Renovated 16-Unit Apartment
For Sale
$3,749,000
61-65 Broad Street, Marlborough, MA 01752
Three separate buildings sit on a landscaped corner parcel with on-site parking.
Property Size10,792 SF
Price / SF$347.39
Days on Market134
Property Features for 61-65 Broad Street
General Information
Standard status
Active
Size
10,792 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
16
Building Details
Year Built
1900
Buildings
3
Listing Agency:
Steve Bremis Realty Group
(617) 828-1070
Listed By:
Stephen Bremis · License #128686
(617) 828-1070
Source:
Stevebremis
Added: Apr 19
Changed: Aug 29
Last Checked: Aug 29 at 3:01PM
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 Steve Bremis Realty Group
Investment Insights
Based on property information with market context.
The property at 61-65 Broad Street comprises 16 apartment units across three separate buildings on a corner lot. Originally built in 1900, the buildings have received substantial updates, with most units renovated within the past four years. Apartment improvements include hardwood flooring, granite countertops, shaker-style cabinets, and stainless steel appliances with dishwashers. One studio is scheduled for renovation before closing.
Building-wide capital work includes updated plumbing and electrical systems. The landscaped grounds and ample parking add functional value for residents while complementing the multi-building layout.
Building-wide capital work includes updated plumbing and electrical systems. The landscaped grounds and ample parking add functional value for residents while complementing the multi-building layout.
Key Highlights
- 16‑unit apartment property at 61‑65 Broad Street
- Three separate buildings on a corner lot
- Most units renovated within the past four years
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
$214,724
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
5.73%
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%
$4,294,480
$4.3M
Cap Rate 7%
$3,067,486
$3.1M
Cap Rate 9%
$2,385,822
$2.4M
Market Conditions
NOI Build-Up for 10,792 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
$411.8K $38.16/SF
− Vacancy
−$21.4K −$1.98/SF
EGI
$390.4K $36.18/SF
− OpEx
−$175.7K −$16.28/SF
NOI
$214.7K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$4,294,480
Cap Rate 7%
$3,067,486
Cap Rate 9%
$2,385,822
Alternative Uses
Best Use
Apartment 5plus
$3.07M
$2.68M – $3.58M
NOI $214,724 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.39M
$5.59M – $7.45M
NOI $447,218 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Explore this area
Business Placement
Demographics for 01752, MA
41,793
Population
17,370
Households
2.4
Avg Household Size
40
Median Age
41%
College-Educated
89%
High-School Grad
20.9 sq mi
ZIP Area
2,000
Density / Sq Mi
$95,047
Median Household Income
$49,012
Median Earnings
$1,721
Median Rent
$485,400
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?
Apartment building - Three separate buildings sit on a landscaped corner parcel with on-site parking.
Where is this apartment building located?
The property is located at 61-65 Broad Street Marlborough, MA.
What is the asking price?
The asking price for this property is $3,749,000.
What are key features of this property?
This property features: 16‑unit apartment property at 61‑65 Broad Street; Three separate buildings on a corner lot; Most units renovated within the past four years
