4-Unit Multifamily
New
For Sale
$1,095,000
49 South St, Northborough, MA 01532
Residential Income, Northborough, MA
Property Size4,851 SF
Lot Size0.50 Acres
Price / SF$225.73
Days on Market3
Property Features for 49 South St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GR
Bedrooms
9
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 7, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 5, Bedroom 9, Bathroom 1, Bedroom 8, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 3
Parking
10
Directions
use GPS
Standard status
Active
APN
1632210
Size
4,851 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11216
Amenities
laundry in unit
Building Details
Year built
1800
Floors in Building
4
Number of units
4
Listing Agency:
REMAX Executive Realty · RE/MAX International
(508) 435-6700
Listed By:
Bill Wright · License #5503
(508) 223-7200
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 26 at 1:06AM
MLS# 73582252
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 4,851 square feet on a 0.5-acre parcel and dates to 1800. Kitchens and bathrooms have been upgraded throughout, and the main-floor one-bedroom apartment identified as Unit 2 has been renovated. In-unit laundry is present in Units 1, 3, and 4. A barn attached to the building offers two cold-storage rental areas. New gas boilers are in the process of being installed.
Gas and electric service is separately metered, with tenants responsible for those utilities. The property has off-street parking and a level side yard. It is across the street from Assabet Park, which has a splash pool and playground, and is in Northborough town center. Zoning is GR.
Gas and electric service is separately metered, with tenants responsible for those utilities. The property has off-street parking and a level side yard. It is across the street from Assabet Park, which has a splash pool and playground, and is in Northborough town center. Zoning is GR.
Key Highlights
- Four apartments totaling 4,851 square feet on 0.5 acres
- Attached barn has two cold‑storage rental areas
- Upgraded kitchens and bathrooms in all units; Unit 2 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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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Separately metered gas and electric service is paid by tenants, with in-unit laundry in three apartments.
Where is this quadplex located?
The property is located at 49 South St 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 apartments totaling 4,851 square feet on 0.5 acres; Attached barn has two cold‑storage rental areas; Upgraded kitchens and bathrooms in all units; Unit 2 was recently renovated
