Updated Two-Family
New
For Sale
$849,000
23 Fullerton Avenue, Whitman, MA 02382
Two residential units offer refreshed interiors, in-unit laundry connections, and substantial building-system improvements.
Property Size3,066 SF
Price / SF$276.91
Days on Market7
Property Features for 23 Fullerton Avenue
General Information
Standard status
Active
Size
3,066 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
washer/dryer connections
basement storage
Building Details
Year Built
1875
Buildings
1
Listing Agency:
JM Realty Group
Listed By:
The Mahase Team
(617) 750-7942
Source:
Hgjohnsonrealestate
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 22 at 6:04PM
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 JM Realty Group
Investment Insights
Based on property information with market context.
Built in 1875, this 3,066-square-foot duplex contains two residential units. The first-floor apartment has renovated interiors with new appliances, fresh paint, refinished hardwood flooring, and updated lighting. The upper apartment occupies two levels, while both units include washer and dryer connections within the apartments.
Recent capital work includes plumbing, electrical service, full-building insulation, and replacement of two heating systems within the last two years. A large basement provides storage and may offer expansion potential subject to buyer due diligence and town approval. The property is located at 23 Fullerton Ave in Whitman, approximately five minutes from Whitman Park and the train station, and may suit an owner-occupant or rental-income buyer.
Recent capital work includes plumbing, electrical service, full-building insulation, and replacement of two heating systems within the last two years. A large basement provides storage and may offer expansion potential subject to buyer due diligence and town approval. The property is located at 23 Fullerton Ave in Whitman, approximately five minutes from Whitman Park and the train station, and may suit an owner-occupant or rental-income buyer.
Key Highlights
- 3,066‑square‑foot duplex built in 1875
- Two residential units, including a two‑level upper apartment
- First‑floor unit renovated with new appliances and refinished hardwood floors
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
$51,817
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
6.10%
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%
$1,036,340
$1.0M
Cap Rate 7%
$740,243
$740.2K
Cap Rate 9%
$575,744
$575.7K
Market Conditions
NOI Build-Up for 3,066 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
$78.2K $25.50/SF
− Vacancy
−$4.2K −$1.36/SF
EGI
$74.0K $24.14/SF
− OpEx
−$22.2K −$7.24/SF
NOI
$51.8K $16.90/SF
Area
Plymouth County, MA
Vacancy
5.32%
Lease Rate
$25.50 /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%
$1,036,340
Cap Rate 7%
$740,243
Cap Rate 9%
$575,744
Alternative Uses
Best Use
Multifamily LT 5
$740.2K
$647.7K – $863.6K
NOI $51,817 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$682.2K
$597.0K – $795.9K
NOI $47,756 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,054 @ 7.0% cap · market cap 14.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Explore this area
Business Placement
Demographics for 02382, MA
15,121
Population
6,031
Households
2.5
Avg Household Size
41
Median Age
29%
College-Educated
95%
High-School Grad
6.9 sq mi
ZIP Area
2,191
Density / Sq Mi
$107,794
Median Household Income
$53,875
Median Earnings
$1,785
Median Rent
$456,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer refreshed interiors, in-unit laundry connections, and substantial building-system improvements.
Where is this duplex located?
The property is located at 23 Fullerton Avenue Whitman, MA.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 3,066‑square‑foot duplex built in 1875; Two residential units, including a two‑level upper apartment; First‑floor unit renovated with new appliances and refinished hardwood floors
