Side-by-Side Duplex with Detached
For Sale
$849,900
21-23 Eastern Avenue, Woburn, MA 01801
Corner-lot duplex with mirrored two-bedroom layouts, a farmers porch, and expanded owner-unit living space.
Property Size2,352 SF
Price / SF$361.35
Days on Market238
Property Features for 21-23 Eastern Avenue
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
8
Property subtype
Multi-family / Duplex
Zoning
R-2
Taxes and HOA fees
Annual Taxes
$5,646
Amenities
No
Carpet, Laminate, Hardwood
Range, Dishwasher, Refrigerator
3.0
Washer Hookup, Dryer Hookup
Full
Walk-Up Attic, Living Room, Kitchen, Family Room, Laundry Room
2
1
2.50
3
Frame
Shingle
Porch
Building Details
Year Built
1900
Listing Agency:
J. Mulkerin Realty
(781) 933-7200
Listed By:
Joanne Mulkerin · License #135523
(781) 933-7200
Source:
Compass
Added: Jan 4
Changed: Aug 29
Last Checked: Aug 29 at 4:45PM
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 J. Mulkerin Realty
Investment Insights
Based on property information with market context.
This 2352-square-foot side-by-side duplex, built in 1900, offers two mirror-image residential layouts on a corner lot. Each unit includes a foyer with coat storage, living room, kitchen, two bedrooms, and a full bathroom. One owner-oriented unit adds a family room beside the kitchen, laundry space, and a first-floor half bathroom. A walk-up attic provides additional unfinished storage, while the property also includes a farmers porch and a detached two-car garage.
Located at 21-23 Eastern Avenue in Woburn, MA, the property is zoned R-2. Recent component updates include a roof approximately 12 years old, one heating system approximately 12 years old, and hot water tanks approximately 2 months and 2 years old. The configuration supports separate-unit occupancy with distinct mirrored floorplans and practical residential amenities.
Located at 21-23 Eastern Avenue in Woburn, MA, the property is zoned R-2. Recent component updates include a roof approximately 12 years old, one heating system approximately 12 years old, and hot water tanks approximately 2 months and 2 years old. The configuration supports separate-unit occupancy with distinct mirrored floorplans and practical residential amenities.
Key Highlights
- 2352 square feet with two side‑by‑side residential units
- Each unit includes two bedrooms and a full bathroom
- Owner unit adds a family room, laundry, and first‑floor 1/2 bath
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
$49,769
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
5.86%
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%
$995,380
$995.4K
Cap Rate 7%
$710,986
$711.0K
Cap Rate 9%
$552,989
$553.0K
Market Conditions
NOI Build-Up for 2,352 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
$74.8K $31.80/SF
− Vacancy
−$3.7K −$1.57/SF
EGI
$71.1K $30.23/SF
− OpEx
−$21.3K −$9.07/SF
NOI
$49.8K $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%
$995,380
Cap Rate 7%
$710,986
Cap Rate 9%
$552,989
Alternative Uses
Best Use
Multifamily LT 5
$711.0K
$622.1K – $829.5K
NOI $49,769 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$668.5K
$585.0K – $780.0K
NOI $46,797 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,466 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 01801, MA
40,891
Population
16,982
Households
2.4
Avg Household Size
41
Median Age
47%
College-Educated
94%
High-School Grad
12.7 sq mi
ZIP Area
3,220
Density / Sq Mi
$107,754
Median Household Income
$60,637
Median Earnings
$2,190
Median Rent
$641,800
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 - Corner-lot duplex with mirrored two-bedroom layouts, a farmers porch, and expanded owner-unit living space.
Where is this duplex located?
The property is located at 21-23 Eastern Avenue Woburn, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 2352 square feet with two side‑by‑side residential units; Each unit includes two bedrooms and a full bathroom; Owner unit adds a family room, laundry, and first‑floor 1/2 bath
