Six-Unit Mixed-Use
For Sale
$1,250,000
149 Washington St, Peabody, MA 01960
Four residential apartments accompany two commercial storefront spaces in a walkable neighborhood with public transportation nearby.
Property Size4,617 SF
Days on Market104
Property Features for 149 Washington St
General Information
Standard status
Active
Size
4,617 SF
Property subtype
COMMERCIAL
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,451
Building Details
Building Size
4,617 SF
Year Built
1890
Listing Agency:
Century 21 Mario Real Estate
(617) 620-3178
Listed By:
Lisa Leonard
Source:
Donnellyandco
Added: May 1
Changed: Aug 3
Last Checked: Aug 11 at 1:08PM
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 Century 21 Mario Real Estate
Investment Insights
Based on property information with market context.
Built in 1890, this mixed-use property combines four residential apartments with two commercial spaces. Each apartment includes four rooms, two bedrooms, and one bathroom. The commercial component measures approximately 1,515 square feet and is configured as two separate retail spaces, providing a distinct storefront presence for commercial occupants.
The property is located just south of Peabody Square within a mixed-use neighborhood district. Public transportation, restaurants, shops, entertainment venues, bars, parks, schools, and other local businesses are nearby. Walk Score is 86 out of 100. Washington Street connects the property with Main Street, Lowell Street, Boston Street, and Lynnfield Street, while I-95, Route 128, and Route 1 provide regional highway access.
The property is located just south of Peabody Square within a mixed-use neighborhood district. Public transportation, restaurants, shops, entertainment venues, bars, parks, schools, and other local businesses are nearby. Walk Score is 86 out of 100. Washington Street connects the property with Main Street, Lowell Street, Boston Street, and Lynnfield Street, while I-95, Route 128, and Route 1 provide regional highway access.
Key Highlights
- Six‑unit mixed‑use property with 4 residential and 2 commercial units
- Four apartments, each with 4 rooms, 2 BR, and 1 BA
- Approximately 1,515 SF of commercial storefront space
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
$93,494
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
7.48%
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%
$1,869,880
$1.9M
Cap Rate 7%
$1,335,629
$1.3M
Cap Rate 9%
$1,038,822
$1.0M
Market Conditions
NOI Build-Up for 4,617 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
$166.2K $36.00/SF
− Vacancy
−$16.6K −$3.60/SF
EGI
$149.6K $32.40/SF
− OpEx
−$56.1K −$12.15/SF
NOI
$93.5K $20.25/SF
Area
Essex County, MA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,869,880
Cap Rate 7%
$1,335,629
Cap Rate 9%
$1,038,822
Alternative Uses
Best Use
Mixed Use
$1.34M
$1.17M – $1.56M
NOI $93,494 @ 7.0% cap · market cap 7.48%
Second Best
Retail
$1.08M
$948.2K – $1.26M
NOI $75,859 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,327 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,066
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?
Mixed-use property - Four residential apartments accompany two commercial storefront spaces in a walkable neighborhood with public transportation nearby.
Where is this mixed-use property located?
The property is located at 149 Washington St Peabody, MA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Six‑unit mixed‑use property with 4 residential and 2 commercial units; Four apartments, each with 4 rooms, 2 BR, and 1 BA; Approximately 1,515 SF of commercial storefront space
