Duplex with Off-Street
New
For Sale
$599,000
71 Tremont St, Peabody, MA 01960
One apartment is rented, while the upper floors offer a renovation opportunity for an owner-user or investor.
Property Size1,722 SF
Days on Market3
Property Features for 71 Tremont St
General Information
Standard status
Active
Size
1,722 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,582
Building Details
Building Size
1,722 SF
Year Built
1900
Stories
3
Units
2
Listing Agency:
(617) 901-8765
Listed By:
Marjie and Phil
(617) 901-8765
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 5:21AM
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 Marjie and Phil
Investment Insights
Based on property information with market context.
This two-family property, built in 1900, includes a rented first-floor apartment and additional living space across the second and third floors. The upper levels require renovation, allowing a future owner to rework the layout and finishes according to their plans.
A rear area currently functions as a driveway and provides off-street parking. The property is located near Peabody Square, with shops, restaurants, services, and transportation nearby. Walk Score is 57, Transit Score is 42, and Bike Score is 63.
A rear area currently functions as a driveway and provides off-street parking. The property is located near Peabody Square, with shops, restaurants, services, and transportation nearby. Walk Score is 57, Transit Score is 42, and Bike Score is 63.
Key Highlights
- Two‑family property built in 1900
- First‑floor apartment is currently rented
- Second- and third‑floor space offers a renovation opportunity
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
$29,009
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%
$580,180
$580.2K
Cap Rate 7%
$414,414
$414.4K
Cap Rate 9%
$322,322
$322.3K
Market Conditions
NOI Build-Up for 1,722 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
$43.4K $25.20/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$41.4K $24.07/SF
− OpEx
−$12.4K −$7.22/SF
NOI
$29.0K $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%
$580,180
Cap Rate 7%
$414,414
Cap Rate 9%
$322,322
Alternative Uses
Best Use
Multifamily LT 5
$414.4K
$362.6K – $483.5K
NOI $29,009 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$374.1K
$327.3K – $436.4K
NOI $26,185 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$1.02M
$892.0K – $1.19M
NOI $71,359 @ 7.0% cap · market cap 11.91%
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
1,315
Businesses Nearby
Explore this area
Business Placement
Demographics for 01960, MA
54,155
Population
23,009
Households
2.4
Avg Household Size
47
Median Age
34%
College-Educated
91%
High-School Grad
16.0 sq mi
ZIP Area
3,385
Density / Sq Mi
$95,173
Median Household Income
$56,100
Median Earnings
$1,902
Median Rent
$566,700
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 - One apartment is rented, while the upper floors offer a renovation opportunity for an owner-user or investor.
Where is this duplex located?
The property is located at 71 Tremont St Peabody, MA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑family property built in 1900; First‑floor apartment is currently rented; Second- and third‑floor space offers a renovation opportunity
