Victorian Duplex with Updated
For Sale
$875,000
57-59 School Street, Milford, MA 01757
Two well-appointed residences feature period detailing, private entrances, full baths, basements, and walk-up attic storage.
Property Size3,703 SF
Price / SF$236.29
Days on Market144
Property Features for 57-59 School Street
General Information
Standard status
Active
Size
3,703 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family - 2 Units Side by Side
Zoning
CB
Net Operating Income
$57,792
Units
Unit Mix
4BR/2BA (Unit 57), 5BR/2BA (Unit 59)
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,904
Amenities
No
Wood, Tile, Carpet, Stone/Ceramic Tile
Range, Dishwasher, Disposal, Refrigerator
4.0
Full, Walk Out, Unfinished Basement
Walk-Up Attic, Crown Molding, Bathroom With Tub & Shower, Heated Attic, Living Room, Dining Room, Kitchen, Laundry Room, Mudroom
4
4.00
Frame
Shingle
Corner Lot, Level
Porch
Building Details
Year Built
1901
Buildings
1
Construction
Victorian
Listing Agency:
Vesta Real Estate Group, Inc.
(774) 233-1926
Listed By:
Vesta Group
(774) 233-1926
Source:
Compass
Added: Apr 9
Changed: Aug 30
Last Checked: Aug 30 at 6:02AM
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 Vesta Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1901, this 3,703-square-foot Victorian duplex pairs preserved architectural character with practical updates. Each residence opens through a double-height foyer and includes a living room, dining room, kitchen, two full baths, basement space, and a walk-up attic. Original-style details include high ceilings, woodwork, crown molding, built-ins, antique hutches, and grand staircases. Kitchens have stainless steel appliances and tile flooring, while new laundry hookups, updated electrical and plumbing, and recently installed water heaters add everyday functionality. The roof dates to 2017, and the decks, porches, and exterior trim have been painted.
The two units offer four bedrooms at 57 School Street and five bedrooms at 59 School Street. The property is adjacent to Milford Town Park, including its pickleball and tennis courts, and is walkable to restaurants and shops. Zoning is CB, and condoization plans are in hand with the seller.
The two units offer four bedrooms at 57 School Street and five bedrooms at 59 School Street. The property is adjacent to Milford Town Park, including its pickleball and tennis courts, and is walkable to restaurants and shops. Zoning is CB, and condoization plans are in hand with the seller.
Key Highlights
- 3,703 SF Victorian duplex built in 1901
- Two units: 4 bedrooms at #57 and 5 bedrooms at #59
- Each residence includes 2 full baths, basement space, and a walk‑up attic
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
$50,056
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
5.72%
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%
$1,001,120
$1.0M
Cap Rate 7%
$715,086
$715.1K
Cap Rate 9%
$556,178
$556.2K
Market Conditions
NOI Build-Up for 3,703 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
$73.3K $19.80/SF
− Vacancy
−$1.8K −$0.49/SF
EGI
$71.5K $19.31/SF
− OpEx
−$21.5K −$5.79/SF
NOI
$50.1K $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%
$1,001,120
Cap Rate 7%
$715,086
Cap Rate 9%
$556,178
Alternative Uses
Best Use
Multifamily LT 5
$715.1K
$625.7K – $834.3K
NOI $50,056 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$622.3K
$544.5K – $726.0K
NOI $43,562 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,517 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 01757, MA
30,479
Population
11,833
Households
2.6
Avg Household Size
40
Median Age
34%
College-Educated
87%
High-School Grad
15.1 sq mi
ZIP Area
2,018
Density / Sq Mi
$92,951
Median Household Income
$47,975
Median Earnings
$1,702
Median Rent
$444,100
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 well-appointed residences feature period detailing, private entrances, full baths, basements, and walk-up attic storage.
Where is this duplex located?
The property is located at 57-59 School Street Milford, MA.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3,703 SF Victorian duplex built in 1901; Two units: 4 bedrooms at #57 and 5 bedrooms at #59; Each residence includes 2 full baths, basement space, and a walk‑up attic
