Duplex With Finished Bonus
New
For Sale
$769,900
57-59 Bennington St, Lawrence, MA 01841
Two-family residence with updated owner accommodations, finished lower-level areas, and off-street parking.
Property Size2,650 SF
Price / SF$290.53
Days on Market2
Property Features for 57-59 Bennington St
General Information
Standard status
Active
Size
2,650 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
R-3
Net Operating Income
$21,600
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,711
Amenities
finished basement
entertainment area
Building Details
Building Size
2,650 SF
Year Built
1896
Stories
3
Listing Agency:
Ciccarelli Homes
Listed By:
Robert V Ciccarelli · License #G8000101
(978) 452-4400
Source:
Laerrealty
Added: Sep 2
Last Checked: Sep 2 at 1:47PM
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 Ciccarelli Homes
Investment Insights
Based on property information with market context.
Built in 1896, this two-family property includes a tenant-maintained first-floor residence and an owner’s unit spanning the second and third floors. The upper living quarters feature an updated kitchen and modern bathroom, while the third floor provides additional connected living space.
The finished basement includes a bathroom serving the first-floor unit. A converted garage adds a heated entertainment area with a full bathroom. New water heaters and ample off-street parking further support the property’s existing configuration. The building is located at 57-59 Bennington St in Lawrence, Massachusetts.
The finished basement includes a bathroom serving the first-floor unit. A converted garage adds a heated entertainment area with a full bathroom. New water heaters and ample off-street parking further support the property’s existing configuration. The building is located at 57-59 Bennington St in Lawrence, Massachusetts.
Key Highlights
- Two‑family property built in 1896
- Owner’s unit extends across the second and third floors
- Updated kitchen and modern bathroom in the upper residence
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
$44,642
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
5.80%
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%
$892,840
$892.8K
Cap Rate 7%
$637,743
$637.7K
Cap Rate 9%
$496,022
$496.0K
Market Conditions
NOI Build-Up for 2,650 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
$66.8K $25.20/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$63.8K $24.07/SF
− OpEx
−$19.1K −$7.22/SF
NOI
$44.6K $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%
$892,840
Cap Rate 7%
$637,743
Cap Rate 9%
$496,022
Alternative Uses
Best Use
Multifamily LT 5
$637.7K
$558.0K – $744.0K
NOI $44,642 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$575.7K
$503.7K – $671.6K
NOI $40,297 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,815 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 01841, MA
53,654
Population
17,546
Households
3.1
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
3.0 sq mi
ZIP Area
17,885
Density / Sq Mi
$54,525
Median Household Income
$34,741
Median Earnings
$1,565
Median Rent
$393,800
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 residence with updated owner accommodations, finished lower-level areas, and off-street parking.
Where is this duplex located?
The property is located at 57-59 Bennington St Lawrence, MA.
What is the asking price?
The asking price for this property is $769,900.
What are key features of this property?
This property features: Two‑family property built in 1896; Owner’s unit extends across the second and third floors; Updated kitchen and modern bathroom in the upper residence
