Two-Unit Residential
22-24 Spare Street, Dracut, MA 01826
For Sale
New
$759,900
Two remodeled three-bedroom apartments have separate gas utilities and individual driveways.
Property Size2,340 SF
Price / SF$324.74
Days on Market5
Property Features for 22-24 Spare Street
General Information
Standard status
Size
Property subtype
Additional Details
Utilities to Site
Individually Metered Utilities
Amenities
private yard
Building Details
Year Built
Listing Agency:
Century 21 North East
Listed By:
Michael Hayes
(617) 510-7284
Source:
Hgjohnsonrealestate
Added: Nov 11
Changed: Nov 15
Last Checked: Nov 14 at 2:17PM
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 Century 21 North East
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Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,340 square feet, with three bedrooms in each apartment. Apartment 22 was remodeled in 2021, and Apartment 24 was remodeled in 2019. Both units have newer kitchens with granite countertops, updated bathroom fixtures, and updated electrical panels and outlets. The property dates to 1900 and includes two delead certificates.
Each apartment has its own driveway, and the units have separate gas utilities. Heating systems are approximately 10 years old. A private yard provides outdoor space for the property.
Each apartment has its own driveway, and the units have separate gas utilities. Heating systems are approximately 10 years old. A private yard provides outdoor space for the property.
Key Highlights
- Two apartments, each with 3 bedrooms
- 2,340 square feet; built in 1900
- Apartment 22 remodeled in 2021; Apartment 24 remodeled in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,515
Cap Rate
6.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$990,300
$990.3K
Cap Rate 7%
$707,357
$707.4K
Cap Rate 9%
$550,167
$550.2K
Market Conditions
NOI Build-Up for 2,340 SF
Gross rent
$74.4K $31.80/SF
− Vacancy
−$3.7K −$1.57/SF
EGI
$70.7K $30.23/SF
− OpEx
−$21.2K −$9.07/SF
NOI
$49.5K $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%
$990,300
Cap Rate 7%
$707,357
Cap Rate 9%
$550,167
Alternative Uses
Best Use
Multifamily LT 5
$707.4K
$618.9K – $825.3K
NOI $49,515 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$665.1K
$582.0K – $776.0K
NOI $46,558 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $96,969 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 01826, MA
32,689
Population
12,480
Households
2.6
Avg Household Size
42
Median Age
35%
College-Educated
91%
High-School Grad
20.8 sq mi
ZIP Area
1,572
Density / Sq Mi
$111,451
Median Household Income
$58,361
Median Earnings
$1,740
Median Rent
$466,200
Median Home Value
Market
Average Price Trend$/SF for Duplexes in Middlesex County, MA
Properties on Market for Duplexes in Middlesex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two remodeled three-bedroom apartments have separate gas utilities and individual driveways.
Where is this duplex located?
The property is located at 22-24 Spare Street Dracut, MA.
What is the asking price?
The asking price for this property is $759,900.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms; 2,340 square feet; built in 1900; Apartment 22 remodeled in 2021; Apartment 24 remodeled in 2019
