Vacant Two-Unit
For Sale
$399,900
9 Warren Avenue, Leicester, MA 01524
Two-unit residential property with separate utilities, a newer roof, and one updated apartment ready for occupancy.
Property Size2,460 SF
Price / SF$162.56
Days on Market169
Property Features for 9 Warren Avenue
General Information
Standard status
Active
Size
2,460 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family
Zoning
R2
Net Operating Income
$55,200
Property Condition
Severity
Repairs Needed
Evidence
minor cosmetic touches
Additional Details
Furnished
No
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,300
Amenities
City/Town Sewer, Public
No, .00
No
1
Yes
2.0
2
2.00
Level
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Lock and Key Realty Inc.
Listed By:
Alexander King · License #9588719
(413) 282-8080
Source:
Compass
Added: Mar 19
Changed: Sep 2
Last Checked: Aug 30 at 9:30PM
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 Lock and Key Realty Inc.
Investment Insights
Based on property information with market context.
This vacant duplex contains 2,460 square feet within a two-unit layout. The first-floor apartment has been updated and is described as clean and ready for occupancy, while the second-floor unit requires cosmetic renovation, including kitchen, flooring, paint, and ceiling work. Both apartments have separate utilities, and the property includes a new oil tank, a roof approximately 5 years old, and updated egress windows. The seller will retain some appliances, with remaining items cleared from the building.
Built in 1910, the property sits on a level site in Leicester, Massachusetts, and carries R2 zoning. The two-unit configuration provides a defined residential layout, with one apartment in more complete condition and the other offering unfinished interior work for a future renovation plan.
Built in 1910, the property sits on a level site in Leicester, Massachusetts, and carries R2 zoning. The two-unit configuration provides a defined residential layout, with one apartment in more complete condition and the other offering unfinished interior work for a future renovation plan.
Key Highlights
- 2,460‑square‑foot duplex with 2 residential units
- First‑floor unit is updated and ready for occupancy
- Second‑floor unit requires cosmetic renovation and kitchen work
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
$33,253
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
8.32%
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%
$665,060
$665.1K
Cap Rate 7%
$475,043
$475.0K
Cap Rate 9%
$369,478
$369.5K
Market Conditions
NOI Build-Up for 2,460 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
$48.7K $19.80/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$47.5K $19.31/SF
− OpEx
−$14.3K −$5.79/SF
NOI
$33.3K $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%
$665,060
Cap Rate 7%
$475,043
Cap Rate 9%
$369,478
Alternative Uses
Best Use
Multifamily LT 5
$475.0K
$415.7K – $554.2K
NOI $33,253 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$413.4K
$361.7K – $482.3K
NOI $28,939 @ 7.0% cap · market cap 7.24%
Theoretical Best
Office A
$840.1K
$735.1K – $980.1K
NOI $58,804 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 01524, MA
6,621
Population
2,448
Households
2.7
Avg Household Size
43
Median Age
31%
College-Educated
91%
High-School Grad
15.9 sq mi
ZIP Area
416
Density / Sq Mi
$93,191
Median Household Income
$52,881
Median Earnings
$1,055
Median Rent
$390,800
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 - Two-unit residential property with separate utilities, a newer roof, and one updated apartment ready for occupancy.
Where is this duplex located?
The property is located at 9 Warren Avenue Leicester, 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: 2,460‑square‑foot duplex with 2 residential units; First‑floor unit is updated and ready for occupancy; Second‑floor unit requires cosmetic renovation and kitchen work
