Building Details

Building Size 5,654 SF

Year Built 1860

Stories 2

Units 5

Listing Agency: The Entry Only Listing Service of Rhode Island j***@homezu.com Show Phone

Listed By: Jason Saphire · License #9086666 Show Phone

Source: Elliman

Added: Jul 25 Changed: Aug 8 Last Checked: Aug 9 at 8:55AM

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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 The Entry Only Listing Service of Rhode Island

Investment Insights

Based on property information with market context.

This five-unit multifamily property includes 5,654 SF and 9 bedrooms with 5 bathrooms total. Four units are currently leased, producing $67,800 in gross annual rent from in-place tenants. The unit mix includes two 1BR units leased at $1,300 and $1,250 per month, a 2BR/1BA unit leased at $1,700 per month, and a second 1BR unit leased at $1,400 per month. One 3BR/1BA unit is vacant and currently carried at a $2,000 per month market rent.

Heating is oil and is landlord-paid. 2025 operating expenses listed are $8,305.96 for taxes, $7,607.80 for insurance, $641.82 for electric, $7,939.35 for heating & cooling, and $420 for water & sewer. The vacant unit provides flexibility for move-in, owner-occupancy, or lease-up to support total potential gross rent of $91,800 per year. Buyer should conduct due diligence.

Key Highlights

• 5‑unit multifamily in Princeton; 4 of 5 units are currently occupied with in‑place gross annual rent of $67,800 ($5,650/month).
• Unit mix and rents: 1BR leased $1,300/mo; 2BR/1BA leased $1,700/mo; 1BR leased $1,400/mo; 3BR/1BA vacant at $2,000/mo; 1BR leased $1,250/mo.
• 5,654 SF building with 9 bedrooms and 5 bathrooms total; 1860 year built.

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

$66,513

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

7.97%

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%

$1,330,260 $1.3M

Cap Rate 7%

$950,186 $950.2K

Cap Rate 9%

$739,033 $739.0K

Market Conditions

NOI Build-Up for 5,654 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

$124.2K $21.96/SF

− Vacancy

−$3.2K −$0.57/SF

EGI

$120.9K $21.39/SF

− OpEx

−$54.4K −$9.63/SF

NOI

$66.5K $11.76/SF

Area

Worcester County, MA

Vacancy

2.60%

Lease Rate

$21.96 /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%

$1,330,260

Cap Rate 7%

$950,186

Cap Rate 9%

$739,033

Alternative Uses

Best Use

Apartment 5plus

$950.2K

$831.4K – $1.11M (±1% cap)

NOI $66,513 @ 7.0% cap · market cap 7.97%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.93M

$1.69M – $2.25M (±1% cap)

NOI $135,153 @ 7.0% cap · market cap 16.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Pharmacy Computer & Electronic Repair Tech Support Center Wine and Liquor Store Cosmetic Store 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

18

Businesses Nearby

Explore this area Business Placement

Demographics for 01541, MA

3,495

Population

1,409

Households

2.5

Avg Household Size

49

Median Age

62%

College-Educated

99%

High-School Grad

35.4 sq mi

ZIP Area

99

Density / Sq Mi

$150,577

Median Household Income

$71,212

Median Earnings

$921

Median Rent

$496,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - 4 of 5 units are occupied with in-place rents, and the property uses landlord-paid oil heat.

Where is this apartment building located?

The property is located at 66 Main St Princeton, MA.

What is the asking price?

The asking price for this property is $835,000.

What are key features of this property?

This property features: 5‑unit multifamily in Princeton; 4 of 5 units are currently occupied with in‑place gross annual rent of $67,800 ($5,650/month).; Unit mix and rents: 1BR leased $1,300/mo; 2BR/1BA leased $1,700/mo; 1BR leased $1,400/mo; 3BR/1BA vacant at $2,000/mo; 1BR leased $1,250/mo.; 5,654 SF building with 9 bedrooms and 5 bathrooms total; 1860 year built.