Updated Three-Unit
New
For Sale
$1,199,000
69 Prospect Avenue, 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 Market5
Property Features for 69 Prospect Avenue
General Information
Standard status
Active
Size
2,381 SF
Total Parking Spaces
6
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Year Built
1880
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Westwood
Listed By:
Elaine Patterson
(508) 823-9400
Source:
Ballowhutchinsonrealestate
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 8:41AM
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
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 = 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
$42,652
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
3.56%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,408
Businesses Nearby
Explore this area
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
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 - Tenant-occupied triplex with refreshed kitchens, separate utilities, and parking for residents.
Where is this triplex located?
The property is located at 69 Prospect Avenue 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
