Mixed-Use Property with Four
New
For Sale
$1,550,000
306 Main St, Wakefield, MA 01880
Business-zoned property combining leased residential units with first-floor commercial space and off-street parking.
Property Size3,542 SF
Days on Market3
Property Features for 306 Main St
General Information
Standard status
Active
Size
3,542 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$14,819
Amenities
off-street parking
individual utilities
Building Details
Building Size
3,542 SF
Year Built
1880
Year Renovated
2025
Buildings
1
Stories
5
Units
5
Tenancy
Multi
Listing Agency:
(617) 840-7696
Listed By:
Rachel Gallant
(617) 840-7696
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 19 at 9:14AM
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 Rachel Gallant
Investment Insights
Based on property information with market context.
Built in 1880, this business-zoned mixed-use property includes four one-bedroom apartments above first-floor commercial space currently occupied by a beauty salon. All four apartments are leased, providing established residential occupancy alongside the commercial component. Individual utilities serve the property, and off-street parking is included.
Renovation work was completed in the commercial space and Unit 4 in 2025, followed by improvements to Units 2 and 3 in 2024. The property is located at 306 Main St in Wakefield, directly across from the Rockery and Wakefield Common. Downtown shopping, restaurants, cafés, public transportation, and Lake Quannapowitt are all within walking distance. The location carries a walk score of 90, a bike score of 69, and a transit score of 32.
Renovation work was completed in the commercial space and Unit 4 in 2025, followed by improvements to Units 2 and 3 in 2024. The property is located at 306 Main St in Wakefield, directly across from the Rockery and Wakefield Common. Downtown shopping, restaurants, cafés, public transportation, and Lake Quannapowitt are all within walking distance. The location carries a walk score of 90, a bike score of 69, and a transit score of 32.
Key Highlights
- Four 1‑bedroom apartments, all leased
- First‑floor commercial space currently operating as a beauty salon
- Renovations completed in 2025 to the commercial space and Unit 4
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
$74,950
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
4.84%
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%
$1,499,000
$1.5M
Cap Rate 7%
$1,070,714
$1.1M
Cap Rate 9%
$832,778
$832.8K
Market Conditions
NOI Build-Up for 3,542 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
$112.6K $31.80/SF
− Vacancy
−$5.6K −$1.57/SF
EGI
$107.1K $30.23/SF
− OpEx
−$32.1K −$9.07/SF
NOI
$74.9K $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%
$1,499,000
Cap Rate 7%
$1,070,714
Cap Rate 9%
$832,778
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$936.9K – $1.25M
NOI $74,950 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$1.01M
$880.9K – $1.17M
NOI $70,474 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,780 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,472
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?
Mixed-use property - Business-zoned property combining leased residential units with first-floor commercial space and off-street parking.
Where is this mixed-use property located?
The property is located at 306 Main St Wakefield, MA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Four 1‑bedroom apartments, all leased; First‑floor commercial space currently operating as a beauty salon; Renovations completed in 2025 to the commercial space and Unit 4
