Duplex Property with Renovation
For Sale
$320,000
81 School Street, North Brookfield, MA 01535
1890-built corner-lot residence with multiple living areas, hardwood flooring, and a porch.
Property Size2,256 SF
Price / SF$141.84
Days on Market168
Property Features for 81 School Street
General Information
Standard status
Active
Size
2,256 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Net Operating Income
$49,200
Property Condition
Severity
Repairs Needed
Evidence
finish a renovation
Taxes and HOA fees
Annual Taxes
$4,115
Amenities
No
Wood, Tile, Carpet
Range, Dishwasher, Refrigerator, Washer, Dryer
1
Yes
2.0
Satellite Dish
Full, Interior Access, Bulkhead, Dirt Floor, Concrete Floor
Walk-Up Attic, Bathroom With Tub, Internet Available - Satellite, Ceiling Fan(s), Living Room, Kitchen
2
2.00
Frame
Shingle
Corner Lot
Rain Gutters, Satellite Dish, Porch
Porch
Building Details
Year Built
1890
Listing Agency:
Real Broker MA, LLC - Team Chundi
(774) 284-2116
Listed By:
Team Chundi
(774) 284-2116
Source:
Compass
Added: Mar 17
Changed: Aug 30
Last Checked: Aug 30 at 9:28PM
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 Real Broker MA, LLC - Team Chundi
Investment Insights
Based on property information with market context.
This duplex property contains 2,256 square feet and dates to 1890. The interior has multiple living areas, flexible rooms, hardwood flooring, large windows, and a kitchen equipped with a range, dishwasher, and refrigerator. A washer and dryer are also included. Major renovation work has been started, leaving the remaining improvements to be completed by the next owner.
The property is situated on a corner lot at 81 School Street in North Brookfield, Massachusetts. Exterior features include a frame structure, shingle siding, rain gutters, and a porch. Additional components include a full basement with interior access, bulkhead, dirt and concrete flooring, plus a walk-up attic. The home also includes a bathroom with tub, ceiling fans, and satellite internet availability.
The property is situated on a corner lot at 81 School Street in North Brookfield, Massachusetts. Exterior features include a frame structure, shingle siding, rain gutters, and a porch. Additional components include a full basement with interior access, bulkhead, dirt and concrete flooring, plus a walk-up attic. The home also includes a bathroom with tub, ceiling fans, and satellite internet availability.
Key Highlights
- 2,256‑square‑foot duplex property built in 1890
- Renovation work has been started, with remaining improvements to be completed
- Multiple living areas, flexible rooms, hardwood flooring, and large windows
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
$26,540
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
8.29%
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%
$530,800
$530.8K
Cap Rate 7%
$379,143
$379.1K
Cap Rate 9%
$294,889
$294.9K
Market Conditions
NOI Build-Up for 2,256 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
$49.5K $21.96/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$48.3K $21.39/SF
− OpEx
−$21.7K −$9.63/SF
NOI
$26.5K $11.76/SF
Area
Worcester County, MA
Vacancy
2.60%
Lease Rate
$21.96 /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%
$530,800
Cap Rate 7%
$379,143
Cap Rate 9%
$294,889
Alternative Uses
Best Use
Multifamily LT 5
$435.7K
$381.2K – $508.3K
NOI $30,496 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$379.1K
$331.8K – $442.3K
NOI $26,540 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$770.4K
$674.1K – $898.8K
NOI $53,927 @ 7.0% cap · market cap 16.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 01535, MA
4,735
Population
2,163
Households
2.2
Avg Household Size
44
Median Age
26%
College-Educated
95%
High-School Grad
21.3 sq mi
ZIP Area
222
Density / Sq Mi
$81,010
Median Household Income
$55,393
Median Earnings
$973
Median Rent
$316,500
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?
Duplex - 1890-built corner-lot residence with multiple living areas, hardwood flooring, and a porch.
Where is this duplex located?
The property is located at 81 School Street North Brookfield, MA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 2,256‑square‑foot duplex property built in 1890; Renovation work has been started, with remaining improvements to be completed; Multiple living areas, flexible rooms, hardwood flooring, and large windows
