Four-Unit Property with
New
For Sale
$849,900
Pending
97 E Central St, Franklin, MA 02038
C1 zoning, private decks, and off-street parking complement a centrally located multi-unit layout.
Property Size3,263 SF
Days on Market6
Property Features for 97 E Central St
General Information
Standard status
Pending
Size
3,263 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
C1
Occupancy
75%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA, 2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,158
Building Details
Building Size
3,263 SF
Year Built
1880
Buildings
1
Stories
3
Units
4
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Evolution Properties
(774) 210-0153
Listed By:
Lisa Bailey
(774) 210-0153
Source:
Liongatere
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 18 at 4:53AM
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 Berkshire Hathaway HomeServices Evolution Properties
Investment Insights
Based on property information with market context.
Built in 1880, this four-unit residential property at 97 E Central St includes a mix of two-bedroom and one-bedroom residences. The largest unit offers two bedrooms, two baths, private laundry, high ceilings, crown molding, and hardwood floors. A first-floor one-bedroom unit includes access to a private deck, while the second-floor two-bedroom unit provides one bath. The upper-level one-bedroom unit also includes a private deck. Off-street parking serves the property, and the zoning is C1.
The property is positioned near downtown shops, restaurants, commuter rail access, major highways, and everyday services. Three of the four units are currently occupied with T.A.W. tenants, offering an existing multi-unit configuration for an investor or an owner-occupant.
The property is positioned near downtown shops, restaurants, commuter rail access, major highways, and everyday services. Three of the four units are currently occupied with T.A.W. tenants, offering an existing multi-unit configuration for an investor or an owner-occupant.
Key Highlights
- Four‑unit property with a mix of 1‑bedroom and 2‑bedroom residences
- Largest unit includes 2 bedrooms, 2 baths, private laundry, high ceilings, crown molding, and hardwood floors
- Private deck access is included with the first‑floor and upper‑level 1‑bedroom units
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
$58,451
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
6.88%
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%
$1,169,020
$1.2M
Cap Rate 7%
$835,014
$835.0K
Cap Rate 9%
$649,456
$649.5K
Market Conditions
NOI Build-Up for 3,263 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
$88.1K $27.00/SF
− Vacancy
−$4.6K −$1.41/SF
EGI
$83.5K $25.59/SF
− OpEx
−$25.1K −$7.68/SF
NOI
$58.5K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$1,169,020
Cap Rate 7%
$835,014
Cap Rate 9%
$649,456
Alternative Uses
Best Use
Multifamily LT 5
$835.0K
$730.6K – $974.2K
NOI $58,451 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$770.4K
$674.1K – $898.9K
NOI $53,931 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$1.93M
$1.69M – $2.25M
NOI $135,218 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
740
Businesses Nearby
Explore this area
Business Placement
Demographics for 02038, MA
33,261
Population
12,889
Households
2.6
Avg Household Size
41
Median Age
56%
College-Educated
97%
High-School Grad
26.6 sq mi
ZIP Area
1,250
Density / Sq Mi
$142,788
Median Household Income
$67,728
Median Earnings
$1,856
Median Rent
$567,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - C1 zoning, private decks, and off-street parking complement a centrally located multi-unit layout.
Where is this quadplex located?
The property is located at 97 E Central St Franklin, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Four‑unit property with a mix of 1‑bedroom and 2‑bedroom residences; Largest unit includes 2 bedrooms, 2 baths, private laundry, high ceilings, crown molding, and hardwood floors; Private deck access is included with the first‑floor and upper‑level 1‑bedroom units
