Two-Unit Duplex with Fenced
For Sale
$775,000
22 Howard, Haverhill, MA 01830
Two-family residence with separate utilities, dedicated parking, basement storage, and convenient access to area services.
Property Size2,882 SF
Price / SF$268.91
Days on Market65
Property Features for 22 Howard
General Information
Standard status
Active
Size
2,882 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
RES
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,600
Amenities
fenced yard
patio
basement
washer-dryer hook up
walk-in closet
Building Details
Building Size
2,882 SF
Year Built
1900
Buildings
1
Stories
4
Construction
town house style
Tenancy
Multi
Listing Agency:
Perella Real Estate
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 27
Changed: Aug 29
Last Checked: Aug 29 at 3:21PM
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 Perella Real Estate
Investment Insights
Based on property information with market context.
Located at 22 Howard in Haverhill, this two-unit residential property contains a larger townhouse-style apartment spanning the second and third floors and a separate first-floor apartment. The upper residence includes 4 bedrooms, a large primary bedroom, a walk-in closet, a spacious kitchen, and washer-dryer hookups. The first-floor unit has 2 bedrooms. Separate electric breaker systems, gas heating systems, and utility arrangements serve the apartments. The property also features a newer roof, a large basement, a fenced yard with patio, and 4 parking spaces.
The property is within walking distance of a hospital, library, shopping, and restaurants, with access to 495 HWY, 125 RTE, 110 RTE, and 97 RTE. Both tenants are TAW. The building was constructed in 1900 and is zoned RES.
The property is within walking distance of a hospital, library, shopping, and restaurants, with access to 495 HWY, 125 RTE, 110 RTE, and 97 RTE. Both tenants are TAW. The building was constructed in 1900 and is zoned RES.
Key Highlights
- Two‑unit property with a 4‑bedroom upper apartment and a 2‑bedroom first‑floor unit
- Upper residence spans the second and third floors in townhouse‑style configuration
- Separate electric breaker systems, gas heating systems, and utilities
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
$48,551
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
6.26%
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%
$971,020
$971.0K
Cap Rate 7%
$693,586
$693.6K
Cap Rate 9%
$539,456
$539.5K
Market Conditions
NOI Build-Up for 2,882 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
$72.6K $25.20/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$69.4K $24.07/SF
− OpEx
−$20.8K −$7.22/SF
NOI
$48.6K $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%
$971,020
Cap Rate 7%
$693,586
Cap Rate 9%
$539,456
Alternative Uses
Best Use
Multifamily LT 5
$693.6K
$606.9K – $809.2K
NOI $48,551 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$626.1K
$547.8K – $730.4K
NOI $43,825 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,429 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Explore this area
Business Placement
Demographics for 01830, MA
27,553
Population
11,159
Households
2.5
Avg Household Size
41
Median Age
30%
College-Educated
89%
High-School Grad
13.9 sq mi
ZIP Area
1,982
Density / Sq Mi
$79,784
Median Household Income
$49,289
Median Earnings
$1,602
Median Rent
$436,400
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-family residence with separate utilities, dedicated parking, basement storage, and convenient access to area services.
Where is this duplex located?
The property is located at 22 Howard Haverhill, MA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Two‑unit property with a 4‑bedroom upper apartment and a 2‑bedroom first‑floor unit; Upper residence spans the second and third floors in townhouse‑style configuration; Separate electric breaker systems, gas heating systems, and utilities
