Six-Unit Apartment
For Sale
$849,900
Pending
56 Morton Station Road, Charlton, MA 01507
Six residential units include five two-bedrooms and one one-bedroom, with a handicap-accessible first-floor layout.
Property Size5,084 SF
Lot Size3.44 Acres
Days on Market57
Property Features for 56 Morton Station Road
General Information
Standard status
Pending
Size
5,084 SF
Lot size
3.44 Acres
Property subtype
5-9 Family
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$6,739
Building Details
Building Size
5,084 SF
Year Built
1960
Tenancy
Multi
Listing Agency:
RE/MAX Vision
(508) 826-3301
Listed By:
Jeff Burk · License #9035530
Source:
Donnellyandco
Added: Jun 25
Changed: Aug 8
Last Checked: Jul 23 at 5:37AM
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 RE/MAX Vision
Investment Insights
Based on property information with market context.
This 1960-built, six-unit apartment building sits on 3.44 acres of land and includes five two-bedroom apartments and one one-bedroom apartment. The property also features a handicap-accessible first-floor two-bedroom unit accessible from the parking lot at the rear of the building. Laundry facilities are located in the basement for convenient tenant use.
The building is located off Route 20 on a country road in a residential district made up predominantly of single-family homes. Access to local shopping and conveniences is described as easy.
For buyers seeking a small multifamily asset, the mix of unit types supports straightforward leasing and day-to-day operations. Laundry on-site and the presence of a handicap-accessible unit from the rear parking area add practical value for tenant experience. The property is noted as having tenant-at-will occupancy, with two apartments currently leased at $1,500 per month.
The building is located off Route 20 on a country road in a residential district made up predominantly of single-family homes. Access to local shopping and conveniences is described as easy.
For buyers seeking a small multifamily asset, the mix of unit types supports straightforward leasing and day-to-day operations. Laundry on-site and the presence of a handicap-accessible unit from the rear parking area add practical value for tenant experience. The property is noted as having tenant-at-will occupancy, with two apartments currently leased at $1,500 per month.
Key Highlights
- 6‑unit apartment building built in 1960 on 3.44 acres
- Unit mix includes five 2‑bedroom apartments and one 1‑bedroom apartment
- First‑floor 2‑bedroom unit is handicap accessible from the rear parking lot
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
$59,808
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
7.04%
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%
$1,196,160
$1.2M
Cap Rate 7%
$854,400
$854.4K
Cap Rate 9%
$664,533
$664.5K
Market Conditions
NOI Build-Up for 5,084 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
$111.6K $21.96/SF
− Vacancy
−$2.9K −$0.57/SF
EGI
$108.7K $21.39/SF
− OpEx
−$48.9K −$9.63/SF
NOI
$59.8K $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%
$1,196,160
Cap Rate 7%
$854,400
Cap Rate 9%
$664,533
Alternative Uses
Best Use
Apartment 5plus
$854.4K
$747.6K – $996.8K
NOI $59,808 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,528 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 01507, MA
13,315
Population
5,240
Households
2.5
Avg Household Size
44
Median Age
38%
College-Educated
94%
High-School Grad
42.2 sq mi
ZIP Area
316
Density / Sq Mi
$119,809
Median Household Income
$64,911
Median Earnings
$1,215
Median Rent
$405,200
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?
Apartment building - Six residential units include five two-bedrooms and one one-bedroom, with a handicap-accessible first-floor layout.
Where is this apartment building located?
The property is located at 56 Morton Station Road Charlton, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 6‑unit apartment building built in 1960 on 3.44 acres; Unit mix includes five 2‑bedroom apartments and one 1‑bedroom apartment; First‑floor 2‑bedroom unit is handicap accessible from the rear parking lot
