Building Details

Building Size 2,617 SF

Year Built 1900

Year Renovated 2015

Buildings 1

Stories 3

Units 2

Listing Agency: Gibson Sotheby's International Realty b***@nemoves.com Show Phone

Listed By: Beth Byrne Show Phone

Source: Threehillsres

Added: Apr 22 Changed: Aug 29 Last Checked: Aug 6 at 3:32AM

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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 Gibson Sotheby's International Realty

Investment Insights

Based on property information with market context.

Built in 1900 and substantially renovated in 2015, this two-family property contains 2,617 square feet across two distinct residences. The first-floor unit offers 822 square feet and access to a full basement with private laundry hookups. Spanning the second and third levels, the larger 1,811-square-foot unit includes four bedrooms, two full bathrooms, a laundry room, and a large walk-in closet. Both residences feature hardwood flooring, granite or solid-surface counters, stainless steel appliances, and lead certification.

The property occupies 2 acres at 78 Main Street in Upton, Massachusetts, with highway access and proximity to the heart of town. Exterior improvements include a newer roof, replacement windows, shingle siding, and eight parking spaces. Separate utilities serve the units, with two boilers and tankless hot-water equipment supporting the building.

Key Highlights

• Two‑family property totaling 2,617 square feet on 2 acres
• First‑floor unit measures 822 sq. ft. and includes full‑basement access with private laundry hookups
• Second residence spans 1,811 sq. ft. across levels 2 and 3

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

$35,376

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

5.06%

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%

$707,520 $707.5K

Cap Rate 7%

$505,371 $505.4K

Cap Rate 9%

$393,067 $393.1K

Market Conditions

NOI Build-Up for 2,617 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

$51.8K $19.80/SF

− Vacancy

−$1.3K −$0.49/SF

EGI

$50.5K $19.31/SF

− OpEx

−$15.2K −$5.79/SF

NOI

$35.4K $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%

$707,520

Cap Rate 7%

$505,371

Cap Rate 9%

$393,067

Alternative Uses

Best Use

Multifamily LT 5

$505.4K

$442.2K – $589.6K (±1% cap)

NOI $35,376 @ 7.0% cap · market cap 5.06%

Second Best

Apartment 5plus

$439.8K

$384.8K – $513.1K (±1% cap)

NOI $30,786 @ 7.0% cap · market cap 4.40%

Theoretical Best

Office A

$893.7K

$782.0K – $1.04M (±1% cap)

NOI $62,557 @ 7.0% cap · market cap 8.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Building Supply HVAC Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

159

Businesses Nearby

Explore this area Business Placement

Demographics for 01568, MA

7,900

Population

2,947

Households

2.7

Avg Household Size

43

Median Age

53%

College-Educated

98%

High-School Grad

21.2 sq mi

ZIP Area

373

Density / Sq Mi

$161,429

Median Household Income

$60,682

Median Earnings

$558,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Updated two-family property with separate utilities, dedicated laundry areas, and off-street parking near downtown Upton.

Where is this duplex located?

The property is located at 78 Main Street Upton, MA.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: Two‑family property totaling 2,617 square feet on 2 acres; First‑floor unit measures 822 sq. ft. and includes full‑basement access with private laundry hookups; Second residence spans 1,811 sq. ft. across levels 2 and 3