Duplex with Solar
For Sale
$500,000
Pending
1004 South Franklin Street, Holbrook, MA 02343
Two residential units offer distinct layouts, basement laundry, attic storage, parking, and a level lot with room for improvements.
Property Size2,354 SF
Days on Market206
Property Features for 1004 South Franklin Street
General Information
Standard status
Pending
Size
2,354 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family
Zoning
R3
Property Condition
Severity
Repairs Needed
Evidence
needs plenty of rehab
Units
Unit Mix
1 x 1BR + den, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,194
Amenities
central air
laundry in basement
solar panels
No
Wood, Vinyl, Carpet, Varies, Laminate
Range, Refrigerator, Washer, Dryer
Insulated Doors
2.0
Skylight(s), Insulated Windows
Gas Dryer Hookup, Electric Dryer Hookup, Washer Hookup
Full, Walk Out, Dirt Floor, Concrete Floor, Unfinished Basement
Walk-In Closet(s), Bathroom with Shower Stall, Ceiling Fan(s), Walk-Up Attic, Bathroom With Tub & Shower, Country Kitchen, Living Room, Kitchen, Office/Den, Laundry Room, Window AC
2
2.00
Frame
Shingle
Cleared, Gentle Sloping
Shed(s)
Building Details
Year Built
1870
Buildings
1
Listing Agency:
Keller Williams Realty
(781) 843-3200
Listed By:
Richard Lannon · License #135497
(781) 843-3200
Source:
Compass
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 6:25PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2,354-square-foot duplex contains two residential units with separate layouts. The first floor includes four rooms, one bedroom, a den, a bathroom with a newer walk-in shower, and basement laundry. The upper unit provides six rooms, three bedrooms, one bath, an office or nursery, kitchen and dining areas, a living room, and a walk-in closet. Features include central air, newer vinyl windows, a wood-paneled country kitchen with recessed lighting and a movable island, plus attic storage and furnace space.
The property sits on a spacious level lot with a paved parking area and shed. A newer roof was completed in 2016, followed by installation of 37 solar panels serving the first floor. Zoned R3, the property also has potential for an ADU, subject to confirmation with the town’s Inspectional Services. Exterior work is needed, and the first-floor interior requires substantial updating, providing a clear renovation scope for an owner-occupant or investor.
The property sits on a spacious level lot with a paved parking area and shed. A newer roof was completed in 2016, followed by installation of 37 solar panels serving the first floor. Zoned R3, the property also has potential for an ADU, subject to confirmation with the town’s Inspectional Services. Exterior work is needed, and the first-floor interior requires substantial updating, providing a clear renovation scope for an owner-occupant or investor.
Key Highlights
- 2,354‑square‑foot duplex with two residential units
- First floor includes 1 bedroom plus den; upper unit has 3 bedrooms and an office or nursery
- 37 solar panels installed after the newer roof completed in 2016
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
$42,168
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
8.43%
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%
$843,360
$843.4K
Cap Rate 7%
$602,400
$602.4K
Cap Rate 9%
$468,533
$468.5K
Market Conditions
NOI Build-Up for 2,354 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
$63.6K $27.00/SF
− Vacancy
−$3.3K −$1.41/SF
EGI
$60.2K $25.59/SF
− OpEx
−$18.1K −$7.68/SF
NOI
$42.2K $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%
$843,360
Cap Rate 7%
$602,400
Cap Rate 9%
$468,533
Alternative Uses
Best Use
Multifamily LT 5
$602.4K
$527.1K – $702.8K
NOI $42,168 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$555.8K
$486.3K – $648.5K
NOI $38,907 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,549 @ 7.0% cap · market cap 19.51%
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
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 02343, MA
11,364
Population
4,268
Households
2.7
Avg Household Size
42
Median Age
37%
College-Educated
94%
High-School Grad
7.0 sq mi
ZIP Area
1,623
Density / Sq Mi
$107,198
Median Household Income
$56,269
Median Earnings
$1,522
Median Rent
$435,300
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 residential units offer distinct layouts, basement laundry, attic storage, parking, and a level lot with room for improvements.
Where is this duplex located?
The property is located at 1004 South Franklin Street Holbrook, MA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 2,354‑square‑foot duplex with two residential units; First floor includes 1 bedroom plus den; upper unit has 3 bedrooms and an office or nursery; 37 solar panels installed after the newer roof completed in 2016
