Quadplex with Street-Level Office
For Sale
Contact for pricing
81 Franklin St, Framingham, MA 01702
Four separately metered apartments plus a move-in-ready street-level office with exterior signage and on-site parking.
Property Size4,903 SF
Lot Size0.24 Acres
Price / SF$234.55
Days on Market49
Property Features for 81 Franklin St
General Information
Standard status
Active
Size
4,903 SF
Total Parking Spaces
9
Lot size
0.24 Acres
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
1
Amenities
conference room
street-facing exterior signage
basement storage
Building Details
Buildings
1
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Gordon Real Estate
(508) 370-3333
Listed By:
Peter Gordon
(508) 245-9732
Source:
Moodyscre
Added: Jul 27
Changed: Sep 5
Last Checked: Sep 13 at 11:49AM
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 Gordon Real Estate
Investment Insights
Based on property information with market context.
This quadplex-style multi-use building includes four residential rental apartments and approximately 2,250 SF of street-level office space on a total 4,902 SF site totaling .24 acre. The residential portion consists of three one-bedroom units and one studio unit, each separately metered for utilities, with two units currently rented and two recently vacated.
The first level office space is move-in ready and features four offices, a conference room, a support staff open area, and en suite bathrooms, along with street-facing exterior signage. The space is currently housing a law firm and can be used for owner occupancy or tenant income. There is also approximately 700 SF of lower level basement storage or overflow work space.
Access and walkability support both apartment renters and business users, with the property only a short walk to the public transit train station and close to Route 135, providing easy access to Ashland, Natick, Wellesley, and Boston. The location is minutes from Route 9, one block from City Hall, near the MetroWest Medical Center, and within walking distance to more than one hundred service businesses including restaurants, cafes, and retail stores. There are 9 on-site parking spaces.
The first level office space is move-in ready and features four offices, a conference room, a support staff open area, and en suite bathrooms, along with street-facing exterior signage. The space is currently housing a law firm and can be used for owner occupancy or tenant income. There is also approximately 700 SF of lower level basement storage or overflow work space.
Access and walkability support both apartment renters and business users, with the property only a short walk to the public transit train station and close to Route 135, providing easy access to Ashland, Natick, Wellesley, and Boston. The location is minutes from Route 9, one block from City Hall, near the MetroWest Medical Center, and within walking distance to more than one hundred service businesses including restaurants, cafes, and retail stores. There are 9 on-site parking spaces.
Key Highlights
- .24‑acre, 4,902 SF multi‑use quadplex with street‑level office space
- Residential mix: three one‑bedroom units and one studio unit, each separately metered for utilities
- Two apartments currently rented and two recently vacated
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
$103,749
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
9.02%
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%
$2,074,980
$2.1M
Cap Rate 7%
$1,482,129
$1.5M
Cap Rate 9%
$1,152,767
$1.2M
Market Conditions
NOI Build-Up for 4,903 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
$155.9K $31.80/SF
− Vacancy
−$7.7K −$1.57/SF
EGI
$148.2K $30.23/SF
− OpEx
−$44.5K −$9.07/SF
NOI
$103.7K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$2,074,980
Cap Rate 7%
$1,482,129
Cap Rate 9%
$1,152,767
Alternative Uses
Best Use
Office B
$2.22M
$1.94M – $2.59M
NOI $155,574 @ 7.0% cap · market cap 13.53%
Second Best
Multifamily LT 5
$1.48M
$1.30M – $1.73M
NOI $103,749 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$2.90M
$2.54M – $3.39M
NOI $203,179 @ 7.0% cap · market cap 17.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 01702, MA
39,515
Population
15,303
Households
2.6
Avg Household Size
35
Median Age
39%
College-Educated
83%
High-School Grad
8.2 sq mi
ZIP Area
4,819
Density / Sq Mi
$78,784
Median Household Income
$41,792
Median Earnings
$1,822
Median Rent
$563,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered apartments plus a move-in-ready street-level office with exterior signage and on-site parking.
Where is this quadplex located?
The property is located at 81 Franklin St Framingham, MA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: .24‑acre, 4,902 SF multi‑use quadplex with street‑level office space; Residential mix: three one‑bedroom units and one studio unit, each separately metered for utilities; Two apartments currently rented and two recently vacated
