Building Details

Building Size 2,240 SF

Year Built 1900

Stories 2

Units 2

Tenancy Multi

Listing Agency: Keller Williams Elevate

Listed By: The Sarkis Team · License #1999023818 Show Phone

Source: Elliman

Added: Jun 4 Changed: Oct 4 Last Checked: Oct 5 at 7:41PM

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Investment Insights

Based on property information with market context.

This two-family residential income property includes a first-floor unit currently configured as three bedrooms. The second-floor unit will be vacant and offers two bedrooms plus a flexible room off the main entry that could serve as a third bedroom. The home also includes a good-sized yard and a spacious driveway.

The property is located near Broadway and Revere High, with bus lines, dining, and city amenities described as just steps away.

For buyers seeking an owner-occupied setup, the layout supports living in one unit while renting the other.

Key Highlights

• Two‑family duplex built in 1900 at 24 True Street, Revere
• First‑floor unit is set up as a 3‑bedroom residence
• Second‑floor unit is currently vacant with 2 bedrooms plus a flexible room off the main entry that could serve as a third bedroom

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,675

Cap Rate

5.02%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$853,500 $853.5K

Cap Rate 7%

$609,643 $609.6K

Cap Rate 9%

$474,167 $474.2K

Market Conditions

NOI Build-Up for 2,240 SF

Gross rent

$64.5K $28.80/SF

− Vacancy

−$3.5K −$1.58/SF

EGI

$61.0K $27.22/SF

− OpEx

−$18.3K −$8.16/SF

NOI

$42.7K $19.05/SF

Area

Suffolk County, MA

Vacancy

5.50%

Lease Rate

$28.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$853,500

Cap Rate 7%

$609,643

Cap Rate 9%

$474,167

Alternative Uses

Best Use

Multifamily LT 5

$609.6K

$533.4K – $711.3K (±1% cap)

NOI $42,675 @ 7.0% cap · market cap 5.02%

Second Best

Apartment 5plus

$555.9K

$486.4K – $648.5K (±1% cap)

NOI $38,911 @ 7.0% cap · market cap 4.58%

Theoretical Best

Office A

$1.33M

$1.16M – $1.55M (±1% cap)

NOI $92,825 @ 7.0% cap · market cap 10.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Gym & Fitness Center Garden Center Electrical Service Parking Lot & Garage

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

Location Intelligence

Trade Area within ½ mile

1,372

Businesses Nearby

Explore this area Business Placement

Demographics for 02151, MA

62,252

Population

23,461

Households

2.7

Avg Household Size

38

Median Age

25%

College-Educated

83%

High-School Grad

5.7 sq mi

ZIP Area

10,921

Density / Sq Mi

$80,948

Median Household Income

$43,374

Median Earnings

$1,964

Median Rent

$566,200

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

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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?

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit duplex with a three-bedroom first floor and a vacant second floor featuring two bedrooms plus flexible third-room option.

Where is this duplex located?

The property is located at 24 True St Revere, MA.

What is the asking price?

The asking price for this property is $849,900.

What are key features of this property?

This property features: Two‑family duplex built in 1900 at 24 True Street, Revere; First‑floor unit is set up as a 3‑bedroom residence; Second‑floor unit is currently vacant with 2 bedrooms plus a flexible room off the main entry that could serve as a third bedroom