Remodeled Duplex with Private Outdoor
For Sale
$449,000
534-536 Turners Falls Road, Montague, MA 01351
Two residential units include separate outdoor areas and three floors of living space.
Property Size2,420 SF
Price / SF$185.54
Days on Market146
Property Features for 534-536 Turners Falls Road
General Information
Standard status
Active
Size
2,420 SF
Total Parking Spaces
8
Property subtype
Multi-family / 2 Family - 2 Units Side by Side
Zoning
AF
Net Operating Income
$25,200
Taxes and HOA fees
Annual Taxes
$4,648
Amenities
No
Range, Refrigerator, Washer, Dryer
4.0
Bath
Electric Dryer Hookup, Washer Hookup
Full, Finished, Walk Out, Interior Access
Ceiling Fan(s), Internet Available - Fiber-Optic, Bathroom with Shower Stall, Bathroom With Tub & Shower, Slider, Remodeled, Living Room, Kitchen
4
4.00
Fenced/Enclosed, Fenced
Frame
Shingle
Wooded, Gentle Sloping, Level, Sloped
Balcony/Deck, Fenced Yard, Deck
Deck
Building Details
Year Built
1986
Listing Agency:
Brick & Mortar
(413) 259-8888
Listed By:
Christina Postera · License #9584760
(413) 259-8888
Source:
Compass
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 7:45PM
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 Brick & Mortar
Investment Insights
Based on property information with market context.
This two-unit duplex at 534-536 Turners Falls Road includes three floors of living space in each unit. The owner's residence has been remodeled with three bedrooms, two full bathrooms, maple cabinetry, recycled paper and blue resin countertops, an eat-in dining area, and additional counter space. A slider opens to the deck, while mini-splits provide cooling and a generator hookup is already in place. The property also includes a Canadian Swim Spa with a motorized, year-round cover.
Set on over an acre in Montague Center, the property provides private outdoor space for each unit. Exterior features include decks, fencing, and a mix of wooded, level, gently sloping, and sloped land. Built in 1986, the duplex is zoned AF and includes a rental unit that also extends across three floors.
Set on over an acre in Montague Center, the property provides private outdoor space for each unit. Exterior features include decks, fencing, and a mix of wooded, level, gently sloping, and sloped land. Built in 1986, the duplex is zoned AF and includes a rental unit that also extends across three floors.
Key Highlights
- Two‑unit duplex with three floors of living space in each unit
- Owner's unit remodeled with 3 bedrooms and 2 full bathrooms
- Over an acre with private outdoor space for each unit
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
$35,538
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
7.91%
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%
$710,760
$710.8K
Cap Rate 7%
$507,686
$507.7K
Cap Rate 9%
$394,867
$394.9K
Market Conditions
NOI Build-Up for 2,420 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
$53.7K $22.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$50.8K $20.98/SF
− OpEx
−$15.2K −$6.29/SF
NOI
$35.5K $14.69/SF
Area
Franklin County, MA
Vacancy
5.50%
Lease Rate
$22.20 /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%
$710,760
Cap Rate 7%
$507,686
Cap Rate 9%
$394,867
Alternative Uses
Best Use
Multifamily LT 5
$507.7K
$444.2K – $592.3K
NOI $35,538 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$459.0K
$401.7K – $535.5K
NOI $32,132 @ 7.0% cap · market cap 7.16%
Theoretical Best
Healthcare Medical
$1.00M
$878.1K – $1.17M
NOI $70,245 @ 7.0% cap · market cap 15.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 01351, MA
2,293
Population
1,041
Households
2.2
Avg Household Size
48
Median Age
47%
College-Educated
90%
High-School Grad
19.6 sq mi
ZIP Area
117
Density / Sq Mi
$99,375
Median Household Income
$41,420
Median Earnings
$1,552
Median Rent
$308,400
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?
Duplex - Two residential units include separate outdoor areas and three floors of living space.
Where is this duplex located?
The property is located at 534-536 Turners Falls Road Montague, MA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two‑unit duplex with three floors of living space in each unit; Owner's unit remodeled with 3 bedrooms and 2 full bathrooms; Over an acre with private outdoor space for each unit
