Two-Unit Residential Income
For Sale
$999,000
Pending
1 High St, Rockport, MA 01966
Two residential units with recent window updates, offering rental flexibility in a downtown Rockport setting.
Property Size2,136 SF
Days on Market97
Property Features for 1 High St
General Information
Standard status
Pending
Size
2,136 SF
Total Parking Spaces
1
Property subtype
Multi Family Home
Zoning
R3
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,990
Amenities
courtyard
fireplaces
Building Details
Building Size
2,136 SF
Year Built
1850
Stories
3
Units
2
Construction
Antique Colonial
Listing Agency:
Coldwell Banker Realty - Manchester
(978) 526-7572
Listed By:
Pamela Spica
(860) 558-8834
Source:
Janicemitchellre
Added: Jun 1
Changed: Aug 8
Last Checked: Jul 23 at 7:37AM
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 - Manchester
Investment Insights
Based on property information with market context.
This two-unit residential property is set up to provide rental income and flexible living arrangements. The home includes an upper and a separate one-bedroom apartment on the first level. The lower-level apartment is described as a legal rental unit, while the main residence features four bedrooms, four full baths, and six fireplaces, along with a walkup attic. Interior details include wood floors, and there is also a private courtyard in the backyard. Recent updates include new windows throughout.
The property is located in downtown Rockport and is described as being across from a park, with shops, restaurants, beaches, and cultural attractions “just moments away.”
Overall, the configuration supports owner-occupancy with income, or a straightforward two-unit setup for tenants seeking separate residential spaces.
The property is located in downtown Rockport and is described as being across from a park, with shops, restaurants, beaches, and cultural attractions “just moments away.”
Overall, the configuration supports owner-occupancy with income, or a straightforward two-unit setup for tenants seeking separate residential spaces.
Key Highlights
- Two residential units: first‑level legal 1‑bedroom apartment plus an additional lower‑level apartment
- Updated with all new windows throughout
- Four bedrooms and four full baths in the main home
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
$35,983
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
3.60%
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%
$719,660
$719.7K
Cap Rate 7%
$514,043
$514.0K
Cap Rate 9%
$399,811
$399.8K
Market Conditions
NOI Build-Up for 2,136 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
$53.8K $25.20/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$51.4K $24.07/SF
− OpEx
−$15.4K −$7.22/SF
NOI
$36.0K $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%
$719,660
Cap Rate 7%
$514,043
Cap Rate 9%
$399,811
Alternative Uses
Best Use
Multifamily LT 5
$514.0K
$449.8K – $599.7K
NOI $35,983 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$464.0K
$406.0K – $541.4K
NOI $32,481 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,515 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 01966, MA
6,992
Population
4,232
Households
1.7
Avg Household Size
57
Median Age
57%
College-Educated
95%
High-School Grad
7.0 sq mi
ZIP Area
999
Density / Sq Mi
$93,227
Median Household Income
$42,443
Median Earnings
$1,827
Median Rent
$692,500
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 residential units with recent window updates, offering rental flexibility in a downtown Rockport setting.
Where is this duplex located?
The property is located at 1 High St Rockport, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two residential units: first‑level legal 1‑bedroom apartment plus an additional lower‑level apartment; Updated with all new windows throughout; Four bedrooms and four full baths in the main home
