9 years at will
