Turnkey Two-Family
For Sale
$835,000
Pending
192 Salem St, Wakefield, MA 01880
Two-family duplex with updated units, hardwood floors, individual laundry hookups, and separate utilities.
Property Size1,408 SF
Days on Market138
Property Features for 192 Salem St
General Information
Standard status
Pending
Size
1,408 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Barrett, Chris. J., REALTORS
(781) 245-5011
Listed By:
Christopher Barrett · License #9533397
(781) 248-5011
Source:
Lockandkeyre
Added: Apr 21
Changed: Sep 3
Last Checked: Jul 23 at 6:12AM
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
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 = 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
$29,794
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
3.57%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
