Building Details

Year Built 1920

Construction Folk Victorian

Listing Agency: Cohn & Company Show Phone

Listed By: Harriet Paine · License #452509550 Show Phone

Source: Lockandkeyre

Added: Jul 11 Changed: Sep 5 Last Checked: Sep 6 at 7:30AM

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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 Cohn & Company

Investment Insights

Based on property information with market context.

This Folk Victorian home offers a character-rich layout with thoughtfully maintained and updated interior features. Interior highlights include wood floors, pocket doors, and stained-glass accents, along with ductless mini-splits providing heating and cooling on the first floor. The home also includes a separate ducted heat pump system and thermostat upstairs, supported by a Buderus boiler for a single heating system.

Outside, the property is bordered by classic stone walls and features ornamental arched gate access, decorative scalloped gables, and spindled porches. A newer deck with stairs extends from the original side porch. The grounds include established gardens and a pergola set behind an oversized two-car garage with attached barn space built in 1994, offering additional storage or workspace potential.

While the property is zoned as a two-unit property, it has long been used as a single-family residence. A single heating system supports the home, and the presence of separate climate controls by level provides flexibility for day-to-day comfort.

Key Highlights

• 1920 Folk Victorian home with updated interiors, wood floors, pocket doors, and stained‑glass accents
• Zoned as a two‑unit property but long used as a single‑family home
• Heating and cooling: ductless mini‑splits on the 1st floor, plus a separate ducted heat pump with thermostat upstairs

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

$39,327

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

7.43%

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%

$786,540 $786.5K

Cap Rate 7%

$561,814 $561.8K

Cap Rate 9%

$436,967 $437.0K

Market Conditions

NOI Build-Up for 2,678 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

$59.5K $22.20/SF

− Vacancy

−$3.3K −$1.22/SF

EGI

$56.2K $20.98/SF

− OpEx

−$16.9K −$6.29/SF

NOI

$39.3K $14.69/SF

Area

Franklin County, MA

Vacancy

5.50%

Lease Rate

$22.20 /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%

$786,540

Cap Rate 7%

$561,814

Cap Rate 9%

$436,967

Alternative Uses

Best Use

Multifamily LT 5

$561.8K

$491.6K – $655.5K (±1% cap)

NOI $39,327 @ 7.0% cap · market cap 7.43%

Second Best

Apartment 5plus

$508.0K

$444.5K – $592.6K (±1% cap)

NOI $35,558 @ 7.0% cap · market cap 6.72%

Theoretical Best

Healthcare Medical

$1.11M

$971.7K – $1.30M (±1% cap)

NOI $77,734 @ 7.0% cap · market cap 14.69%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Plumbing Service Kitchen & Bath Showroom Law Firm Nail Salon Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

66

Businesses Nearby

Explore this area Business Placement

Demographics for 01360, MA

2,871

Population

1,415

Households

2

Avg Household Size

49

Median Age

43%

College-Educated

93%

High-School Grad

34.3 sq mi

ZIP Area

84

Density / Sq Mi

$102,470

Median Household Income

$52,269

Median Earnings

$1,189

Median Rent

$337,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Folk Victorian two-unit property with updated interiors, wood floors, and separate heating and cooling systems on both levels.

Where is this duplex located?

The property is located at 65 Highland Ave. Northfield, MA.

What is the asking price?

The asking price for this property is $529,000.

What are key features of this property?

This property features: 1920 Folk Victorian home with updated interiors, wood floors, pocket doors, and stained‑glass accents; Zoned as a two‑unit property but long used as a single‑family home; Heating and cooling: ductless mini‑splits on the 1st floor, plus a separate ducted heat pump with thermostat upstairs