Building Details

Year Built 1830

Listing Agency: Douglas Elliman Real Estate - The Sarkis Team Show Phone

Listed By: Rich Peterson Show Phone

Source: Sarkisboston

Added: Aug 18 Changed: Aug 24 Last Checked: Aug 23 at 8:47AM

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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.

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 (±1% cap)

NOI $40,296 @ 7.0% cap · market cap 5.97%

Second Best

Apartment 5plus

$519.6K

$454.7K – $606.2K (±1% cap)

NOI $36,374 @ 7.0% cap · market cap 5.39%

Theoretical Best

Office A

$1.42M

$1.24M – $1.65M (±1% cap)

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

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Real Estate Agency HVAC Service Plumbing Service Locksmith Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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