Updated Three-Unit
For Sale
$1,199,000
69 Prospect Ave, Norwood, MA 02062
Tenant-occupied triplex with refreshed kitchens, separate utilities, and parking for residents.
Property Size2,381 SF
Price / SF$503.57
Days on Market52
Property Features for 69 Prospect Ave
General Information
Standard status
Active
Size
2,381 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
G
Net Operating Income
$80,400
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,462
Building Details
Building Size
2,381 SF
Year Built
1880
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Westwood
Listed By:
Elaine Patterson
(781) 320-0550
Source:
Laerrealty
Added: Sep 4
Changed: Oct 19
Last Checked: Oct 24 at 2:14PM
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 Coldwell Banker Realty - Westwood
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Investment Insights
Based on property information with market context.
Built in 1880, this three-unit property includes two two-bedroom, one-bath apartments and a third-floor one-bedroom, one-bath residence. The first-floor kitchen has been renovated with updated appliances, while the second-floor kitchen has been remodeled and equipped with new appliances. Recent property improvements include the roof, siding, and windows. Each unit has separate gas heating and hot water, and the property provides parking for 6 cars.
All three apartments are occupied under leases running through August 31st, 2027. The property is located at 69 Prospect Avenue in Norwood, within 0.6mi of Norwood train station and the shops, stores, and restaurants in downtown Norwood.
All three apartments are occupied under leases running through August 31st, 2027. The property is located at 69 Prospect Avenue in Norwood, within 0.6mi of Norwood train station and the shops, stores, and restaurants in downtown Norwood.
Key Highlights
- Three‑unit layout with two 2‑bedroom apartments and one 1‑bedroom apartment
- Leases in place through August 31st, 2027
- First‑floor kitchen renovated with updated appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,652
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$853,040
$853.0K
Cap Rate 7%
$609,314
$609.3K
Cap Rate 9%
$473,911
$473.9K
Market Conditions
NOI Build-Up for 2,381 SF
Gross rent
$64.3K $27.00/SF
− Vacancy
−$3.4K −$1.41/SF
EGI
$60.9K $25.59/SF
− OpEx
−$18.3K −$7.68/SF
NOI
$42.7K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$853,040
Cap Rate 7%
$609,314
Cap Rate 9%
$473,911
Alternative Uses
Best Use
Multifamily LT 5
$609.3K
$533.2K – $710.9K
NOI $42,652 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$562.2K
$491.9K – $655.9K
NOI $39,353 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,668 @ 7.0% cap · market cap 8.23%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,408
Businesses Nearby
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Business Placement
Demographics for 02062, MA
31,611
Population
13,961
Households
2.3
Avg Household Size
41
Median Age
53%
College-Educated
93%
High-School Grad
10.5 sq mi
ZIP Area
3,011
Density / Sq Mi
$97,110
Median Household Income
$60,434
Median Earnings
$2,056
Median Rent
$613,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Tenant-occupied triplex with refreshed kitchens, separate utilities, and parking for residents.
Where is this triplex located?
The property is located at 69 Prospect Ave Norwood, MA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom apartments and one 1‑bedroom apartment; Leases in place through August 31st, 2027; First‑floor kitchen renovated with updated appliances
