Four-Unit Multifamily
For Sale
$680,000
59 Cross Street, Southbridge, MA 01550
Well-maintained four-unit property with 2-bedroom, 1-bath units and leases in place through late 2026.
Property Size3,504 SF
Price / SF$194.06
Days on Market69
Property Features for 59 Cross Street
General Information
Standard status
Active
Size
3,504 SF
Property subtype
Multi-family
Occupancy
75%
Additional Details
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
www.HomeZu.com
Listed By:
Jason Saphire
(508) 823-9400
Source:
Ballowhutchinsonrealestate
Added: Jun 5
Changed: Aug 12
Last Checked: Aug 12 at 4:01AM
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 www.HomeZu.com
Investment Insights
Based on property information with market context.
Located at 59 Cross Street in Southbridge, this well-maintained four-unit multifamily offers two-bedroom, one-bath living layouts across all units. The property is currently 75% occupied, providing in-place rental income while maintaining a straightforward four-unit structure for an investor or owner-occupant.
Recent capital improvements totaling $32,750 were made across all units and common areas. Documented operating expense history is referenced for 2025 actuals, and all leases are reported to be in place through late 2026.
With a balanced mix of occupied units and documented upgrades, the property is positioned for buyers seeking a managed, turn-key approach to a small residential income asset.
Recent capital improvements totaling $32,750 were made across all units and common areas. Documented operating expense history is referenced for 2025 actuals, and all leases are reported to be in place through late 2026.
With a balanced mix of occupied units and documented upgrades, the property is positioned for buyers seeking a managed, turn-key approach to a small residential income asset.
Key Highlights
- 4‑unit multifamily built in 1900, with four 2BR/1BA units
- Currently 75% occupied with strong in‑place rents totaling $4,660/month
- Seller completed $32,750 in recent capital improvements across all units and common areas
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
$47,366
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
6.97%
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%
$947,320
$947.3K
Cap Rate 7%
$676,657
$676.7K
Cap Rate 9%
$526,289
$526.3K
Market Conditions
NOI Build-Up for 3,504 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
$69.4K $19.80/SF
− Vacancy
−$1.7K −$0.49/SF
EGI
$67.7K $19.31/SF
− OpEx
−$20.3K −$5.79/SF
NOI
$47.4K $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%
$947,320
Cap Rate 7%
$676,657
Cap Rate 9%
$526,289
Alternative Uses
Best Use
Multifamily LT 5
$676.7K
$592.1K – $789.4K
NOI $47,366 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$588.9K
$515.3K – $687.0K
NOI $41,221 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,760 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
Demographics for 01550, MA
17,740
Population
7,644
Households
2.3
Avg Household Size
39
Median Age
18%
College-Educated
82%
High-School Grad
20.2 sq mi
ZIP Area
878
Density / Sq Mi
$59,397
Median Household Income
$41,365
Median Earnings
$1,157
Median Rent
$267,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property with 2-bedroom, 1-bath units and leases in place through late 2026.
Where is this quadplex located?
The property is located at 59 Cross Street Southbridge, MA.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: 4‑unit multifamily built in 1900, with four 2BR/1BA units; Currently 75% occupied with strong in‑place rents totaling $4,660/month; Seller completed $32,750 in recent capital improvements across all units and common areas
