Renovated 4-Unit
For Sale
$989,995
62-64 Willow Rd, Ayer, MA 01432
Updated apartments feature separate utilities, off-street parking, and a varied unit mix.
Property Size3,202 SF
Price / SF$309.18
Days on Market65
Property Features for 62-64 Willow Rd
General Information
Standard status
Active
Size
3,202 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
A2
Net Operating Income
$103,800
Additional Details
Gross Income
$113,400
Taxes and HOA fees
Annual Taxes
$6,123
Building Details
Building Size
3,202 SF
Year Built
1830
Stories
6
Tenancy
Multi
Listing Agency:
Pioneer CRE
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 9
Changed: Aug 11
Last Checked: Aug 11 at 5:01AM
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 Pioneer CRE
Investment Insights
Based on property information with market context.
This 4-unit quadplex includes one 3-bedroom apartment, two 2-bedroom apartments, and one 1-bedroom apartment. One of the 2-bedroom units is vacant, while the property offers separate utility service for each residence and off-street parking. The building dates to 1830 and has undergone extensive renovation work, including full interior updates, heating improvements, electrical and plumbing upgrades, foundation and exterior work, a new septic system, and rebuilt deck and stairway components.
The property is located at 62-64 Willow Rd in Ayer, Massachusetts, and is identified as A2 zoning. Its unit configuration supports both multifamily ownership and an owner-occupancy arrangement, with one residence available for occupancy or leasing while the other apartments remain in service.
The property is located at 62-64 Willow Rd in Ayer, Massachusetts, and is identified as A2 zoning. Its unit configuration supports both multifamily ownership and an owner-occupancy arrangement, with one residence available for occupancy or leasing while the other apartments remain in service.
Key Highlights
- 4‑unit multifamily property with 1 three‑bedroom, 2 two‑bedroom, and 1 one‑bedroom units
- One vacant 2‑bed unit
- Separate utilities serving 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
$67,755
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
6.84%
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%
$1,355,100
$1.4M
Cap Rate 7%
$967,929
$967.9K
Cap Rate 9%
$752,833
$752.8K
Market Conditions
NOI Build-Up for 3,202 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
$101.8K $31.80/SF
− Vacancy
−$5.0K −$1.57/SF
EGI
$96.8K $30.23/SF
− OpEx
−$29.0K −$9.07/SF
NOI
$67.8K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,355,100
Cap Rate 7%
$967,929
Cap Rate 9%
$752,833
Alternative Uses
Best Use
Multifamily LT 5
$967.9K
$846.9K – $1.13M
NOI $67,755 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$910.1K
$796.4K – $1.06M
NOI $63,709 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,690 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 01432, MA
8,221
Population
3,770
Households
2.2
Avg Household Size
43
Median Age
41%
College-Educated
91%
High-School Grad
8.5 sq mi
ZIP Area
967
Density / Sq Mi
$105,142
Median Household Income
$66,659
Median Earnings
$1,373
Median Rent
$419,800
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?
Quadplex - Updated apartments feature separate utilities, off-street parking, and a varied unit mix.
Where is this quadplex located?
The property is located at 62-64 Willow Rd Ayer, MA.
What is the asking price?
The asking price for this property is $989,995.
What are key features of this property?
This property features: 4‑unit multifamily property with 1 three‑bedroom, 2 two‑bedroom, and 1 one‑bedroom units; One vacant 2‑bed unit; Separate utilities serving each unit
