Two-Family Residential Income
For Sale
$999,000
24 Fairview Ave, Swampscott, MA 01907
Two-unit home with 2 bedrooms per unit, plus walk-up third-floor attic storage with semi-finished rooms.
Property Size1,872 SF
Lot Size0.23 Acres
Price / SF$533.65
Days on Market157
Property Features for 24 Fairview Ave
General Information
Standard status
Active
Size
1,872 SF
Total Parking Spaces
3
Lot size
0.23 Acres
Property subtype
Multi-Family
Zoning
A3
Additional Details
Multifamily Units
2
Amenities
Steam, Oil
Gas Dryer Hookup
Wood, Tile, Hardwood
Range, Refrigerator
Ceiling Fan(s), Storage, Bathroom With Tub & Shower, Heated Attic, Living Room, Kitchen, Office/Den
No
Shingle
Balcony/Deck
Public Transportation, Shopping, Golf, Public School, T-Station, Sidewalks
for Electric Range, for Gas Dryer
3
Building Details
Building Size
1,872 SF
Year Built
1910
Stories
3
Listing Agency:
RE/MAX 360
Listed By:
Katie DiVirgilio · License #9516912
(617) 285-9847
Source:
Reishomesearch
Added: Apr 2
Changed: Aug 8
Last Checked: Jul 21 at 3:27PM
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 RE/MAX 360
Investment Insights
Based on property information with market context.
This two-family residence includes two units, each featuring two bedrooms, a bathroom, and a kitchen with pantry area. The home also has a front porch on the first floor and an enclosed front living area on the second floor. In addition, there is walk-up third-floor attic storage with approximately 252 square feet and two semi-finished rooms.
The property sits on nearly 10,000 square feet of land recorded on one deed, with separate water and sewer for the home and a separate adjacent lot hook-up set. The additional land of approximately 5,000 square feet is taxed and assessed separately. The property is currently occupied. Sellers indicate that any appliances and systems will be left as gifts, and buyers and agents should perform all due diligence.
The property sits on nearly 10,000 square feet of land recorded on one deed, with separate water and sewer for the home and a separate adjacent lot hook-up set. The additional land of approximately 5,000 square feet is taxed and assessed separately. The property is currently occupied. Sellers indicate that any appliances and systems will be left as gifts, and buyers and agents should perform all due diligence.
Key Highlights
- Two‑family home with about 1,872 SF living space (not including walk‑up third‑floor attic storage).
- Each unit includes 2 bedrooms, a bathroom, and a kitchen with pantry areas.
- Walk‑up third‑floor attic storage adds about 252 SF and includes 2 semi‑finished rooms.
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
$31,536
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
3.16%
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%
$630,720
$630.7K
Cap Rate 7%
$450,514
$450.5K
Cap Rate 9%
$350,400
$350.4K
Market Conditions
NOI Build-Up for 1,872 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
$47.2K $25.20/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$45.1K $24.07/SF
− OpEx
−$13.5K −$7.22/SF
NOI
$31.5K $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%
$630,720
Cap Rate 7%
$450,514
Cap Rate 9%
$350,400
Alternative Uses
Best Use
Multifamily LT 5
$450.5K
$394.2K – $525.6K
NOI $31,536 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$406.7K
$355.8K – $474.4K
NOI $28,466 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$1.11M
$969.7K – $1.29M
NOI $77,575 @ 7.0% cap · market cap 7.77%
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
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 01907, MA
15,148
Population
6,666
Households
2.3
Avg Household Size
45
Median Age
62%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
5,049
Density / Sq Mi
$127,714
Median Household Income
$70,837
Median Earnings
$2,206
Median Rent
$690,800
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-unit home with 2 bedrooms per unit, plus walk-up third-floor attic storage with semi-finished rooms.
Where is this duplex located?
The property is located at 24 Fairview Ave Swampscott, MA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two‑family home with about 1,872 SF living space (not including walk‑up third‑floor attic storage).; Each unit includes 2 bedrooms, a bathroom, and a kitchen with pantry areas.; Walk‑up third‑floor attic storage adds about 252 SF and includes 2 semi‑finished rooms.
