Renovated Duplex
For Sale
$1,555,000
22 Park St, Wakefield, MA 01880
Two updated units offer flexible living arrangements with finished lower-level bonus space.
Property Size3,068 SF
Days on Market48
Property Features for 22 Park St
General Information
Standard status
Active
Size
3,068 SF
Total Parking Spaces
5
Property subtype
Multifamily
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,669
Amenities
private patio
Building Details
Building Size
3,068 SF
Year Built
1960
Listing Agency:
William Raveis R.E. & Home Services
Listed By:
Krassi Diehl
(617) 784-0601
Source:
Classifiedrealtygroup
Added: Sep 2
Changed: Oct 8
Last Checked: Oct 16 at 6:12AM
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 William Raveis R.E. & Home Services
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Investment Insights
Based on property information with market context.
This 3,068-square-foot duplex contains two renovated units with bright living areas and functional layouts. Each residence includes new cabinetry, stainless steel appliances, updated flooring, and a renovated bathroom. The finished lower level adds flexible bonus space for recreation, exercise, or storage, while a private patio provides outdoor space for relaxation and entertaining.
The property is located near Lake Quannapowitt, downtown Wakefield restaurants and shops, local parks, and the commuter rail. Built in 1960 and zoned GR, the property combines refreshed interiors with a two-unit configuration suited to owner-occupancy, investment, or multigenerational living.
The property is located near Lake Quannapowitt, downtown Wakefield restaurants and shops, local parks, and the commuter rail. Built in 1960 and zoned GR, the property combines refreshed interiors with a two-unit configuration suited to owner-occupancy, investment, or multigenerational living.
Key Highlights
- Two‑unit duplex with 3,068 square feet
- Renovated kitchens with new cabinetry and stainless steel appliances
- Updated flooring and renovated bathrooms in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,920
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,298,400
$1.3M
Cap Rate 7%
$927,429
$927.4K
Cap Rate 9%
$721,333
$721.3K
Market Conditions
NOI Build-Up for 3,068 SF
Gross rent
$97.6K $31.80/SF
− Vacancy
−$4.8K −$1.57/SF
EGI
$92.7K $30.23/SF
− OpEx
−$27.8K −$9.07/SF
NOI
$64.9K $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%
$1,298,400
Cap Rate 7%
$927,429
Cap Rate 9%
$721,333
Alternative Uses
Best Use
Multifamily LT 5
$927.4K
$811.5K – $1.08M
NOI $64,920 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$872.0K
$763.0K – $1.02M
NOI $61,043 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,137 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 01880, MA
27,071
Population
11,513
Households
2.4
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
3,658
Density / Sq Mi
$130,419
Median Household Income
$78,860
Median Earnings
$1,872
Median Rent
$670,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two updated units offer flexible living arrangements with finished lower-level bonus space.
Where is this duplex located?
The property is located at 22 Park St Wakefield, MA.
What is the asking price?
The asking price for this property is $1,555,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,068 square feet; Renovated kitchens with new cabinetry and stainless steel appliances; Updated flooring and renovated bathrooms in both units
