Two-Unit Residence with
For Sale
$689,000
Pending
24 High St, Rockport, MA 01966
The property includes updated kitchens, in-unit laundry, off-street parking, and flexible occupancy for an owner or investor.
Property Size1,373 SF
Days on Market119
Property Features for 24 High St
General Information
Standard status
Pending
Size
1,373 SF
Property subtype
2 Family - 2 Units Up/Down
Occupancy
50%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR/3/4BA
Multifamily Units
2
Amenities
in-unit laundry
large deck
garden
Building Details
Year Built
1860
Buildings
1
Tenancy
Single
Listing Agency:
RE/MAX Beacon
(781) 771-9949
Listed By:
Kathleen Sullivan
(781) 771-9949
Source:
Lockandkeyre
Added: May 6
Changed: Aug 29
Last Checked: Aug 29 at 5:36PM
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 Beacon
Investment Insights
Based on property information with market context.
Built in 1860, this duplex contains two one-bedroom units within 1,373 square feet. Both apartments feature updated kitchens, in-unit laundry, three-quarter baths, and a mix of wood, tile, and carpet flooring. Newer windows complement the well-maintained interior, while the second-floor residence adds a large deck with stairs leading toward the parking area and garden. A new forced hot-water heating system and oil tank were installed in 2023.
One unit is currently rented and the other is vacant, creating an existing two-unit configuration with owner-occupant or investment use supported by the current setup. The property is located at 24 High St in Rockport, near Bearskin Neck, downtown beaches, shops, art galleries, the Farmers' Market, and the Shalin Liu Performance Center. Commuter rail and highway access connect the town with Boston and Logan Airport.
One unit is currently rented and the other is vacant, creating an existing two-unit configuration with owner-occupant or investment use supported by the current setup. The property is located at 24 High St in Rockport, near Bearskin Neck, downtown beaches, shops, art galleries, the Farmers' Market, and the Shalin Liu Performance Center. Commuter rail and highway access connect the town with Boston and Logan Airport.
Key Highlights
- Two one‑bedroom units totaling 1,373 square feet
- New forced hot‑water heating system and oil tank installed in 2023
- One unit rented and one unit vacant
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
$23,130
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
3.36%
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%
$462,600
$462.6K
Cap Rate 7%
$330,429
$330.4K
Cap Rate 9%
$257,000
$257.0K
Market Conditions
NOI Build-Up for 1,373 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
$34.6K $25.20/SF
− Vacancy
−$1.6K −$1.13/SF
EGI
$33.0K $24.07/SF
− OpEx
−$9.9K −$7.22/SF
NOI
$23.1K $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%
$462,600
Cap Rate 7%
$330,429
Cap Rate 9%
$257,000
Alternative Uses
Best Use
Multifamily LT 5
$330.4K
$289.1K – $385.5K
NOI $23,130 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$298.3K
$261.0K – $348.0K
NOI $20,878 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$812.8K
$711.2K – $948.3K
NOI $56,897 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 01966, MA
6,992
Population
4,232
Households
1.7
Avg Household Size
57
Median Age
57%
College-Educated
95%
High-School Grad
7.0 sq mi
ZIP Area
999
Density / Sq Mi
$93,227
Median Household Income
$42,443
Median Earnings
$1,827
Median Rent
$692,500
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 - The property includes updated kitchens, in-unit laundry, off-street parking, and flexible occupancy for an owner or investor.
Where is this duplex located?
The property is located at 24 High St Rockport, MA.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Two one‑bedroom units totaling 1,373 square feet; New forced hot‑water heating system and oil tank installed in 2023; One unit rented and one unit vacant
