Renovated Three-Unit
For Sale
$1,325,000
Pending
5 Mill Street, Northborough, MA 01532
Fully renovated property with two residential units and one commercial unit.
Property Size4,715 SF
Days on Market102
Property Features for 5 Mill Street
General Information
Standard status
Pending
Size
4,715 SF
Total Parking Spaces
9
Property subtype
Multi-family / 3 Family - 3 Units Side by Side
Zoning
DB
Net Operating Income
$44,400
Units
Unit Mix
1 x 2BR/2.5BA, 1 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$10,793
Amenities
deck
private courtyard and patio
basement storage
City/Town Sewer, Public
No, Yes, .00, Paved Drive, Paved Drive
No
2
Yes
7.0
Full
4
3
5.50
7
Scenic View(s), Yes
Frame
Level
Patio
Waterfront, Stream
Patio, Patio - Enclosed
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Compass
Listed By:
Dee Kerner · License #9512504
(508) 277-9881
Source:
Compass
Added: Jul 8
Changed: Oct 15
Last Checked: Oct 16 at 10:42AM
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 Compass
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Investment Insights
Based on property information with market context.
This 4,715-square-foot triplex, built in 1900, combines two residential units with a commercial suite and is zoned DB. The first residence includes two bedrooms, two full baths, one half bath, a new kitchen with appliances and granite countertops, an open living and family area, a deck overlooking a pond and waterfall, and a private courtyard and patio. The second residence offers three bedrooms and two and a half baths. The commercial unit contains five large rooms and one and a half baths.
A full basement with high ceilings provides substantial storage space, while the property also includes parking, a stream, and scenic water views. The property is located at 5 Mill Street in Northborough, near Route 20, stores, restaurants, parks, schools, Juniper Hill Golf Course, and other major roads.
A full basement with high ceilings provides substantial storage space, while the property also includes parking, a stream, and scenic water views. The property is located at 5 Mill Street in Northborough, near Route 20, stores, restaurants, parks, schools, Juniper Hill Golf Course, and other major roads.
Key Highlights
- Two residential units plus one commercial unit
- 4,715 square feet on a 0.5‑acre lot, zoned DB
- First residence includes 2 bedrooms, 2 full baths, and 1 half bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,736
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,274,720
$1.3M
Cap Rate 7%
$910,514
$910.5K
Cap Rate 9%
$708,178
$708.2K
Market Conditions
NOI Build-Up for 4,715 SF
Gross rent
$93.4K $19.80/SF
− Vacancy
−$2.3K −$0.49/SF
EGI
$91.1K $19.31/SF
− OpEx
−$27.3K −$5.79/SF
NOI
$63.7K $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 Rate 5%
$1,274,720
Cap Rate 7%
$910,514
Cap Rate 9%
$708,178
Alternative Uses
Best Use
Multifamily LT 5
$910.5K
$796.7K – $1.06M
NOI $63,736 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$792.4K
$693.3K – $924.5K
NOI $55,467 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,707 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
459
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
Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated property with two residential units and one commercial unit.
Where is this triplex located?
The property is located at 5 Mill Street Northborough, MA.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Two residential units plus one commercial unit; 4,715 square feet on a 0.5‑acre lot, zoned DB; First residence includes 2 bedrooms, 2 full baths, and 1 half bath
