Well-Maintained Two-Family
For Sale
$949,000
109 Cleveland Ave, Everett, MA 02149
Two-family home with separate utilities, updated electrical, vinyl siding, replacement windows, and a two-car garage.
Property Size3,292 SF
Price / SF$288.27
Days on Market52
Property Features for 109 Cleveland Ave
General Information
Standard status
Active
Size
3,292 SF
Property subtype
Multi-Family
Building Details
Year Built
1910
Listing Agency:
Pena Realty Corporation
Listed By:
Maria Pena
(617) 389-1777
Source:
Gooddeedsrealtypartners
Added: Jul 20
Changed: Sep 8
Last Checked: Aug 25 at 4:45AM
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 Pena Realty Corporation
Investment Insights
Based on property information with market context.
Well-maintained two-family duplex in the West Everett neighborhood. Unit 1 features 3 bedrooms, a tiled kitchen, a living room/dining room, and 1 full tiled bath, with hardwood floors throughout and gas heat. Unit 2 is a spacious two-leveled layout offering 5 bedrooms, 1 full bath, and hardwood floors throughout, with oil heat. The property also includes separate utilities, updated electrical service and panels, vinyl siding, replacement windows, a two-car garage, off-street driveway parking, and a sized backyard.
The home is described as conveniently located near public transportation, schools, shopping, restaurants, parks, and major highways, supporting flexible occupancy or rental use.
Both units have interior living space configured for separate household use, with the property’s separate utility setup intended to support day-to-day independence between tenants or generations.
The home is described as conveniently located near public transportation, schools, shopping, restaurants, parks, and major highways, supporting flexible occupancy or rental use.
Both units have interior living space configured for separate household use, with the property’s separate utility setup intended to support day-to-day independence between tenants or generations.
Key Highlights
- 1910‑built two‑family home in West Everett with 2 units and a 2‑car garage
- Unit 1: 3 bedrooms, tiled kitchen, living room/dining room, and 1 full tiled bath; gas heat
- Unit 2: two levels with 5 bedrooms, 1 full bath, and hardwood flooring throughout; oil heat
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
$69,660
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
7.34%
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%
$1,393,200
$1.4M
Cap Rate 7%
$995,143
$995.1K
Cap Rate 9%
$774,000
$774.0K
Market Conditions
NOI Build-Up for 3,292 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
$104.7K $31.80/SF
− Vacancy
−$5.2K −$1.57/SF
EGI
$99.5K $30.23/SF
− OpEx
−$29.9K −$9.07/SF
NOI
$69.7K $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%
$1,393,200
Cap Rate 7%
$995,143
Cap Rate 9%
$774,000
Alternative Uses
Best Use
Multifamily LT 5
$995.1K
$870.8K – $1.16M
NOI $69,660 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$935.7K
$818.8K – $1.09M
NOI $65,500 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$1.95M
$1.71M – $2.27M
NOI $136,420 @ 7.0% cap · market cap 14.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,862
Businesses Nearby
Explore this area
Business Placement
Demographics for 02149, MA
49,075
Population
18,541
Households
2.6
Avg Household Size
35
Median Age
23%
College-Educated
80%
High-School Grad
3.4 sq mi
ZIP Area
14,434
Density / Sq Mi
$79,658
Median Household Income
$40,836
Median Earnings
$1,988
Median Rent
$605,200
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 - Two-family home with separate utilities, updated electrical, vinyl siding, replacement windows, and a two-car garage.
Where is this duplex located?
The property is located at 109 Cleveland Ave Everett, MA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 1910‑built two‑family home in West Everett with 2 units and a 2‑car garage; Unit 1: 3 bedrooms, tiled kitchen, living room/dining room, and 1 full tiled bath; gas heat; Unit 2: two levels with 5 bedrooms, 1 full bath, and hardwood flooring throughout; oil heat
