Renovated Three-Unit
For Sale
$1,499,999
5 Mill Street, Northborough, MA 01532
Fully renovated property with two residential units and one commercial unit.
Property Size4,715 SF
Price / SF$318.13
Days on Market56
Property Features for 5 Mill Street
General Information
Standard status
Active
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
(508) 277-9881
Listed By:
Dee Kerner · License #9512504
(508) 277-9881
Source:
Compass
Added: Jul 7
Changed: Aug 29
Last Checked: Aug 29 at 3:33PM
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
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 = 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
$63,736
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
4.25%
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%
$1,274,720
$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
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
$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 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%
$1,274,720
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 4.25%
Second Best
Apartment 5plus
$792.4K
$693.3K – $924.5K
NOI $55,467 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,707 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
459
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 $1,499,999.
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
