Two-Family Duplex Requiring
New
For Sale
$675,000
19 Eastern Avenue, Essex, MA 01929
Historic two-unit property near downtown Essex with separate living spaces and renovation needs.
Property Size2,392 SF
Price / SF$282.19
Days on Market7
Property Features for 19 Eastern Avenue
General Information
Standard status
Active
Size
2,392 SF
Property subtype
Multi-family
Property Condition
Severity
Repairs Needed
Evidence
in need of repairs and updating
Additional Details
Multifamily Units
2
Building Details
Year Built
1830
Listing Agency:
Douglas Elliman Real Estate - The Sarkis Team
Listed By:
The Sarkis Team
(617) 993-4639
Source:
Flowrealty
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 23 at 8:47AM
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 Douglas Elliman Real Estate - The Sarkis Team
Investment Insights
Based on property information with market context.
Located at 19 Eastern Avenue in Essex, this two-family duplex contains 2,392 square feet and was built in 1830. Each unit has its own living area, creating a distinct two-unit configuration within the home.
The property requires repairs and updating, and its current condition does not support FHA financing. The location is near downtown Essex, with restaurants, shops, and other North Shore destinations nearby.
The property requires repairs and updating, and its current condition does not support FHA financing. The location is near downtown Essex, with restaurants, shops, and other North Shore destinations nearby.
Key Highlights
- Two‑family duplex with separate living spaces for each unit
- 2,392 square feet of building area
- Built in 1830
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
$40,296
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
5.97%
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%
$805,920
$805.9K
Cap Rate 7%
$575,657
$575.7K
Cap Rate 9%
$447,733
$447.7K
Market Conditions
NOI Build-Up for 2,392 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
$60.3K $25.20/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$57.6K $24.07/SF
− OpEx
−$17.3K −$7.22/SF
NOI
$40.3K $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%
$805,920
Cap Rate 7%
$575,657
Cap Rate 9%
$447,733
Alternative Uses
Best Use
Multifamily LT 5
$575.7K
$503.7K – $671.6K
NOI $40,296 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$519.6K
$454.7K – $606.2K
NOI $36,374 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,124 @ 7.0% cap · market cap 14.69%
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
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 01929, MA
3,618
Population
1,527
Households
2.4
Avg Household Size
45
Median Age
69%
College-Educated
96%
High-School Grad
13.9 sq mi
ZIP Area
260
Density / Sq Mi
$151,509
Median Household Income
$66,033
Median Earnings
$1,828
Median Rent
$828,200
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 - Historic two-unit property near downtown Essex with separate living spaces and renovation needs.
Where is this duplex located?
The property is located at 19 Eastern Avenue Essex, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two‑family duplex with separate living spaces for each unit; 2,392 square feet of building area; Built in 1830
