Duplex with Detached Three-Car
For Sale
$425,000
91 Newell Avenue, Southbridge, MA 01550
R2-zoned two-family property with paid-off solar panels, central air, and a fenced level backyard.
Property Size2,200 SF
Price / SF$193.18
Days on Market194
Property Features for 91 Newell Avenue
General Information
Standard status
Active
Size
2,200 SF
Total Parking Spaces
13
Property subtype
Multi-family / 2 Family
Zoning
R2
Net Operating Income
$10,800
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,370
Amenities
solar panels
fenced backyard
detached garage
forced air heat
central air
Yes, Yes, 3.00, Paved Drive, Paved Drive
No
Tile, Carpet
Range, Refrigerator
2
Yes
Insulated Doors
2.0
Insulated Windows
Electric Dryer Hookup, Washer Hookup
Full
Ceiling Fan(s), Living Room, Kitchen, Office/Den, Window AC
2.00
Fenced/Enclosed
Frame
Shingle
Cleared, Level
Building Details
Year Built
1940
Listing Agency:
Panarelli Properties, Inc.
(508) 718-9003
Listed By:
Justin Panarelli · License #9587973
(508) 718-9003
Source:
Compass
Added: Feb 17
Changed: Aug 29
Last Checked: Aug 29 at 2:00PM
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 Panarelli Properties, Inc.
Investment Insights
Based on property information with market context.
Built in 1940, this 2,200-square-foot duplex includes two residential units and a detached three-car garage. The property has a roof that is 5 years old, paid-off solar panels, forced-air heat, central air, and a mix of tile and carpet finishes. A full basement, laundry hookups, insulated windows, and insulated doors are also included. The first unit has been owner occupied.
The exterior offers a fenced and level backyard, cleared grounds, and off-street parking in the driveway and garage area. Located on Newell Avenue in Southbridge, the property is near shopping, dining, and major routes. R2 zoning supports its two-family configuration.
The exterior offers a fenced and level backyard, cleared grounds, and off-street parking in the driveway and garage area. Located on Newell Avenue in Southbridge, the property is near shopping, dining, and major routes. R2 zoning supports its two-family configuration.
Key Highlights
- 2,200‑square‑foot duplex with two residential units
- Detached three‑car garage with additional off‑street parking
- Paid‑off solar panels and a roof that is 5 years old
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
$29,739
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
7.00%
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%
$594,780
$594.8K
Cap Rate 7%
$424,843
$424.8K
Cap Rate 9%
$330,433
$330.4K
Market Conditions
NOI Build-Up for 2,200 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
$43.6K $19.80/SF
− Vacancy
−$1.1K −$0.49/SF
EGI
$42.5K $19.31/SF
− OpEx
−$12.7K −$5.79/SF
NOI
$29.7K $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%
$594,780
Cap Rate 7%
$424,843
Cap Rate 9%
$330,433
Alternative Uses
Best Use
Multifamily LT 5
$424.8K
$371.7K – $495.7K
NOI $29,739 @ 7.0% cap · market cap 7.00%
Second Best
Apartment 5plus
$369.7K
$323.5K – $431.4K
NOI $25,881 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$751.3K
$657.4K – $876.5K
NOI $52,589 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 01550, MA
17,740
Population
7,644
Households
2.3
Avg Household Size
39
Median Age
18%
College-Educated
82%
High-School Grad
20.2 sq mi
ZIP Area
878
Density / Sq Mi
$59,397
Median Household Income
$41,365
Median Earnings
$1,157
Median Rent
$267,000
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 - R2-zoned two-family property with paid-off solar panels, central air, and a fenced level backyard.
Where is this duplex located?
The property is located at 91 Newell Avenue Southbridge, MA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex with two residential units; Detached three‑car garage with additional off‑street parking; Paid‑off solar panels and a roof that is 5 years old
