Two-Family Duplex on Oversized
For Sale
$939,000
22 Franklin St, Woburn, MA 01801
Two two-bedroom units provide separate residential spaces with off-street parking.
Property Size2,223 SF
Lot Size0.41 Acres
Price / SF$422.40
Days on Market109
Property Features for 22 Franklin St
General Information
Standard status
Active
Size
2,223 SF
Total Parking Spaces
8
Lot size
0.41 Acres
Property subtype
Multi-Family
Zoning
R-2
Net Operating Income
$30,600
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,860
Building Details
Building Size
2,223 SF
Year Built
1880
Buildings
1
Stories
3
Listing Agency:
Coldwell Banker Realty - Brookline
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 14
Changed: Aug 30
Last Checked: Aug 30 at 1:37PM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each with two bedrooms, within a 2,223-square-foot two-family home. The property was built in 1880 and has been maintained by the same owners for many years. An oversized lot and off-street parking for 8+ vehicles add practical capacity for residents and visitors.
The parcel measures nearly 18,000 sq. ft. and is zoned R-2. The property is in Woburn near downtown retail and dining, with access to commuter routes. Its two-unit configuration supports separate household living, while the lot size and zoning may offer additional possibilities subject to City of Woburn approvals.
The parcel measures nearly 18,000 sq. ft. and is zoned R-2. The property is in Woburn near downtown retail and dining, with access to commuter routes. Its two-unit configuration supports separate household living, while the lot size and zoning may offer additional possibilities subject to City of Woburn approvals.
Key Highlights
- Two‑unit duplex with 2 bedrooms in each unit
- 2,223‑square‑foot two‑family home built in 1880
- Nearly 18,000 sq. ft. lot
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
$47,039
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
5.01%
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%
$940,780
$940.8K
Cap Rate 7%
$671,986
$672.0K
Cap Rate 9%
$522,656
$522.7K
Market Conditions
NOI Build-Up for 2,223 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
$70.7K $31.80/SF
− Vacancy
−$3.5K −$1.57/SF
EGI
$67.2K $30.23/SF
− OpEx
−$20.2K −$9.07/SF
NOI
$47.0K $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%
$940,780
Cap Rate 7%
$671,986
Cap Rate 9%
$522,656
Alternative Uses
Best Use
Multifamily LT 5
$672.0K
$588.0K – $784.0K
NOI $47,039 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$631.9K
$552.9K – $737.2K
NOI $44,230 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,121 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
968
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 - Two two-bedroom units provide separate residential spaces with off-street parking.
Where is this duplex located?
The property is located at 22 Franklin St Woburn, MA.
What is the asking price?
The asking price for this property is $939,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms in each unit; 2,223‑square‑foot two‑family home built in 1880; Nearly 18,000 sq. ft. lot
