Building Details

Year Built 1889

Buildings 1

Construction mansard

Listing Agency: Manny Menezes, Innovate Real Estate

Listed By: Michelle Terry Team Show Phone

Source: Centralmassachusettsproperties

Added: Sep 26 Last Checked: Sep 26 at 6:28AM

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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 Manny Menezes, Innovate Real Estate

Investment Insights

Based on property information with market context.

Built in 1889, this 2,388-square-foot home is arranged as a duplex with two kitchens and separate entrances. The first unit has a mudroom, kitchen, living room, half bath, porch and deck on the main level, plus three bedrooms and a full bath upstairs. The second includes an eat-in kitchen, living room, screened porch and half bath on the first floor, with a large bedroom and full bath above; its half bath needs a sink. Vinyl siding, many vinyl windows, updated electrical, plumbing and structural work are among the improvements. Each unit has its own electrical panel, and the heating setup can accommodate another furnace.

The property sits beside the Blackstone River Greenway trail, with access to Route 146. The fenced, level lot includes a storage shed and paved driveway areas for each unit. One unit is rented and the other is occupied by the owner.

Key Highlights

• Two‑unit layout with separate entrances and two kitchens
• 2,388‑square‑foot property built in 1889
• First unit has three upstairs bedrooms, a porch and a deck

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

$28,092

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

8.03%

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%

$561,840 $561.8K

Cap Rate 7%

$401,314 $401.3K

Cap Rate 9%

$312,133 $312.1K

Market Conditions

NOI Build-Up for 2,388 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

$52.4K $21.96/SF

− Vacancy

−$1.4K −$0.57/SF

EGI

$51.1K $21.39/SF

− OpEx

−$23.0K −$9.63/SF

NOI

$28.1K $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%

$561,840

Cap Rate 7%

$401,314

Cap Rate 9%

$312,133

Alternative Uses

Best Use

Multifamily LT 5

$461.1K

$403.5K – $538.0K (±1% cap)

NOI $32,280 @ 7.0% cap · market cap 9.22%

Second Best

Apartment 5plus

$401.3K

$351.2K – $468.2K (±1% cap)

NOI $28,092 @ 7.0% cap · market cap 8.03%

Theoretical Best

Office A

$815.5K

$713.5K – $951.4K (±1% cap)

NOI $57,083 @ 7.0% cap · market cap 16.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Hair Salon HVAC Service Electrical Service Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

69

Businesses Nearby

Explore this area Business Placement

Demographics for 01529, MA

3,174

Population

1,262

Households

2.5

Avg Household Size

41

Median Age

31%

College-Educated

94%

High-School Grad

4.9 sq mi

ZIP Area

648

Density / Sq Mi

$115,789

Median Household Income

$50,146

Median Earnings

$1,275

Median Rent

$418,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two kitchens, separate utility panels, and distinct unit access support the property's current two-family configuration.

Where is this duplex located?

The property is located at 52 Central St Millville, MA.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Two‑unit layout with separate entrances and two kitchens; 2,388‑square‑foot property built in 1889; First unit has three upstairs bedrooms, a porch and a deck