Renovated Multifamily
For Sale
$1,100,000
62-66 Cedar St, Framingham, MA 01702
Recently renovated triplex with off-street parking for up to eight vehicles and outdoor space on a sizable lot.
Property Size3,347 SF
Price / SF$328.65
Days on Market105
Property Features for 62-66 Cedar St
General Information
Standard status
Active
Size
3,347 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
G
Net Operating Income
$107,932
Taxes and HOA fees
Annual Taxes
$8,729
Building Details
Building Size
3,347 SF
Year Built
1900
Stories
4
Listing Agency:
REMAX Andrew Realty Services
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 27
Changed: Sep 7
Last Checked: Sep 8 at 4:52AM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
This recently renovated triplex at 62-66 Cedar Street offers a strong residential income setup with multiple units and an emphasis on updated interiors. The property includes substantial outdoor space and off-street parking for up to eight vehicles, supporting flexible day-to-day operations for residents.
Located in Framingham, the home is a few blocks from downtown and the commuter rail, offering convenient access for renters who prioritize connectivity to surrounding employment centers.
The configuration and updates are geared toward tenant-readiness, making this an attractive option for buyers seeking a turn-key residential income property with practical on-site parking and outdoor space.
Located in Framingham, the home is a few blocks from downtown and the commuter rail, offering convenient access for renters who prioritize connectivity to surrounding employment centers.
The configuration and updates are geared toward tenant-readiness, making this an attractive option for buyers seeking a turn-key residential income property with practical on-site parking and outdoor space.
Key Highlights
- Recently renovated triplex at 62‑66 Cedar St with 3,347 SF of living space
- Set on a 6,970 SF lot with outdoor space plus off‑street parking for up to 8 vehicles
- 4 total bathrooms (4 full baths) with remodeled interior, upgraded cabinets, and upgraded countertops
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
$70,824
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
6.44%
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%
$1,416,480
$1.4M
Cap Rate 7%
$1,011,771
$1.0M
Cap Rate 9%
$786,933
$786.9K
Market Conditions
NOI Build-Up for 3,347 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
$106.4K $31.80/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$101.2K $30.23/SF
− OpEx
−$30.4K −$9.07/SF
NOI
$70.8K $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%
$1,416,480
Cap Rate 7%
$1,011,771
Cap Rate 9%
$786,933
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$885.3K – $1.18M
NOI $70,824 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$951.3K
$832.4K – $1.11M
NOI $66,594 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,699 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,638
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
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?
Triplex - Recently renovated triplex with off-street parking for up to eight vehicles and outdoor space on a sizable lot.
Where is this triplex located?
The property is located at 62-66 Cedar St Framingham, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Recently renovated triplex at 62‑66 Cedar St with 3,347 SF of living space; Set on a 6,970 SF lot with outdoor space plus off‑street parking for up to 8 vehicles; 4 total bathrooms (4 full baths) with remodeled interior, upgraded cabinets, and upgraded countertops
