Two-Family Residential Income
For Sale
$849,900
Pending
3 Walnut St, Wakefield, MA 01880
Two-family duplex includes two separate driveways, a private backyard deck, and a newer roof.
Property Size1,615 SF
Days on Market98
Property Features for 3 Walnut St
General Information
Standard status
Pending
Size
1,615 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
GR
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,365
Building Details
Building Size
1,615 SF
Year Built
1920
Stories
3
Units
2
Listing Agency:
Littlefield Real Estate, LLC
Listed By:
Keith Littlefield · License #9510657
(781) 389-0791
Source:
Thefirmreg
Added: Jun 1
Changed: Sep 5
Last Checked: Jul 23 at 7:21AM
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 Littlefield Real Estate, LLC
Investment Insights
Based on property information with market context.
This two-family duplex offers two separate living units with distinct layouts. The first-floor unit includes one bedroom, a living room, an eat-in kitchen, and a full bath. The owner’s unit provides three bedrooms across two levels, along with a living room, a kitchen, and a deck that overlooks a private, tree-lined backyard. The property also includes an unfinished basement with storage and two washer and dryer hook-ups. Exterior improvements include vinyl siding and a newer roof, and the home has two separate driveways.
Located on the west side of Wakefield, the property is described as being just minutes from Wakefield’s town center. Access is noted to routes 128 and 93, Lake Quannapowitt, commuter rail, and local shops and restaurants.
Overall, the configuration supports both owner-occupant use and rental occupancy, with ample indoor storage in the unfinished basement and outdoor space through the deck.
Located on the west side of Wakefield, the property is described as being just minutes from Wakefield’s town center. Access is noted to routes 128 and 93, Lake Quannapowitt, commuter rail, and local shops and restaurants.
Overall, the configuration supports both owner-occupant use and rental occupancy, with ample indoor storage in the unfinished basement and outdoor space through the deck.
Key Highlights
- 1920‑built two‑family duplex with vinyl siding and a newer roof
- 1st‑floor unit offers 1 bedroom, living room, eat‑in kitchen, and a full bath
- Owner’s unit spans 2 levels with 3 bedrooms, 1 bath, living room, kitchen, and a deck overlooking a private, tree‑lined backyard
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
$34,174
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
4.02%
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%
$683,480
$683.5K
Cap Rate 7%
$488,200
$488.2K
Cap Rate 9%
$379,711
$379.7K
Market Conditions
NOI Build-Up for 1,615 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
$51.4K $31.80/SF
− Vacancy
−$2.5K −$1.57/SF
EGI
$48.8K $30.23/SF
− OpEx
−$14.6K −$9.07/SF
NOI
$34.2K $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%
$683,480
Cap Rate 7%
$488,200
Cap Rate 9%
$379,711
Alternative Uses
Best Use
Multifamily LT 5
$488.2K
$427.2K – $569.6K
NOI $34,174 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$459.0K
$401.7K – $535.6K
NOI $32,133 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$956.1K
$836.6K – $1.12M
NOI $66,925 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,002
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 duplex includes two separate driveways, a private backyard deck, and a newer roof.
Where is this duplex located?
The property is located at 3 Walnut St Wakefield, 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: 1920‑built two‑family duplex with vinyl siding and a newer roof; 1st‑floor unit offers 1 bedroom, living room, eat‑in kitchen, and a full bath; Owner’s unit spans 2 levels with 3 bedrooms, 1 bath, living room, kitchen, and a deck overlooking a private, tree‑lined backyard
