Four-Unit Multifamily
New
For Sale
$1,095,000
49 South Street, Northborough, MA 01532
Renovated apartments, tenant-paid utilities, and additional cold-storage rental space support a varied income configuration.
Property Size4,851 SF
Price / SF$225.73
Days on Market5
Property Features for 49 South Street
General Information
Standard status
Active
Size
4,851 SF
Property subtype
Multi-family
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Amenities
in-unit laundry
yard
Building Details
Year Built
1800
Listing Agency:
REMAX Executive Realty
Listed By:
Margo Otey · License #60949
(508) 439-9717
Source:
Sarkisboston
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 7:40AM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This four-unit multifamily property dates to 1800 and includes an attached barn with two cold-storage rental opportunities. Unit 2, a main-floor one-bedroom apartment, was recently renovated, and all four units have updated kitchens and bathrooms. Units 1, 3, and 4 include in-unit laundry. New gas boilers are being installed, and tenants pay separately metered gas and electric utilities.
The property is across the street from Assabet Park, which has a splash pool and playground. On-site features also include ample off-street parking and a large, level side yard.
The property is across the street from Assabet Park, which has a splash pool and playground. On-site features also include ample off-street parking and a large, level side yard.
Key Highlights
- Four residential units
- Attached barn offers two cold‑storage rental opportunities
- Unit 2 is a main‑floor one‑bedroom and was recently renovated
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
$65,574
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
5.99%
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%
$1,311,480
$1.3M
Cap Rate 7%
$936,771
$936.8K
Cap Rate 9%
$728,600
$728.6K
Market Conditions
NOI Build-Up for 4,851 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
$96.0K $19.80/SF
− Vacancy
−$2.4K −$0.49/SF
EGI
$93.7K $19.31/SF
− OpEx
−$28.1K −$5.79/SF
NOI
$65.6K $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%
$1,311,480
Cap Rate 7%
$936,771
Cap Rate 9%
$728,600
Alternative Uses
Best Use
Multifamily LT 5
$936.8K
$819.7K – $1.09M
NOI $65,574 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$815.2K
$713.3K – $951.1K
NOI $57,067 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $115,958 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 01532, MA
15,741
Population
5,913
Households
2.7
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
851
Density / Sq Mi
$174,358
Median Household Income
$90,816
Median Earnings
$2,087
Median Rent
$598,500
Median Home Value
Check the figures for this property
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?
Quadplex - Renovated apartments, tenant-paid utilities, and additional cold-storage rental space support a varied income configuration.
Where is this quadplex located?
The property is located at 49 South Street Northborough, MA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Four residential units; Attached barn offers two cold‑storage rental opportunities; Unit 2 is a main‑floor one‑bedroom and was recently renovated
