Waterfront Two-Unit
For Sale
$649,900
7 Mill St, Northborough, MA 01532
Side-by-side residences offer private entrances, flexible DB zoning, and access to town amenities.
Property Size2,070 SF
Price / SF$313.96
Days on Market91
Property Features for 7 Mill St
General Information
Standard status
Active
Size
2,070 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
DB
Net Operating Income
$19,200
Taxes and HOA fees
Annual Taxes
$7,733
Building Details
Building Size
2,070 SF
Year Built
1849
Stories
4
Listing Agency:
RE/MAX Partners
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 2
Changed: Aug 31
Last Checked: Aug 31 at 1:10AM
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 RE/MAX Partners
Investment Insights
Based on property information with market context.
This 2,070-square-foot duplex was built in 1849 and contains two side-by-side residences, each with two bedrooms, one bathroom, a living room, and an eat-in kitchen. Separate entrances serve the units, and off-street parking is provided. The property is being sold as-is; some peeling paint may affect FHA loan eligibility.
Set on a 0.52-acre waterfront lot at 7 Mill St, the home occupies a quiet dead-end street in Northborough. Town-center shops, restaurants, and schools are within walking distance. DB zoning is identified for the property, with potential for a home office or small business subject to town verification.
Set on a 0.52-acre waterfront lot at 7 Mill St, the home occupies a quiet dead-end street in Northborough. Town-center shops, restaurants, and schools are within walking distance. DB zoning is identified for the property, with potential for a home office or small business subject to town verification.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath in each residence
- 2,070 SF building on a 0.52‑acre waterfront lot
- Private entrances for both side‑by‑side units
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
$27,982
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
4.31%
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%
$559,640
$559.6K
Cap Rate 7%
$399,743
$399.7K
Cap Rate 9%
$310,911
$310.9K
Market Conditions
NOI Build-Up for 2,070 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
$41.0K $19.80/SF
− Vacancy
−$1.0K −$0.49/SF
EGI
$40.0K $19.31/SF
− OpEx
−$12.0K −$5.79/SF
NOI
$28.0K $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%
$559,640
Cap Rate 7%
$399,743
Cap Rate 9%
$310,911
Alternative Uses
Best Use
Multifamily LT 5
$399.7K
$349.8K – $466.4K
NOI $27,982 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$347.9K
$304.4K – $405.9K
NOI $24,351 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$706.9K
$618.5K – $824.7K
NOI $49,481 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
Explore this area
Business Placement
Demographics for 01532, MA
15,741
Population
5,913
Households
2.7
Avg Household Size
43
Median Age
67%
College-Educated
97%
High-School Grad
18.5 sq mi
ZIP Area
851
Density / Sq Mi
$174,358
Median Household Income
$90,816
Median Earnings
$2,087
Median Rent
$598,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Side-by-side residences offer private entrances, flexible DB zoning, and access to town amenities.
Where is this duplex located?
The property is located at 7 Mill St Northborough, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath in each residence; 2,070 SF building on a 0.52‑acre waterfront lot; Private entrances for both side‑by‑side units
