Two-Family Residential Income
For Sale
$899,000
20 Otis St, Wakefield, MA 01880
Two-family property with recent upgrades including new windows, heating conversion, and a remodeled bathroom.
Property Size2,858 SF
Days on Market41
Property Features for 20 Otis St
General Information
Standard status
Active
Size
2,858 SF
Total Parking Spaces
3
Property subtype
Multifamily
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,911
Building Details
Building Size
2,858 SF
Year Built
1800
Listing Agency:
Coldwell Banker Realty - Ipswich
(413) 717-0635
Listed By:
Tzortzis Lane Group
Source:
Classifiedrealtygroup
Added: Jul 16
Changed: Aug 24
Last Checked: Aug 25 at 4:59AM
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 - Ipswich
Investment Insights
Based on property information with market context.
This two-family residential income property offers two distinct units within a single building, supported by multiple recent updates. The property features new windows installed in 2022, Unit 2 heating converted from oil to gas, and a fully remodeled bathroom in Unit 1. Additional exterior improvements include a new vinyl fence, along with a fully fenced yard and a private deck off Unit 1.
The location is described as being in the heart of Wakefield, with a short walk to the Wakefield commuter rail station and downtown Wakefield shops and restaurants. The remarks also reference proximity to scenic Lake Quannapowitt.
Overall, it presents a practical two-unit setup for ownership or rental income, complemented by the listed interior and exterior improvements.
The location is described as being in the heart of Wakefield, with a short walk to the Wakefield commuter rail station and downtown Wakefield shops and restaurants. The remarks also reference proximity to scenic Lake Quannapowitt.
Overall, it presents a practical two-unit setup for ownership or rental income, complemented by the listed interior and exterior improvements.
Key Highlights
- Two‑family property in Wakefield built in 1800
- New windows installed in 2022
- Unit 2 heating conversion from oil to gas
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
$60,476
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
6.73%
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%
$1,209,520
$1.2M
Cap Rate 7%
$863,943
$863.9K
Cap Rate 9%
$671,956
$672.0K
Market Conditions
NOI Build-Up for 2,858 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
$90.9K $31.80/SF
− Vacancy
−$4.5K −$1.57/SF
EGI
$86.4K $30.23/SF
− OpEx
−$25.9K −$9.07/SF
NOI
$60.5K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,209,520
Cap Rate 7%
$863,943
Cap Rate 9%
$671,956
Alternative Uses
Best Use
Multifamily LT 5
$863.9K
$756.0K – $1.01M
NOI $60,476 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$812.4K
$710.8K – $947.8K
NOI $56,865 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,435 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,461
Businesses Nearby
Explore this area
Business Placement
Demographics for 01880, MA
27,071
Population
11,513
Households
2.4
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
3,658
Density / Sq Mi
$130,419
Median Household Income
$78,860
Median Earnings
$1,872
Median Rent
$670,100
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-family property with recent upgrades including new windows, heating conversion, and a remodeled bathroom.
Where is this duplex located?
The property is located at 20 Otis St Wakefield, MA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two‑family property in Wakefield built in 1800; New windows installed in 2022; Unit 2 heating conversion from oil to gas
