Two-Family Residential Income
For Sale
$739,900
7 Wingate St, Shrewsbury, MA 01545
Two updated units with a shared basement laundry area, yard, and two separate storage units generating extra monthly income.
Property Size1,898 SF
Price / SF$389.83
Days on Market153
Property Features for 7 Wingate St
General Information
Standard status
Active
Size
1,898 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
RES B-
Taxes and HOA fees
Annual Taxes
$6,044
Building Details
Building Size
1,898 SF
Year Built
1917
Stories
2
Listing Agency:
REMAX Andrew Realty Services
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 9
Changed: Sep 7
Last Checked: Sep 8 at 5:09AM
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 REMAX Andrew Realty Services
Investment Insights
Based on property information with market context.
This well-maintained two-family property offers two spacious units and updated utilities. Unit 1 is being delivered vacant. Unit 2 has been updated with new floors and fresh paint. A shared laundry area is located in the basement, and the property also includes two separate storage units that generate additional monthly income.
The home is beautifully situated near scenic Jordan Pond, and it features a yard for outdoor space.
Overall, the configuration provides two separate living units under one roof with convenient shared laundry and supplemental storage income.
The home is beautifully situated near scenic Jordan Pond, and it features a yard for outdoor space.
Overall, the configuration provides two separate living units under one roof with convenient shared laundry and supplemental storage income.
Key Highlights
- Two‑family home built in 1917, near scenic Jordan Pond
- Unit 1 to be delivered vacant for owner‑occupant use or immediate rental
- Unit 2 updated with new floors and fresh paint
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
$25,657
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
3.47%
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%
$513,140
$513.1K
Cap Rate 7%
$366,529
$366.5K
Cap Rate 9%
$285,078
$285.1K
Market Conditions
NOI Build-Up for 1,898 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
$37.6K $19.80/SF
− Vacancy
−$928 −$0.49/SF
EGI
$36.7K $19.31/SF
− OpEx
−$11.0K −$5.79/SF
NOI
$25.7K $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%
$513,140
Cap Rate 7%
$366,529
Cap Rate 9%
$285,078
Alternative Uses
Best Use
Multifamily LT 5
$366.5K
$320.7K – $427.6K
NOI $25,657 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$319.0K
$279.1K – $372.1K
NOI $22,328 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$648.1K
$567.1K – $756.2K
NOI $45,370 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 01545, MA
38,316
Population
15,318
Households
2.5
Avg Household Size
41
Median Age
66%
College-Educated
96%
High-School Grad
20.8 sq mi
ZIP Area
1,842
Density / Sq Mi
$136,225
Median Household Income
$74,718
Median Earnings
$2,046
Median Rent
$555,500
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 - Two updated units with a shared basement laundry area, yard, and two separate storage units generating extra monthly income.
Where is this duplex located?
The property is located at 7 Wingate St Shrewsbury, MA.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: Two‑family home built in 1917, near scenic Jordan Pond; Unit 1 to be delivered vacant for owner‑occupant use or immediate rental; Unit 2 updated with new floors and fresh paint
