Ranch-Style
New
For Sale
$399,900
Pending
78 Edgewater Dr, Blackstone, MA 01504
Three-unit property with two one-bedroom apartments and a full-floor residence.
Property Size2,208 SF
Days on Market4
Property Features for 78 Edgewater Dr
General Information
Standard status
Pending
Size
2,208 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,750
Building Details
Building Size
2,208 SF
Year Built
1955
Stories
4
Units
3
Listing Agency:
(508) 380-1643
Listed By:
Suzanne Ranieri · License #RES.0027891
(508) 380-1643
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 22 at 12:22PM
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 Suzanne Ranieri
Investment Insights
Based on property information with market context.
Built in 1955, this ranch-style residential property contains three separate living units: a full first-floor apartment plus two one-bedroom apartments, including one in the lower level and another positioned at the rear of the house. Each unit requires rehabilitation, making the property suited to a renovation-focused buyer.
The property has frontage along Harris Pond, with access to fishing, kayaking, and seasonal skating. A connection to the town sewer system will be required. Existing long-term tenants are in place, and the property is located in Blackstone, Massachusetts.
The property has frontage along Harris Pond, with access to fishing, kayaking, and seasonal skating. A connection to the town sewer system will be required. Existing long-term tenants are in place, and the property is located in Blackstone, Massachusetts.
Key Highlights
- Three‑unit residential property with a full first‑floor apartment
- Two one‑bedroom apartments, including lower‑level and rear‑house units
- All units require rehabilitation
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
$29,847
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
7.46%
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%
$596,940
$596.9K
Cap Rate 7%
$426,386
$426.4K
Cap Rate 9%
$331,633
$331.6K
Market Conditions
NOI Build-Up for 2,208 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
$43.7K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$42.6K $19.31/SF
− OpEx
−$12.8K −$5.79/SF
NOI
$29.8K $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%
$596,940
Cap Rate 7%
$426,386
Cap Rate 9%
$331,633
Alternative Uses
Best Use
Multifamily LT 5
$426.4K
$373.1K – $497.5K
NOI $29,847 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$371.1K
$324.7K – $432.9K
NOI $25,975 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$754.0K
$659.8K – $879.7K
NOI $52,780 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Explore this area
Business Placement
Demographics for 01504, MA
9,208
Population
4,079
Households
2.3
Avg Household Size
43
Median Age
35%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
830
Density / Sq Mi
$98,986
Median Household Income
$61,973
Median Earnings
$1,157
Median Rent
$394,600
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?
Triplex - Three-unit property with two one-bedroom apartments and a full-floor residence.
Where is this triplex located?
The property is located at 78 Edgewater Dr Blackstone, MA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Three‑unit residential property with a full first‑floor apartment; Two one‑bedroom apartments, including lower‑level and rear‑house units; All units require rehabilitation
