Two-Unit Duplex with Enclosed
For Sale
$739,000
115-117 Oakland Avenue, Methuen, MA 01844
Classic two-family property with flexible living arrangements, updated mechanical systems, and expansion or storage potential in the attic.
Property Size2,402 SF
Price / SF$307.66
Days on Market160
Property Features for 115-117 Oakland Avenue
General Information
Standard status
Active
Size
2,402 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family
Zoning
RG
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,701
Amenities
No
Vinyl, Hardwood
Range, Refrigerator, Dryer
2.0
Insulated Windows
Full, Bulkhead
Walk-Up Attic, Pantry, Lead Certification Available, Bathroom With Tub & Shower, Living Room, Dining Room, Kitchen, Sunroom
2
2.00
Shingle
Balcony/Deck, Porch - Enclosed
Enclosed
Building Details
Year Built
1850
Buildings
1
Listing Agency:
Coldwell Banker Realty - Andovers/Readings Regional
(978) 475-2201
Listed By:
Paula Kligerman · License #9563030
(978) 475-2201
Source:
Compass
Added: Mar 24
Changed: Aug 29
Last Checked: Aug 29 at 9:16PM
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 Coldwell Banker Realty - Andovers/Readings Regional
Investment Insights
Based on property information with market context.
This two-family duplex, built in 1850, includes a two-bedroom, one-bath first-floor unit and a three-bedroom, one-bath residence above. Both units feature living, dining, and kitchen areas, while the upper unit adds two enclosed porches. Hardwood flooring, high ceilings, insulated windows, and period character contribute to the building’s interior profile. The attic is accessible by a walk-up and provides additional storage or expansion potential.
Recent work includes installation of a new boiler and new water heaters, along with new windows and heating serving the second floor. Additional features include a pantry, sunroom, full basement with bulkhead, bathroom tubs and showers, a deck or balcony, and an enclosed porch. The property is located at 115-117 Oakland Avenue in Methuen, Massachusetts, and carries RG zoning.
Recent work includes installation of a new boiler and new water heaters, along with new windows and heating serving the second floor. Additional features include a pantry, sunroom, full basement with bulkhead, bathroom tubs and showers, a deck or balcony, and an enclosed porch. The property is located at 115-117 Oakland Avenue in Methuen, Massachusetts, and carries RG zoning.
Key Highlights
- Two‑family duplex with 2 bedrooms and 1 bath on the first floor
- Upper unit offers 3 bedrooms, 1 bath, and 2 enclosed porches
- Built in 1850 with hardwood floors, high ceilings, and period details
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
$40,465
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
5.48%
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%
$809,300
$809.3K
Cap Rate 7%
$578,071
$578.1K
Cap Rate 9%
$449,611
$449.6K
Market Conditions
NOI Build-Up for 2,402 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
$60.5K $25.20/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$57.8K $24.07/SF
− OpEx
−$17.3K −$7.22/SF
NOI
$40.5K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /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%
$809,300
Cap Rate 7%
$578,071
Cap Rate 9%
$449,611
Alternative Uses
Best Use
Multifamily LT 5
$578.1K
$505.8K – $674.4K
NOI $40,465 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$521.8K
$456.6K – $608.8K
NOI $36,526 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,538 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 01844, MA
52,970
Population
19,496
Households
2.7
Avg Household Size
42
Median Age
30%
College-Educated
89%
High-School Grad
22.1 sq mi
ZIP Area
2,397
Density / Sq Mi
$103,292
Median Household Income
$52,176
Median Earnings
$1,610
Median Rent
$471,900
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 - Classic two-family property with flexible living arrangements, updated mechanical systems, and expansion or storage potential in the attic.
Where is this duplex located?
The property is located at 115-117 Oakland Avenue Methuen, MA.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Two‑family duplex with 2 bedrooms and 1 bath on the first floor; Upper unit offers 3 bedrooms, 1 bath, and 2 enclosed porches; Built in 1850 with hardwood floors, high ceilings, and period details
