Renovated Multifamily Investment
For Sale
$1,485,000
72-78 Highland St, Marlborough, MA 01752
Renovated multifamily with updated roof, exterior paint, and 2024 heat pumps and kitchen/bath improvements.
Property Size4,365 SF
Price / SF$340.21
Days on Market102
Property Features for 72-78 Highland St
General Information
Standard status
Active
Size
4,365 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
RB
Net Operating Income
$134,025
Taxes and HOA fees
Annual Taxes
$8,461
Building Details
Building Size
4,365 SF
Year Built
1900
Stories
5
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 27
Changed: Sep 4
Last Checked: Sep 4 at 4:03AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This multifamily property at 72–78 Highland Street offers 4,365 square feet of living area. The site includes a half-acre lot with considerable outdoor space and off-street parking for up to 10 or more vehicles. Recent improvements include a new roof and exterior paint completed in 2023, along with new heat pumps/mini splits and new kitchen and bath updates in 2024.
The property is located on a quiet street and is about half a mile from downtown, offering a convenient setting for residents. The outdoor area also presents opportunities for additional development, subject to buyer planning and applicable approvals.
For sale as a multifamily investment, this residence is positioned for strong day-to-day usability with recent capital upgrades and a parking-ready site plan.
The property is located on a quiet street and is about half a mile from downtown, offering a convenient setting for residents. The outdoor area also presents opportunities for additional development, subject to buyer planning and applicable approvals.
For sale as a multifamily investment, this residence is positioned for strong day-to-day usability with recent capital upgrades and a parking-ready site plan.
Key Highlights
- Renovated multifamily at 72‑78 Highland St with new roof and exterior paint (2023) plus new 2024 heat pumps/mini splits
- Updated kitchen and baths completed in 2024
- Approximately 4,365 sq ft of living area on a half‑acre lot
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
$86,849
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
5.85%
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%
$1,736,980
$1.7M
Cap Rate 7%
$1,240,700
$1.2M
Cap Rate 9%
$964,989
$965.0K
Market Conditions
NOI Build-Up for 4,365 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
$166.6K $38.16/SF
− Vacancy
−$8.7K −$1.98/SF
EGI
$157.9K $36.18/SF
− OpEx
−$71.1K −$16.28/SF
NOI
$86.8K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$1,736,980
Cap Rate 7%
$1,240,700
Cap Rate 9%
$964,989
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,849 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,884 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,269
Businesses Nearby
Explore this area
Business Placement
Demographics for 01752, MA
41,793
Population
17,370
Households
2.4
Avg Household Size
40
Median Age
41%
College-Educated
89%
High-School Grad
20.9 sq mi
ZIP Area
2,000
Density / Sq Mi
$95,047
Median Household Income
$49,012
Median Earnings
$1,721
Median Rent
$485,400
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?
Multifamily property - Renovated multifamily with updated roof, exterior paint, and 2024 heat pumps and kitchen/bath improvements.
Where is this multifamily property located?
The property is located at 72-78 Highland St Marlborough, MA.
What is the asking price?
The asking price for this property is $1,485,000.
What are key features of this property?
This property features: Renovated multifamily at 72‑78 Highland St with new roof and exterior paint (2023) plus new 2024 heat pumps/mini splits; Updated kitchen and baths completed in 2024; Approximately 4,365 sq ft of living area on a half‑acre lot
