Renovated Duplex
New
For Sale
$1,595,000
22 Park St, Wakefield, MA 01880
Two updated units offer flexible living arrangements with finished lower-level bonus space.
Property Size3,068 SF
Price / SF$519.88
Days on Market2
Property Features for 22 Park St
General Information
Standard status
Active
Size
3,068 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
GR
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
Stories
6
Listing Agency:
LPT Realty - Home & Key Group
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 2 at 2:01PM
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 LPT Realty - Home & Key Group
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 = 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
$64,920
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
4.07%
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%
$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
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
$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 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%
$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 4.07%
Second Best
Apartment 5plus
$872.0K
$763.0K – $1.02M
NOI $61,043 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,137 @ 7.0% cap · market cap 7.97%
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
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
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 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 $1,595,000.
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
