Building Details

Building Size 1,991 SF

Year Built 1900

Stories 3

Units 2

Tenancy Multi

Listing Agency: Churchill Properties Show Phone

Listed By: Tracey Hutchinson · License #454007279 Show Phone

Source: Aucoinryanrealty

Added: Jul 4 Changed: Aug 8 Last Checked: Jul 23 at 6:26AM

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Investment Insights

Based on property information with market context.

Renovated, income-producing two-family home arranged over three distinct stories with a versatile layout. The first floor features a farmers porch and offers two bedrooms, including a second bedroom currently used as a living room, plus a dining room open to a bright kitchen. The second floor includes a kitchen, dining room, living room, bedroom, and bathroom. The third floor adds two additional bedrooms and a family room, along with a new composite deck overlooking the common yard.

Both units feature gleaming hardwood floors, lots of natural light, high ceilings, and their own laundry. The property also includes two detached, open garage spaces, supporting convenient parking and storage.

With its in-town setting near Hamilton-Wenham schools, the train, shops, and parks, the home provides straightforward day-to-day access while maintaining a strong residential income configuration.

Key Highlights

• Renovated 2‑family home built in 1900 with a three‑story layout for flexible living arrangements
• Units feature gleaming hardwood floors, lots of natural light, and high ceilings
• Each unit has its own laundry and kitchen, dining, and living space

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

$33,541

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

3.73%

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%

$670,820 $670.8K

Cap Rate 7%

$479,157 $479.2K

Cap Rate 9%

$372,678 $372.7K

Market Conditions

NOI Build-Up for 1,991 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

$50.2K $25.20/SF

− Vacancy

−$2.3K −$1.13/SF

EGI

$47.9K $24.07/SF

− OpEx

−$14.4K −$7.22/SF

NOI

$33.5K $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%

$670,820

Cap Rate 7%

$479,157

Cap Rate 9%

$372,678

Alternative Uses

Best Use

Multifamily LT 5

$479.2K

$419.3K – $559.0K (±1% cap)

NOI $33,541 @ 7.0% cap · market cap 3.73%

Second Best

Apartment 5plus

$432.5K

$378.5K – $504.6K (±1% cap)

NOI $30,276 @ 7.0% cap · market cap 3.37%

Theoretical Best

Office A

$1.18M

$1.03M – $1.38M (±1% cap)

NOI $82,507 @ 7.0% cap · market cap 9.18%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Hair Salon Building Supply Restaurant Nail Salon Grocery & Convenience Store HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

369

Businesses Nearby

Explore this area Business Placement

Demographics for 01982, MA

7,618

Population

2,892

Households

2.6

Avg Household Size

43

Median Age

69%

College-Educated

97%

High-School Grad

14.2 sq mi

ZIP Area

536

Density / Sq Mi

$127,137

Median Household Income

$63,659

Median Earnings

$1,746

Median Rent

$688,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Renovated two-family home with three-story layout, hardwood floors, separate in-unit laundry, and two detached open garage spaces.

Where is this duplex located?

The property is located at 191 Bay Rd Hamilton, 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: Renovated 2‑family home built in 1900 with a three‑story layout for flexible living arrangements; Units feature gleaming hardwood floors, lots of natural light, and high ceilings; Each unit has its own laundry and kitchen, dining, and living space