Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Two Homes on Cranberry Highway Title is generated by Realmo AI

    2230-2232 Cranberry Hwy, Wareham, MA 02576

    View on Map
    Claim this Listing
    For Sale
    $815,000

    Two homes, live in one, rent the other.

    Type:Multi Family
    Property size:
    3,117 SF
    Price / SF:
    $261/SF
    Added:
    Apr 17, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 20 at 5:40 pm

    Property Features for 2230-2232 Cranberry Hwy

    General Information

    Standard status
    Active
    Size
    3,117 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1890

    We can help!

    Listing Contact
    Kathie Palm
    Kathie Palm

    Listing agent Kathie Palm License #455000786

    Listing office eXp Realty

    Listing date Apr 17, 2026

    Source Lockandkeyre

    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 eXp Realty

    HighLights

    • Live in one home and rent out the other for income.
    • 2230 Cranberry Hwy: New Bosch Duel Fuel Heat Pump, roof, hot water heater, kitchen flooring & stove.
    • Both septics replaced 4 years ago.
    • 2230 Cranberry Hwy: Hardwood floors and convenient first‑floor bedroom.
    • 2232 Cranberry Hwy: New stove, newer central furnace & minisplits.
    • Close to shopping, restaurants & highway.

    Overview

    Two separate homes are available for purchase together. One property, located at 2230 Cranberry Hwy, features hardwood floors and 4 to 5 bedrooms. Several major updates have been completed, including a new Bosch Duel Fuel Heat Pump, a new roof, a new hot water heater, new kitchen flooring, and a new stove. A bedroom is conveniently located on the first floor. The second property, located at 2232 Cranberry Hwy, is currently rented but will be vacant at closing. This home includes 4 bedrooms, with the kitchen and bath situated on the second floor. It features a new stove, newer central furnace, and mini-splits. Both septic systems were replaced 4 years ago. The properties are situated close to shopping, restaurants, and the highway. The total property size is 3117 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $79.5k $25.50
    − Vacancy −$4.2k −$1.36
    EGI $75.3k $24.14
    − OpEx −$22.6k −$7.24
    NOI $52.7k $16.90
    3,117 SF · lease $25.50/SF/yr · vacancy 5.32% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $752.5K
    $658.5K – $878.0K (±1% cap)
    NOI $52,678 @ 7.0% cap · market cap 6.46%
    Second Best
    Apartment 5plus
    $693.6K
    $606.9K – $809.2K (±1% cap)
    NOI $48,550 @ 7.0% cap · market cap 5.96%
    Theoretical Best
    Office A
    $1.85M
    $1.61M – $2.15M (±1% cap)
    NOI $129,168 @ 7.0% cap · market cap 15.85%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Nail Salon Pharmacy Auto Parts Store Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wareham
    County
    Plymouth
    State
    Massachusetts
    Longitude
    -70.766857
    Latitude
    41.8002296

    Nearby Similar for Sale

    • $535,000
      1,084 SF

      Two-Unit Cottage Property

      Two fully renovated, furnished cottages with private laundry and shared outdoor patio on one lot in Wareham.
      13 Woodland Cir, Wareham, MA 02571
      View Details
    • $1,400,000
      28,818 SF

      Stonegate Professional Center Office Buildings

      Two office buildings totaling 28,818 SF in Wareham, MA.
      2527 Cranberry Hwy, Wareham, MA 02571
      View Details
    • $815,000
      3,117 SF

      Two Homes on Cranberry Highway

      Two separate homes, live in one and rent the other.
      2230-2232 Cranberry Hwy, Wareham, MA 02576
      View Details
    • $1,400,000
      28,818 SF

      Two-Building Professional Office Center

      Two office buildings totaling 28,818 SF, including a 2014 building on major Wareham highway routes.
      2527 Cranberry Hwy, Wareham, MA, MA 02571
      View Details
    • $1,199,800

      Multifunctional Commercial Properties For Sale

      Two commercial buildings with office, warehouse, and showroom spaces.
      3091-3095 Cranberry Hwy, Wareham, MA 02538
      View Details
    • $1,400,000
      28,818 SF

      Wareham Office Buildings For Sale

      Two office buildings totaling 28,818 SF in Wareham, MA.
      2527 Cranberry Hwy, Wareham, MA 02571
      View Details
    • $1,450,000
      6,300 SF

      Retail Building in Prime Location

      6,300 SF retail building in Wareham, renovated in 2025.
      2546 Cranberry Hwy, Wareham, MA 02571
      View Details
    • $1,199,800

      Multifunctional Commercial Buildings Package

      Two commercial buildings with office, warehouse, and showroom spaces.
      3091-3095 Cranberry Hwy, Wareham, MA 02538
      View Details
    • $535,000

      Turnkey Cottages on One Lot

      Two fully renovated, fully furnished cottages with private laundry, mini-splits, and shared outdoor entertaining space.
      13 Woodland Cir, Wareham, MA 02571
      View Details
    • $850,000

      Operating Gas Station and Convenience Store

      Freestanding convenience store and fuel operation with three underground storage tanks and an owner-used upper lounge/studio space.
      204 Marion Rd, Wareham, MA, MA 02571
      View Details
    • $850,000

      Operating Gas Station and Store

      Gas station and convenience store on high-visibility Marion Road.
      204 Marion Rd, Wareham, MA 02571
      View Details
    • $815,000
      3,117 SF

      Two Homes on Cranberry Highway

      Two homes, live in one, rent the other.
      2230-2232 Cranberry Highway, Wareham, MA 02576
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Two homes, live in one, rent the other.
    Where is this multifamily property located?
    The property is located at 2230-2232 Cranberry Hwy Wareham, MA.
    What is the asking price?
    The asking price for this property is $815,000.
    What are key features of this property?
    This property features: Live in one home and rent out the other for income.; 2230 Cranberry Hwy: **New Bosch Duel Fuel Heat Pump, roof, hot water heater, kitchen flooring & stove.**; Both septics replaced 4 years ago.
    (508) 320-5115
    We can help!
    Listing Contact
    Kathie Palm
    Kathie Palm
    Real Estate License ID: 455000786
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2230-2232 Cranberry Hwy, Wareham, MA 02576
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!