Renovated Two-Unit
For Sale
$685,000
2 Grove St, Haverhill, MA 01832
Renovated, deleaded two-unit property with two updated apartments, hardwood and luxury vinyl plank flooring, and off-street parking.
Property Size2,563 SF
Price / SF$267.26
Days on Market49
Property Features for 2 Grove St
General Information
Standard status
Active
Size
2,563 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
R-2
Net Operating Income
$61,300
Additional Details
Cap Rate
7.8%
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,345
Building Details
Building Size
2,563 SF
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jul 19
Changed: Sep 4
Last Checked: Sep 4 at 3:34AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
Renovated, deleaded two-unit multifamily with both apartments updated and ready for occupancy. The first unit offers a 3-bedroom, 1-bath layout, while the second unit is configured as a 5-bedroom, 1-bath. Flooring includes hardwood and luxury vinyl plank, with fresh paint and stainless steel appliances. There is one driveway providing off-street parking. A new boiler supports the building, and the basement is dry and unfinished with shared laundry facilities for both units.
The property is located on Grove St in Haverhill, not far from Downtown Haverhill. It is listed as 0.5 miles from Haverhill Commuter Rail, and within the provided drive-time ranges of Newburyport, Downtown Boston, and Seabrook beach.
Each unit has been renovated and is described as generating $5,600 per month total in the seller’s remarks. The offering is currently presented as a 7.8% CAP, with first showings scheduled at the open house on 7/18 from 10am to 12pm.
The property is located on Grove St in Haverhill, not far from Downtown Haverhill. It is listed as 0.5 miles from Haverhill Commuter Rail, and within the provided drive-time ranges of Newburyport, Downtown Boston, and Seabrook beach.
Each unit has been renovated and is described as generating $5,600 per month total in the seller’s remarks. The offering is currently presented as a 7.8% CAP, with first showings scheduled at the open house on 7/18 from 10am to 12pm.
Key Highlights
- Renovated, deleaded 2‑unit multi‑family generating $5,600/month total rent
- Unit 1 features 3 beds, 1 bath with hardwood flooring and stainless steel appliances
- Unit 2 features 5 beds, 1 bath with hardwood flooring and stainless steel appliances
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
$43,177
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
6.30%
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%
$863,540
$863.5K
Cap Rate 7%
$616,814
$616.8K
Cap Rate 9%
$479,744
$479.7K
Market Conditions
NOI Build-Up for 2,563 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
$64.6K $25.20/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$61.7K $24.07/SF
− OpEx
−$18.5K −$7.22/SF
NOI
$43.2K $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%
$863,540
Cap Rate 7%
$616,814
Cap Rate 9%
$479,744
Alternative Uses
Best Use
Multifamily LT 5
$616.8K
$539.7K – $719.6K
NOI $43,177 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$556.8K
$487.2K – $649.6K
NOI $38,974 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,210 @ 7.0% cap · market cap 15.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 01832, MA
25,656
Population
10,735
Households
2.4
Avg Household Size
38
Median Age
28%
College-Educated
90%
High-School Grad
11.4 sq mi
ZIP Area
2,251
Density / Sq Mi
$81,141
Median Household Income
$47,151
Median Earnings
$1,612
Median Rent
$410,300
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 - Renovated, deleaded two-unit property with two updated apartments, hardwood and luxury vinyl plank flooring, and off-street parking.
Where is this duplex located?
The property is located at 2 Grove St Haverhill, MA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Renovated, deleaded 2‑unit multi‑family generating $5,600/month total rent; Unit 1 features 3 beds, 1 bath with hardwood flooring and stainless steel appliances; Unit 2 features 5 beds, 1 bath with hardwood flooring and stainless steel appliances
