Turnkey Two-Family
For Sale
$835,000
192 Salem St, Wakefield, MA 01880
Two-family duplex with updated units, hardwood floors, individual laundry hookups, and separate utilities.
Property Size1,408 SF
Price / SF$593.04
Days on Market183
Property Features for 192 Salem St
General Information
Standard status
Active
Size
1,408 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
SR
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Amenities
Hot Water, Oil
Electric Dryer Hookup, Washer Hookup
Wood, Tile, Vinyl / VCT, Laminate, Hardwood
Range, Dishwasher, Microwave, Refrigerator, Washer, Dryer
Upgraded Cabinets, Upgraded Countertops, Bathroom with Shower Stall, Remodeled, Living Room, Kitchen, Mudroom
Yes
Shingle,Slate
1.0
Varies per Unit, Stone Wall, Other
Public Transportation, Shopping, Tennis Court(s), Park, Walk/Jog Trails, Medical Facility, Bike Path, Conservation Area, Highway Access, House of Worship, Private School, Public School, Sidewalks
for Electric Range, for Electric Oven, for Electric Dryer, Washer Hookup
6
Building Details
Building Size
1,408 SF
Year Built
1920
Stories
2
Tenancy
Multi
Listing Agency:
Barrett, Chris. J., REALTORS
Listed By:
Christopher Barrett · License #9533397
(781) 248-5011
Source:
Reishomesearch
Added: Apr 21
Changed: Sep 22
Last Checked: Sep 20 at 8:14AM
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 Barrett, Chris. J., REALTORS
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Investment Insights
Based on property information with market context.
Turnkey two-family duplex set on a landscaped knoll. The first-floor unit offers four rooms with two bedrooms, including a newer 3/4 bath and an updated kitchen with Corian counters, a breakfast bar, and stainless-steel appliances. It also features an oversized living room with hardwood floors and lots of glass overlooking the backyard. Conveniently, the first-floor layout includes a garage under, basement and laundry access, and additional storage.
The second-floor apartment includes three rooms with one bedroom and has exclusive access through a large open front porch. This unit features a kitchen with newer stainless-steel appliances, a newer tiled full bath, and hardwood floors.
Outside, the large lot includes a 12x10 detached screen house. Each unit has individual laundry hookups, dedicated use driveways, and separate oil burners and electric service. The property is located close to highways, town, activities, and recreational use at Lake Q.
The second-floor apartment includes three rooms with one bedroom and has exclusive access through a large open front porch. This unit features a kitchen with newer stainless-steel appliances, a newer tiled full bath, and hardwood floors.
Outside, the large lot includes a 12x10 detached screen house. Each unit has individual laundry hookups, dedicated use driveways, and separate oil burners and electric service. The property is located close to highways, town, activities, and recreational use at Lake Q.
Key Highlights
- Turnkey 2‑family duplex built in 1920 with a 2‑bedroom 1st‑floor unit and a 1‑bedroom 2nd‑floor unit
- Updated 1st‑floor unit features corian kitchen counters, breakfast bar, and stainless‑steel appliances plus newer 3/4 bath
- Oversized living room with hardwood floors, lots of glass, and backyard views; 1st‑floor includes garage under, basement and laundry access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,794
Cap Rate
3.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$595,880
$595.9K
Cap Rate 7%
$425,629
$425.6K
Cap Rate 9%
$331,044
$331.0K
Market Conditions
NOI Build-Up for 1,408 SF
Gross rent
$44.8K $31.80/SF
− Vacancy
−$2.2K −$1.57/SF
EGI
$42.6K $30.23/SF
− OpEx
−$12.8K −$9.07/SF
NOI
$29.8K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$595,880
Cap Rate 7%
$425,629
Cap Rate 9%
$331,044
Alternative Uses
Best Use
Multifamily LT 5
$425.6K
$372.4K – $496.6K
NOI $29,794 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$400.2K
$350.2K – $466.9K
NOI $28,014 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$833.5K
$729.3K – $972.5K
NOI $58,347 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 01880, MA
27,071
Population
11,513
Households
2.4
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
3,658
Density / Sq Mi
$130,419
Median Household Income
$78,860
Median Earnings
$1,872
Median Rent
$670,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-family duplex with updated units, hardwood floors, individual laundry hookups, and separate utilities.
Where is this duplex located?
The property is located at 192 Salem St Wakefield, MA.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Turnkey 2‑family duplex built in 1920 with a 2‑bedroom 1st‑floor unit and a 1‑bedroom 2nd‑floor unit; Updated 1st‑floor unit features corian kitchen counters, breakfast bar, and stainless‑steel appliances plus newer 3/4 bath; Oversized living room with hardwood floors, lots of glass, and backyard views; 1st‑floor includes garage under, basement and laundry access
