Renovated Two-Unit
For Sale
$650,000
Pending
659 Highland St, Northbridge, MA 01534
Updated residential income property with flexible living areas, private outdoor space, and convenient access to daily amenities.
Property Size2,789 SF
Days on Market60
Property Features for 659 Highland St
General Information
Standard status
Pending
Size
2,789 SF
Total Parking Spaces
9
Property subtype
Residential Income
Zoning
RES
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,302
Building Details
Building Size
2,789 SF
Year Built
1960
Stories
3
Units
2
Construction
farmhouse
Listing Agency:
StartPoint Realty
(774) 287-0405
Listed By:
Sharon Ridley · License #9579459
(774) 287-0405
Source:
Aucoinryanrealty
Added: Jul 3
Changed: Aug 29
Last Checked: Jul 5 at 12:17PM
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 StartPoint Realty
Investment Insights
Based on property information with market context.
This two-unit residential property at 659 Highland St presents a renovated farmhouse-style configuration with 2,789 square feet of living area. Improvements include board-and-batten siding, hardwood flooring, refreshed kitchens and bathrooms, and an updated heating system. A first-floor primary bedroom, vaulted ceiling, and walk-in closet add practical comfort within the interior layout. The property was built in 1960 and is zoned RES.
Set on just over an acre, the site provides an expansive backyard for outdoor use, gatherings, gardening, or recreation. The location offers proximity to major commuter routes, shopping, dining, and everyday amenities. The combination of two-unit functionality, substantial land, and completed interior updates supports a range of residential income property needs.
Set on just over an acre, the site provides an expansive backyard for outdoor use, gatherings, gardening, or recreation. The location offers proximity to major commuter routes, shopping, dining, and everyday amenities. The combination of two-unit functionality, substantial land, and completed interior updates supports a range of residential income property needs.
Key Highlights
- Two‑unit property with 2,789 square feet of living area
- Renovated interiors with hardwood floors, updated kitchens, bathrooms, and heating system
- First‑floor primary bedroom with vaulted ceiling and walk‑in closet
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
$37,701
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
5.80%
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%
$754,020
$754.0K
Cap Rate 7%
$538,586
$538.6K
Cap Rate 9%
$418,900
$418.9K
Market Conditions
NOI Build-Up for 2,789 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
$55.2K $19.80/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$53.9K $19.31/SF
− OpEx
−$16.2K −$5.79/SF
NOI
$37.7K $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%
$754,020
Cap Rate 7%
$538,586
Cap Rate 9%
$418,900
Alternative Uses
Best Use
Multifamily LT 5
$538.6K
$471.3K – $628.4K
NOI $37,701 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$468.7K
$410.1K – $546.8K
NOI $32,810 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$952.4K
$833.4K – $1.11M
NOI $66,668 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 01534, MA
6,233
Population
2,515
Households
2.5
Avg Household Size
45
Median Age
41%
College-Educated
89%
High-School Grad
9.5 sq mi
ZIP Area
656
Density / Sq Mi
$134,539
Median Household Income
$69,844
Median Earnings
$1,170
Median Rent
$451,800
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?
Duplex - Updated residential income property with flexible living areas, private outdoor space, and convenient access to daily amenities.
Where is this duplex located?
The property is located at 659 Highland St Northbridge, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑unit property with 2,789 square feet of living area; Renovated interiors with hardwood floors, updated kitchens, bathrooms, and heating system; First‑floor primary bedroom with vaulted ceiling and walk‑in closet
