Two-Family Residential Income
For Sale
$949,900
Pending
31 Bates St, Danvers, MA 01923
Immaculately maintained two-family residence with two separate units, central air, and in-unit laundry.
Property Size2,220 SF
Days on Market48
Property Features for 31 Bates St
General Information
Standard status
Pending
Size
2,220 SF
Total Parking Spaces
11
Property subtype
Multi Family Home
Zoning
R1
Taxes and HOA fees
Annual Taxes
$7,872
Building Details
Building Size
2,220 SF
Year Built
1915
Stories
2
Units
2
Listing Agency:
Real Broker MA, LLC
(978) 490-0906
Listed By:
Christopher Blasczak
(978) 490-0906
Source:
Startpoint
Added: Jul 16
Changed: Aug 24
Last Checked: Jul 30 at 4:38AM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
Immaculately maintained two-family home featuring 9-foot ceilings, hardwood floors, and open layouts with central air and in-unit laundry in both units. The first-floor unit offers a 1-bedroom configuration, while the second-floor unit provides a 3-bedroom layout. Both units are updated with modern kitchens.
Outside, the property includes a spacious deck, a welcoming front porch, and a patio area connected to unit 2, along with sweeping marina and river views. There is also a detached 2-car garage with epoxy flooring, abundant off-street parking, plus a storage shed and a fire pit for outdoor use.
Showings are scheduled to begin at open houses on Saturday and Sunday, July 18th and 19th, from 11:00 AM to 12:30 PM.
Outside, the property includes a spacious deck, a welcoming front porch, and a patio area connected to unit 2, along with sweeping marina and river views. There is also a detached 2-car garage with epoxy flooring, abundant off-street parking, plus a storage shed and a fire pit for outdoor use.
Showings are scheduled to begin at open houses on Saturday and Sunday, July 18th and 19th, from 11:00 AM to 12:30 PM.
Key Highlights
- Two‑family home built in 1915 with 9‑foot ceilings, hardwood floors, and open layouts
- Both units have central air and in‑unit laundry
- Unit mix: 1‑bedroom on the first floor and 3‑bedroom on the second floor
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
$37,399
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
3.94%
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%
$747,980
$748.0K
Cap Rate 7%
$534,271
$534.3K
Cap Rate 9%
$415,544
$415.5K
Market Conditions
NOI Build-Up for 2,220 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
$55.9K $25.20/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$53.4K $24.07/SF
− OpEx
−$16.0K −$7.22/SF
NOI
$37.4K $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%
$747,980
Cap Rate 7%
$534,271
Cap Rate 9%
$415,544
Alternative Uses
Best Use
Multifamily LT 5
$534.3K
$467.5K – $623.3K
NOI $37,399 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$482.3K
$422.0K – $562.6K
NOI $33,758 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,996 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Explore this area
Business Placement
Demographics for 01923, MA
27,987
Population
11,405
Households
2.5
Avg Household Size
46
Median Age
47%
College-Educated
95%
High-School Grad
13.2 sq mi
ZIP Area
2,120
Density / Sq Mi
$117,072
Median Household Income
$59,916
Median Earnings
$2,004
Median Rent
$611,200
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 - Immaculately maintained two-family residence with two separate units, central air, and in-unit laundry.
Where is this duplex located?
The property is located at 31 Bates St Danvers, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Two‑family home built in 1915 with 9‑foot ceilings, hardwood floors, and open layouts; Both units have central air and in‑unit laundry; Unit mix: 1‑bedroom on the first floor and 3‑bedroom on the second floor
